BAKU, Azerbaijan, January 2. Azerbaijan has been busy as a bee, racking up 72,000 transactions through its Instant Payment System (IPS), which adds up to a whopping 84.9 million manat ($49.9 million) from January through November 2024, the Central Bank of Azerbaijan (CBA) told Trend.
According to the Central Bank of Azerbaijan's (CBA) payment systems review, this represents an increase of 13.6 million manats ($8 million), or 19.1 percent in value, and 22,300 transactions (44.9 percent) compared to the same period in 2023.
Notably, the Instant Payment System (IPS) was established by the Central Bank as part of the "State Program for the Expansion of Digital Payments in the Republic of Azerbaijan for 2018 to 2020," approved by a decree from the President of the Republic of Azerbaijan on September 26, 2018.
The core objective of the IPS is to streamline transactional flows between individual users and corporate entities, encompassing clients of banking institutions and alternative payment service providers within Azerbaijan, in addition to interactions with governmental agencies, functioning continuously throughout the year.