BAKU, Azerbaijan, March 11. Last year, the total volume of payments processed through the core components of the National Payment System, including the Real-Time Interbank Settlement System (AZIPS), Low Value Payments Clearing and Settlement System (LVPCSS), and Instant Payment System (IPS), facilitated a total of 760.2 billion manat ($447.1 billion) in transactions, with 168.6 million payments processed.
Data obtained by Trend from the Central Bank of Azerbaijan indicates that the number of transactions processed through the "Real-Time Interbank Settlement System" (AZIPS), a key component of Azerbaijan's National Payment System, reached 2.2 million in 2024, with a total volume of 705.8 billion manat ($415.1 billion). This represents a 12.5 percent increase in the number of transactions and a 13 percent increase in volume compared to 2023.
The Small Payments Settlement Clearing System (SPS) processed 165.5 million transactions and 53 billion manat ($31.1 billion) in payments in 2024. The volume of transactions climbed by 8.4 percent, while the number of transactions increased by 14.2 percent, as compared to 2023.
The Instant Payments System (IPS), one of the most advanced components of the National Payment System operating 24/7, saw a 36.3 percent increase in the number of transactions and a 30.2 percent rise in volume compared to 2023. The "Financial Sector Development Strategy for 2024-2026" has identified increasing IPS's share in the National Payment System and promoting its widespread use as a key priority.