BAKU, Azerbaijan, April 22. The annual number of cashless transactions per capita in Azerbaijan is projected to reach 165 this year and 200 next year, Trend reports, via the implementation status of the "2024 Financial Sector Development Strategy" by the Central Bank of Azerbaijan.
Simultaneously, projections indicate that the proportion of
instantaneous transactions within the framework of the National
Payment System is anticipated to reach 15 percent for the current
fiscal year, escalating to 25 percent by the year 2026.
Moreover, the proportion of digital transactions within the card
payment ecosystem is projected to escalate to 65 percent in the
current fiscal year and further ascend to 70 percent in the
subsequent fiscal period.
Current projections indicate that the penetration rate of digital
banking in customer transfer activities from current accounts is
anticipated to ascend to 86 percent in the current fiscal year,
with an expected trajectory towards 90 percent by the year
2026.
Furthermore, projections indicate that the proportion of digital
transaction modalities within retail commerce turnover is
anticipated to reach 30 percent in the current fiscal year,
escalating to 40 percent by the year 2026.
To note, alongside the application of innovative solutions in the payment sector, increasing accessibility to payment services, strengthening transparency and competitiveness in the payment market, and ensuring the security and efficiency of payment services are the key focus areas. The modernization of the national payment system, the creation of a favorable environment for market participants, and the establishment of an effective supervisory framework are also planned. As a key strategic goal in the payment sector, the average annual number of cashless transactions per capita, currently 93, is expected to increase to 200. As a result, the formation of a competitive and innovative payment ecosystem and the expansion of cashless payments are expected to significantly contribute to economic growth.
