BAKU, Azerbaijan, June 6. The total volume of payments through the core components of Azerbaijan's National Payment System - the Real-Time Interbank Settlement System (AZIPS), Low Value Payments Clearing and Settlement System (LVPCSS), and Instant Payment System (IPS)—amounted to 760.2 billion manat, or $447.1 billion (six times GDP), and the number of payments reached 168.6 million.
The data obtained by Trend from the Central Bank of Azerbaijan (CBA) shows that payments for more than 1,200 services integrated into the Government Payment Portal (GPP) have been processed.
In 2024, the volume of transactions processed through the GPP reached 8.1 billion manat ($4.78 billion), with 71.3 percent of these transactions conducted cashlessly.
The aggregate transaction volume experienced a surge of 16.4
percent relative to the fiscal year 2023, whereas the proliferation
of cashless transactions escalated by 20.9 percent.
In the fiscal year 2024, the aggregate throughput of transactions
executed in the domestic currency via the Interbank Card Center
reached a substantial 30.6 billion manat (equivalent to $18.05
billion). Concurrently, the foreign exchange transactions
registered a total of $69.3 million, alongside euro transactions
amounting to 29.6 million, which translates to approximately $32.8
million.
As of the close of fiscal year 2024 on December 31, the ecosystem
comprised 19.9 million active payment instruments, 3,300 automated
teller machines, and a robust network of 119,500 point-of-sale
terminals. The aggregate quantum of digital payment transactions
executed domestically via payment cards surged by 60.9 percent,
culminating in a total of 78.9 billion manat ($46.5 billion).
In juxtaposition to the metrics from 2023, the proliferation of
e-commerce transactions surged by an impressive 83.4 percent, while
the aggregate volume experienced a substantial uptick of 69.8
percent.
The share of cashless payments made by payment cards within the country rose by 8.6 percentage points compared to 2023, reaching 64.2 percent. In 2024, the volume of transactions through internet banking services increased by 20.7 percent, while mobile banking transactions grew by 38.2 percent compared to 2023.
