BAKU, Azerbaijan, July 23. All banks of Azerbaijan will pass to Az-QR standard by the end of October this year, the Chairman of the Central Bank of Azerbaijan (CBA), Taleh Kazimov, said at a press conference held today, Trend reports.
"Work is underway to integrate all banks into the new version of the instant payment system. We plan to make all payments up to 40,000 manat ($23,530) within the country through this system," he noted.
The chairman said that this means reducing costs and the cost of the transaction.
"This is a big project. Another issue is that by the end of October, all banks will switch to the Az-QR standard. Entrepreneurs and consumers will be able to make payments with a QR code at all payment points. This is a great advantage for small and micro entrepreneurs. We are also discussing the opportunity to make payments with QR, instead of an expensive POS terminal, with the State Tax Service.
One of the largest projects currently is to make payments in public transport possible through all cards, as well as via QR codes.
I believe each of these projects will be completed by the end of the year," the chairman noted.
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