BAKU, Azerbaijan, September 24. The Azerbaijan Banks Association (ABA) has clarified questions arising among the public regarding the approach to the number of payment cards.
According to information provided by the ABA to Trend, under the approach adopted by the ABA, each bank is expected to provide one payment card per product, with the exception of payment cards intended for salaries, pensions and other social benefits, payment cards linked to business accounts, as well as payment cards linked to deposit accounts.
“Where customers provide the bank with a reasonable explanation regarding the purpose of using the payment card, the transactions carried out are consistent with the information available to the bank about the payment service user, and there is sufficient assurance that the card is not being used for illegal purposes, banks freely provide customers with additional payment cards for the same product,” the ABA said.
“Thus, the main purpose of this approach is not to restrict the needs of payment service users, but rather to contribute to the development of a safe, sustainable and sound payment ecosystem while ensuring more effective risk management,” the statement emphasized.
Some banks in Azerbaijan have begun imposing restrictions on customers obtaining more than one debit card belonging to the same category and denominated in the same currency. Relevant instructions have been sent to banks in this regard.
