BAKU, Azerbaijan, Sept.1
By Zeyni Jafarov - Trend:
The bill ‘On payment services and systems’ prepared by the Central Bank of Azerbaijan (CBA) has been coordinated with the relevant structures and submitted to the Cabinet of Ministers for consideration, the CBA told Trend on Sept.1.
According to the bank, the bill’s adoption will contribute to expanding access to payment services in Azerbaijan, as well as expanding the coverage of non-cash payments based on innovative technologies and digital payment instruments.
"Along with this, the bill will give impetus to the development of online and mobile payments through innovative technologies, their safer functioning and reliable consumer protection," the CBA noted. “As a result, equal market conditions will be created for the new entrants - payment service providers, including third-party providers and FinTech, their cooperation and activities will be supported in a highly competitive environment, creating a more closely integrated payment market.”
"In general, the bill will ensure the creation of a new payment ecosystem in Azerbaijan, competition and efficiency in the payment market. A wide range of affordable payment services will be created for consumers, and their rights will be protected within a more reliable legal framework," added the Central Bank.
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