BAKU, Azerbaijan, March 8. Over the past five years, there has been a significant increase in the number of domestic non-cash transactions carried out using payment cards in Azerbaijan, the report of Azerbaijan's Cabinet of Ministers says, Trend reports.
There were 70.9 million transactions in 2019, in 2020 this figure increased to 118.6 million.
The number of transactions reached 215.6 million in 2021 and 460.7 million in 2022. The most significant increase occurred in 2023 when 981.1 million transactions were recorded. These statistics reflect the growing public confidence in electronic payments due to the development of technology and improved security standards.
Dynamics of the number of domestic non-cash payments by payment cards in Azerbaijan from 2019 to 2023:
|
Year |
Number of non-cash payments ( million transactions) |
|
2019 |
70,9 |
|
2020 |
118,6 |
|
2021 |
215,6 |
|
2022 |
460,7 |
|
2023 |
981,1 |
Meanwhile, the number of payment cards in circulation in Azerbaijan by the end of 2023 amounted to 16.9 million units, which is 24 percent higher than in 2022. Of the total number of payment cards, 76.5 percent support contactless payment. The number of contactless cards grew by 31.7 percent.
To note, at the end of 2023, 86.9 percent of cards in circulation were debit cards (14.7 million units), while 13.1 percent (2.2 million units) were credit cards.
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