BAKU, Azerbaijan, May 3. The volume of non-cash transactions in the Nakhchivan Autonomous Republic increased by 84.3 percent in March this year compared to the same period in 2023 and amounted to 77.3 million manat ($45.4 million), Trend reports.
According to the Central Bank of Azerbaijan, during the reporting period, the number of ATMs in the region increased by 1.6 percent and the number of POS terminals grew by 5.8 percent, reaching 130 (70 in Nakhchivan) and 2,047 (1,120), respectively.
Meanwhile, there are currently three main types of international payment systems: card, electronic, and universal payment systems. The world's most popular international card payment systems are "Visa International," "MasterCard International," "American Express," "Diners Club International," and "JCB Card." These financial giants also cooperate with Azerbaijani banks.
To note, according to the CBA, 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.
The total volume of transactions conducted using payment cards within the country increased by 56 percent in 2023 compared to 2022, reaching 88.1 billion manat ($51.7 billion). Specifically, the volume of non-cash settlements doubled, amounting to 49 billion manat ($28.8 billion).
In 2023, the number of non-cash transactions conducted through POS terminals in economic entities increased 2.1 times to 416.6 million units, and their volume increased by 68.5 percent to 9.8 billion manat ($5.7 billion).
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