BAKU, Azerbaijan, August 26. The successful implementation of 'Strategy for socio-economic development of Azerbaijan for 2022-2026' will create a new model for socio-economic development and will determine a new qualitative level of multidisciplinary development of Azerbaijan, Head of Payment Systems and Digital Banking Expert Group of Azerbaijan Banking Association Tamerlan Rustamov told Trend.
According to him, this strategy has set a goal to annually increase the share of non-cash payments in total turnover by five percent.
"Strategy for the development of non-cash payment for 2021-2023, implemented by the Central Bank of Azerbaijan (CBA), can be called a catalyst for the ecosystem of digital payments. Within the framework of this strategy, the adoption of the bill on payment services and payment systems, the introduction of the ISO 2002 standard, the preparation of unified API standards, and the creation and commissioning of the Know Your Customer (e-KYS) electronic system are considered," Rustamov said.
He emphasized that as part of the strategy for the development of non-cash payments, progress has been made.
Thus, the tasks for the share non-cash payment cards in the total turnover, non-cash circulation with payment cards, set for 2023, have already been achieved," the head of the expert group stated.
According to Rustamov, in order to build a competitive, innovative and comprehensive ecosystem of digital payments, it's necessary to create a new legislative base for digital banking.
"It's also required to support contactless payments in public transport, approve non-cash payments in a number of areas, strengthen the positions of fintech companies in financial markets, and apply a new approach to regulating rates for services in the field of digital payments," he added.
