BAKU, Azerbaijan, November 15. The number of cashless payment transactions in Turkmenistan decreased by 5.3% year-on-year in January-September 2026.
The data was calculated by Trend based on information published by the Central Bank of Turkmenistan.
According to the calculations, only two banks recorded an increase in the number of cashless payment transactions during the reporting period. Halkbank posted a 4.4% rise, while Senagat JSCB recorded an increase of 3.3%.
The remaining banks reported declines, although the scale of the decrease varied. The Central Bank of Turkmenistan saw the number of transactions fall by 4.2%, followed by the State Bank for Foreign Economic Affairs, down 6.4%, and Turkmenistan State Commercial Bank (SCBT), down 7.7%.
According to Trend’s calculations, the decline reached 10% or more at several other banks. Rysgal JSCB recorded a 10% decrease, while Turkmenbashi JSCB reported a 10.3% drop.
The sharpest contractions were registered by Turkmen-Turkish JSCB and Dayhanbank SCBT, where the number of cashless payment transactions decreased by 12.1% and 12.7%, respectively.
Overall, the number of such transactions fell from 91.3 million in January-September 2025 to 86.5 million in the same period of 2026.
For reference, the Central Bank of Turkmenistan launched cashless payments in 2001 with the introduction of the domestic Altyn Asyr card scheme. While the initial infrastructure was developed in the 2000s, broader adoption gained momentum in the mid-2010s as part of government efforts to digitize the economy.
In August 2020, the government announced the launch of the Halkbank Terminal mobile application, developed by JSCB Halkbank to allow merchants to accept cashless payments directly through NFC-enabled smartphones, replacing traditional POS terminals. The initiative was presented as a step toward expanding cashless payments and introducing contactless payment technologies across the country.
Alongside payment terminals, Turkmen banks have expanded digital banking services, including Internet Banking, Mobile Banking, e-commerce payment platforms and specialized applications such as Senagat Töleg, while continuing to develop the national Altyn Asyr bank card payment system. These services enable customers to pay for utilities, telecommunications, transport, taxes, and other public services electronically.
