TODAY.AZ / Business

CBA to prepare program for development of non-cash payments

21 July 2017 [16:47] - TODAY.AZ

By Azernews


By Sara Israfilbayova

The Central Bank of Azerbaijan (CBA) and MasterCard have completed measuring the country's cash economy, which is the first stage of Cashless Azerbaijan project, launched in February 2017.

In the second phase, it is planned to define a strategy for non-cash payments, and in the third stage to prepare a detailed program of activities, the Association of Banks of Azerbaijan (ABA) reported.

The goal of the project “Cashless Azerbaijan”, which was presented on July 20, is to diagnose the factors that cause a high level of cash in the economy, measure the volume of the cash economy, reduce the volume of cash payments and develop cashless payments.

At the meeting, representatives of MasterCard Worldwide talked about global trends, the current situation in the region, the non-cash potential of Azerbaijan, and also proposed ways to realize this potential.

The law on Non-Cash Payments, which is still the most discussed in business circles, has come into force since January 1, 2017.

The law was adopted given the need to strengthen accounting in the financial system, through the development of non-cash payments.

The number of ATMs installed in the country amounted to 2,454 in 2016, the number of POS-terminals 71,164. The figure was 2,694 and 80,301 in 2015, respectively.

Mastercard Incorporated or Mastercard Worldwide is an American multinational financial services corporation headquartered in New York, U.S.

Throughout the world, its principal business is to process payments between the banks of merchants and the card issuing banks or credit unions of the purchasers who use the Mastercard brand debit and credit cards to make purchases.

Prior to its initial public offering, MasterCard Worldwide was a cooperative owned by the more than 25,000 financial institutions that issue its branded cards.

URL: http://www.today.az/news/business/163417.html

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