Transition to open, digital banking envisaged in Azerbaijan in next five years – CBA

By Trend

A transition to open and digital banking in envisaged in Azerbaijan over the next five years, the executive director of the Central Bank of Azerbaijan (CBA) Farid Osmanov said at the 5th International Banking Forum in Baku, Trend reports.

"For the first time in Azerbaijan, non-cash payments reached 30 percent of the total turnover, and we will increase this figure. Contactless payments have tripled, and transactions have grown six times," Osmanov said.

In addition, he noted that Apple Pay has been launched in Azerbaijan, which will create additional growth in contactless payments.

“Also, a base is being developed to support financial technologies, the CBA is developing a program to reduce the risks of entrepreneurship and banking, informing society about digital solutions. With MasterCard, we are implementing a number of large projects, both at the government level and at the level of banking partnerships," he said.