Azerbaijan Banks Association projects share of non-cash payments in total turnover by 2025

By Trend

The share of non-cash payments in the total turnover in Azerbaijan until 2025 will amount to 25 percent, President of the Azerbaijan Banks Association Zakir Nuriyev said at the 5th International Banking Forum in Baku, Trend reports.

"Our association implements global projects to form a cashless infrastructure of banking structures in Azerbaijan, as well as other financial institutions. The formed ecosystem of Azerbaijan is dynamically developing, and the program for 2018-2020 has been successfully implemented. Now new packages of legal acts, technologies and innovations in the financial sector of Azerbaijan are being formed," Nuriyev said.

According to the president of the Association, a strategy for the development of non-cash payments in Azerbaijan for 2021-2023 has been developed, in accordance with which great attention will be paid to the banking sector and the creation of blockchain technologies.

Nuriyev also noted that the indicators of non-cash payments have been dynamically growing in Azerbaijan since last year.