Azerbaijan unveils transactions through "QR-codes" within Instant Payments System

By Trend

The transactions worth 7.9 million manat ($4.6 million) were carried out in Azerbaijan in 2021 through QR codes within the Instant Payment System (AOS), Trend reports with reference to the Central Bank of Azerbaijan (CBA).

Moreover, the transactions through QR codes within AOS have become available since 2021. According to the CBA, 2,300 transactions were made through QR codes in 2021.

AOS system has been fully launched on October 1, 2020 and allows carrying out payment transactions within 5-10 seconds. It was developed by the Swiss CMA Small Systems AB. Some 21 banks, Azerpost LLC and the State Treasury Agency of the Ministry of Finance have been integrated into the system.

AOS allows carrying out the payment transactions among individuals, businesses and state agencies 24/7/365 through the bank accounts by using simplified identifiers, namely, FIN code, taxpayer identification number, mobile phone number, email while the money is immediately displayed on the recipient's bank account.