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Every fourth transaction in Azerbaijan nowadays passes through Apple Pay and Google Pay - CEO of CBA

14 March 2024 [10:43] - TODAY.AZ

Every fourth transaction in Azerbaijan today passes through Apple Pay and Google Pay, Director General of the Central Bank of Azerbaijan (CBA) Farid Osmanov said during the 'Visa Cashless Forum - Digital Azerbaijan', Azernews reports.

He noted that Azerbaijan's financial landscape has undergone significant changes in recent years, especially in the field of digital payments. Analysis of recent transaction cycles and payment volumes indicates an increase of two percent compared to last year's figures.

"The introduction of international payment systems and the changing payment habits of the population play a key role in the evolution of financial transactions. Transaction tokenization, which provides an additional level of security and convenience to users, is gaining popularity. This process not only simplifies payments but also contributes significantly to the increase in cashless transactions. The growth in the use of Apple Pay and Google Pay is noticeable," he emphasized.

Osmanov mentioned that, according to recent research data, every fourth transaction in Azerbaijan today goes through these payment systems.

"This reflects the worldwide trend towards mobile payments and emphasizes consumers' desire for simpler and safer ways to make purchases and pay for services. This shift in preferences shows how important a role digital payments are beginning to play in people's everyday lives. Considering this tendency, we can expect further growth in the popularity and prevalence of contactless payment systems in Azerbaijan. All this indicates a gradual but confident progress of the country towards full digitalization of financial transactions and strengthening of integration with the world economy," he added.

Visa Cashless Forum is one of Visa's main events affecting the markets of Ukraine, Georgia, the CIS, and South-Eastern Europe. It is attended by experts in the field of digital payments and financial technologies.

Visa (NYSE: V) is the global leader in the electronic payments industry. Visa processes payment transactions between consumers, businesses, and financial and government institutions in more than 200 countries and territories. Its mission is to unite the world through an innovative, convenient, reliable, and secure payment network to promote consumer well-being and business and economic prosperity.

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