Instant payments account for 54% of digital payments in Azerbaijan

Instant payments now account for 54% of digital payments in Azerbaijan, Deputy Governor of the Central Bank Vusal Khalilov said.

According to Khalilov, the figure reflects the rapid development of the country’s digital payments ecosystem and the continued shift toward cashless transactions.

He said the Central Bank was continuing to expand the functionality and technical capacity of the Instant Payments System, which enables round-the-clock transfers between bank accounts. 

Khalilov added that the development of open banking, QR payments and fintech solutions remained among the key priorities for the modernization of Azerbaijan’s financial sector. 

The Central Bank is continuing reforms aimed at expanding digital financial services and upgrading the country’s payment infrastructure.

N.Tebrizl