Azerbaijan set to put electronic money into circulation
08.07.2024 16:06
Electronic money can soon be put into circulation in Azerbaijan, economist Vugar Bayramov said on his social media page, Trend reports.
He emphasized that over 20 electronic money organizations and payment organizations have submitted applications for the license in this context.
"In accordance with the law 'On payment services and payment systems', an electronic money organization is a legal entity that carries out payment operations related to the issuance of electronic money and electronic funds and has the right to provide other payment services if specified by its license.
An organization that has obtained the appropriate license may offer services for the issuance of electronic money and payment operations with electronic money, intermediary services for payment transactions, credit transfers, direct debits, payment operations with payment cards or other similar payment means, the issuance of payment instruments and acquiring payment transactions, money transfers, and more.
Thus, it will be possible to put it into circulation in Azerbaijan soon. Along with simplifying the payment system, this can gradually minimize the use of paper money in the future.
To note, following the decision of the CBA Board dated May 16, 2024, A-Solutions LLC and United Payment LLC were granted the right to operate as an electronic money organization in Azerbaijan.
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He explained that the Central Bank of Azerbaijan's (CBA) granted a termless license to another local organization to carry out activities in connection with electronic money.
He stated that the CBA is currently in the process of evaluating applications from other organizations in order to obtain a license to provide payment services.
As Bayramov explained, this means that in the near future, the number of organizations holding this license may increase.
"In accordance with the law 'On payment services and payment systems', an electronic money organization is a legal entity that carries out payment operations related to the issuance of electronic money and electronic funds and has the right to provide other payment services if specified by its license.
An organization that has obtained the appropriate license may offer services for the issuance of electronic money and payment operations with electronic money, intermediary services for payment transactions, credit transfers, direct debits, payment operations with payment cards or other similar payment means, the issuance of payment instruments and acquiring payment transactions, money transfers, and more.
Thus, it will be possible to put it into circulation in Azerbaijan soon. Along with simplifying the payment system, this can gradually minimize the use of paper money in the future.
This is not only a new opportunity for banks but also the launch of a new product for the money market. At the same time, electronic money also serves to increase transparency. They can also become a source of income for our citizens through electronic savings and even from operations on the money market.
Electronic money is used in most countries around the world, and there is global development in this sector. The global digital payments market revenue amounted to $111.2 billion in 2023," Bayramov added.
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