Azerbaijan instant payments turnover tops 1 bln manat

The monthly turnover of Azerbaijan’s Instant Payment System has exceeded 1 billion manat ($588 million), Afgan Abbasov, director of the Central Bank’s Payment Systems and Products Development Department, said.

The figure represents more than a threefold increase compared with the same period last year, he said.

According to Abbasov, the central bank is implementing projects jointly with banks and fintech companies to further develop the system.

The platform is used for person-to-person transfers, AzQR payments and government-related payments.

The Instant Payment System, launched by the central bank, allows payments and settlements to be carried out around the clock.

N.Tebrizli