Azerbaijan saw 63% increase in internet banking transfers in 2021

In 2021, the volume of transfers through internet banking services in Azerbaijan increased by 63% compared to 2020 and amounted to 142 billion manats, Report informs, citing the Half-Year Review of Payment Systems published by the Central Bank of Azerbaijan.

"In modern times, digital banking is rapidly replacing traditional banking services. The main reason for the decline in people's reliance on traditional banking is the availability of digital banking services in a convenient and easy way, without wasting time and waiting in long queues," the bank stated in the review.

According to the document, a positive trend in the development of digital banking, which is one of the main challenges of modern times, has been formed in Azerbaijan. As of January 1 this year, 24 out of 26 banks operating in the country provide internet banking and 22 mobile banking services.

During the reporting period, there were significant improvements in the statistics on digital banking services. Thus, the total number of transfers from current accounts of bank customers in 2021 amounted to 76 million, and the volume amounted to 224.5 billion manats.

According to the CBA, 80% of the transfers (60.4 million) and 73% of the volume (163.1 billion manats) were made through digital banking.

In 2021, the volume of customer transfers via mobile banking services increased by 2.8 times compared to 2020 and amounted to 3.9 billion manats.