Azerbaijan sees high growth in volume of cashless payments in May

In May 2024, the amount of non-cash payments in Azerbaijan rose by 60% year-on-year and reached 6.259 billion manats (just over $3.68 billion), Report informs, citing the Central Bank of Azerbaijan (CBA).

Of that, approximately 4.245 billion manats (approximately $2.5 billion) were attributed to electronic trade, as well as just over 1 billion manats (over $590.1 million) were processed through POS terminals, and self-service terminals accounted for 9 million manats (about $5.29 million).

Furthermore, since the beginning of the current year, non-cash domestic transactions with payment cards constituted 62.2% of the total volume of domestic card transactions.

As of June 1, 2024, the number of payment cards in Azerbaijan amounted to 17.867 million, up 1.1% from a month earlier, 5.6% from early 2024, and 21.2% year-on-year.

The number of debit cards in Azerbaijan increased by 22.1% to 15.585 million over the past year, and the number of credit cards grew by 15.3% to 2.282 million.

Meanwhile, the turnover of these cards amounted to 9.514 billion manats (over $5.59 billion) and 701 million manats (over $412 million), marking an increase of 35.1% and 37.2% respectively compared to the same period of last year.

During the reporting period, the number of ATMs and POS terminals in the country increased by 1.9% and 17.7%, respectively, and reached 3,134 (1,648 in Baku) and 94,719 (61,136 in Baku).