CBA: Target is to expand payment products to foreign markets

Azerbaijan's payment products are targeted for access to foreign markets, Ramil Mahmudov, Deputy Director of the Department of Payment Systems and Product Inclusivity of the Central Bank of Azerbaijan (CBA), said at an event held in Baku on Azerbaijan's digital finance agenda, Report informs.

According to him, the CBA wants the payment products it has created, as well as the services offered by Azerbaijani fintechs and banks, to be actively used in other countries as well: "A number of projects are currently being implemented in this direction. One of them is cross-border payments, that is, integration with the payment systems of other countries. I believe that significant results will be achieved in this area in the near future. Statistical indicators also demonstrate that the development dynamics of payment systems in the country are quite high, and a significant part of the market has already been covered. At the same time, there is still great potential. In particular, the integration of mutual payment systems with countries with which Azerbaijan has the most trade and the highest tourist flow would be expedient."

Mahmudov emphasized that Azerbaijan has the potential to become a regional payment hub in the future: "This is a process that requires the implementation of long-term and extensive work. However, I believe that proper regulation and support for innovations will create favorable opportunities to achieve this goal. The formation of an adequate regulatory and legal framework for the introduction of new products and services both domestically and in international markets is also one of the key conditions."