Contactless payment supported by 70% of payment cards, 82% of POS terminals in Azerbaijan

Currently, contactless payment technology is supported by 70% of payment cards and 82% of POS-terminals in circulation in Azerbaijan, Report informs, citing the Central Bank of Azerbaijan.

The regulator reports that the high growth rates of contactless payments are primarily associated with an increase in the indicators of the contactless payment infrastructure:

"One of the most critical factors in increasing the use of these payments is the formation of the habit of non-cash payments among the population. Contactless payments, which have become more widespread, in particular due to pandemic restrictions, make it possible to pay for the goods and services purchased by consumers every day more conveniently, quickly and securely without physical contact. In addition, the expansion of contactless payments is facilitated by the introduction in of innovative payment solutions based on tokenization, which allow making payments through mobile phones, watches, rings and other smart devices."