E-money transactions in Azerbaijan surpassed $15B in 2024

In 2024, transactions worth 25.8 billion manats (approximately $15.2 billion) were conducted with electronic money (e-money) in Azerbaijan, according to the annual Digital Payments Review of the Central Bank of Azerbaijan, Report informs.

Last year, the total amount of transactions by e-money and payment organizations was 60.5 billion manats (approximately $35.6 billion).

The reporting year was marked by the first-time licensing of e-money, payment organizations, and operator activities in the country, as well as the inclusion of relevant organizations among payment market players. Within the framework of licensing payment service providers' activities, 14 electronic money organizations, 8 payment organizations, and 1 operator were granted relevant licenses during the year.

During the reporting period, within the supervision of electronic money and payment organizations' activities, 1 electronic money organization was held administratively liable, and a total of 7 organizations (3 payment organizations and 4 electronic money organizations) were given 8 mandatory instructions.