Non-cash payments in Azerbaijan surge nearly tenfold, says Ruslan Talibov

The amount of non-cash payments in Azerbaijan has increased almost 10 times in the last 5 years, Ruslan Talibov, Chairman of the Management Board of the Azerbaijan Fintech Association, said at the FinTech Summit held in Baku, Report informs.

According to Talibov, in the last 4 years, payments for one POS-terminal have increased 4 times and reached about 10,000 manats ($5,882): "This brings new targets to fintech due to the increasingly changing customer behavior and related requirements in the sector."

He noted that the past period in Azerbaijan was characterized by more licensing and improvement of legislation, the adoption of the law on payment systems, as well as the adoption of various procedures and rules: "The sector players spent the past period to implement their authorized capital and other requirements of the legislation."