Tax & customs benefits offered for construction of payment infrastructure in Karabakh

"Relevant concessions should be made in taxes and customs duties for the establishment of a payment ecosystem and the use of payment terminals in the liberated territories," said Tamerlan Rustamov, head of the expert group of the Association of Banks of Azerbaijan (ABA), Report informs.

He said that a number of projects can be implemented to develop the payment ecosystem: "This includes the implementation of the concept of digital banking."

Rustamov believes that one of the factors contributing to the development of the payment ecosystem is the existing problems and ways to solve them.

"Our ecosystem has its own problems: it can be shown that the ecosystem still has problems opening bank accounts remotely. However, it is gratifying that the Central Bank of Azerbaijan, government agencies, and banks are working together to solve the problems.

"In addition, there are certain problems in the corporate cards market. Analysis shows that in some cases, card-to-card transactions with corporate cards are limited," he said.