Volume of cashless payments increased in Azerbaijan

Baku. 10 September. REPORT.AZ/ 652 thousand operations totaling 41 mln AZN carried out in July 2016 in Azerbaijan through POS-terminal.

Report informed by Central Bank, compared to the same period last year, there is 17% increase in the volume of payments and at the same time reduction in their number by 27%.The volume of non-cash payments through POS-terminals in last 7 months of 2016 reached 256 mln AZN which is 12% more than the corresponding period last year.

The volume of non-cash payments through ATMs increased year on year by 3.9% and reached 27 mln AZN, amount of payments increased by 45% and amounted to 74 thousand.According to the report, in January-July 2016 the volume of cashless payments through ATM decreased by 4% and amounted to 170 mln. AZN.

Thus, in July, the total volume of non-cash payments through POS-terminals and ATMs grew YoY by 11.5% and amounted to 68 mln AZN.In January-July, this figure increased by 5% - to 426 mln AZN.

Notably, new proposals to encourage non-cash payments prepared in Azerbaijan.

One proposal includes a requirement of non-cash payment for any transaction worth more than 1000 AZN, both associated with the use of tax incentives for this type.