Azerbaijan increases volume of cashless payments by 60%

In March of this year, the amount of non-cash payments in Azerbaijan increased by 60% compared to the same period last year and reached 5,697 million manats ($3.35 billion).

Report informs, citing the Central Bank of Azerbaijan (CBA), that of this, 4,737 million manats ($2.78 billion) fell to the share of electronic trade.

As of April 1, 2024, the number of payment cards in Azerbaijan amounted to 17.421 million, up 0.4% from a month earlier, 2.9% from early 2023, and 22.3% from a year ago.

The number of debit cards in Azerbaijan increased by 22.8% to 15.143 million over the past year, and the number of credit cards soared by 18.9% to 2.278 million. The turnover of these cards amounted to 8.906 billion manats ($5.23 billion) (36% more than a year earlier) and 645 million manats ($379.2 million) (41.4% more), respectively.

During the reporting period, the number of ATMs and POS terminals in the country increased by 2.7% and 13.7%, respectively, and reached 3,152 (1,639 in Baku) and 91,755 (59,638 in Baku).