The turnover of Azerbaijan’s national payment system ((Real Time Gross Settlement System (AZIPS) and Low Value Payments Clearing and Settlement System (LVPCSS))) over the past three years increased by 73 percent and amounted to 174 billion manats, said Kamala Gurbanova, director of the payment systems and settlements department of the Central Bank of Azerbaijan (CBA).

She was speaking in Baku at the Fintex (Finance and Technology) Summit May 16 titled “New Trends in the Banking and Payment Ecosystem: Innovative Solutions, Financial Technologies and Security.”

She said that over the past three years there has been an increase in all types of cashless payments in Azerbaijan.

Gurbanova noted that the State Program for the Expansion of Digital Payments in Azerbaijan in 2018-2020, signed by President Ilham Aliyev, includes four areas, 16 priorities and more than 60 measures.

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The CBA plans to launch an instant payment system under the state program by the end of 2019, she added.

She said that at first it is planned to launch a system of settlement between individuals, and in 2020 – between legal entities.