AZE.US
Domestic cashless payments made with bank cards in Azerbaijan reached 9.71 billion manats ($5.71 billion) in July.
The volume increased 11% from the same month last year, AZE.US reports, citing Central Bank data.
Of the total, 8.46 billion manats ($4.97 billion) was recorded under the e-commerce category.
Payments through point-of-sale terminals reached 1.26 billion manats ($738 million), while another 2 million manats ($1.18 million) was processed through ATMs and self-service terminals.
Cashless transactions accounted for 69.8% of domestic card operations from the beginning of the year.
The number of ATMs increased 4.4% from a year earlier, while the number of POS terminals rose 12.1%.
The e-commerce figure should not automatically be interpreted as retail purchases made through online stores. The published data did not provide a detailed breakdown of the operations included in that category.
The monthly volume shows how rapidly financial activity in Azerbaijan is moving online. It also increases the importance of stronger protection against card fraud, account theft and other forms of digital financial crime.
AZE.US