BAKU, Azerbaijan - Azerbaijan’s instant payment system is now processing about 1 million transactions a day, the same volume it handled over an entire month in 2024, a senior central bank official said.
Vusal Khalilov, deputy chairman of the Central Bank of Azerbaijan, presented the figures at a fintech forum for Turkic states in Baku, according to Vesti Baku.
Khalilov said the increase reflected the rapid expansion of Azerbaijan’s digital payment infrastructure. A transaction level that took a month to reach two years ago is now recorded every day.
Cross-Border Links Under Discussion
The Central Bank is interested in connecting Azerbaijan’s instant payment system with platforms operated by countries in the region and beyond. Work is underway with the Central Bank of Turkey, Khalilov said.
Such links could speed up cross-border transfers and reduce their cost, although officials have not announced a timetable for launching specific international services.
The Central Bank also expects fintech companies to help lower the cost of payments between countries. The practical benefit for consumers will depend on which banks and payment providers join compatible systems and what fees they charge.
Source: Vesti Baku.