By the end of October this year, all banks in Azerbaijan will transition to the “Az-QR” payment system. This was announced by Taleh Kazimov, the Chairman of the Central Bank of Azerbaijan (CBA). According to the CBA chairman, the main goal of this initiative is to make payment systems faster, more secure, and more inclusive.
The “Az-QR” system is actively being implemented to expand the coverage of digital payments in the country, introduce innovative and contactless payment solutions, and enhance interoperability between different systems.
The implementation of this system is especially beneficial for micro and small entrepreneurs, as it will reduce costs for both them and the banks. For small business owners, purchasing a POS terminal at the cost of $500–600 is a significant financial burden, but the “Az-QR” standard will help lower these expenses. At the same time, it will facilitate the wider adoption of cashless payments and increase economic inclusivity.
The “Az-QR” system will strengthen the security and transparency of digital payments, help combat the shadow economy, and contribute to increasing revenues to the state budget.
Overall, the transition to the “Az-QR” standard is an important step towards modernizing the payment infrastructure and developing the digital economy in Azerbaijan.
