2024-07-12 18:09:22
The Central Bank of Azerbaijan has granted another local organization an indefinite license to carry out activities related to electronic money. The Central Bank reported that it is currently evaluating applications from other organizations in connection with obtaining a license to provide payment services. This means that the number of organizations holding this license may increase in the near future. It should be noted that more than 20 electronic money and payment organizations have applied for this license to date.
Vugar Bayramov, a member of the Milli Majlis (parliament) Committee on Economic Policy, Industry and Entrepreneurship, wrote about this on his social network account, Day.Az reports.
“In accordance with the Law “On Payment Services and Payment Systems”, an electronic money organization is a legal entity that carries out payment transactions related to the issue of electronic money and electronic money, and also has the right to carry out other payment services, if this is provided for by its license. An organization that has received the appropriate license may provide services for the issue of electronic money and payment transactions with electronic money, intermediary services for conducting payment transactions, implementing a credit transfer, direct debit, conducting payment transactions with a payment card or other similar means of payment, issuing payment instruments and (or) acquiring a payment transaction, money transfer, etc.
Thus, it will soon be possible to issue electronic money in Azerbaijan. In addition to simplifying the payment system, this may gradually lead to minimizing the use of paper money in the future. This is not only a new opportunity for banks, but also the launch of a new product for the money market. At the same time, electronic money also serves to increase transparency. It can also become a source of income for our citizens through electronic savings and even from transactions in the money market.
Electronic money is used in most countries of the world, and this sector is developing globally. In 2023, the global digital payment market revenue amounted to $111.2 billion,” Bayramov noted.