Zakir Nuriyev, Chairman of the Presidium of the Azerbaijan Banks Association (ABA), has called for a reduction in commission fees applied to "Mastercard" and "Visa" payment cards. He emphasized that optimizing these costs is essential for the broader adoption of cashless payments in Azerbaijan.
According to the Operative Information Center-OMM, Nuriyev made these remarks to journalists during the "10th International Finance and Banking Summit" held in Baku. He stated that lowering the commission fees imposed by international payment systems is a necessary step to improve the financial ecosystem.
"We are working to accelerate the development and expansion of our own QR code payment systems," Nuriyev noted. "Our goal is not merely to wait for tariff reductions from these international organizations, but to reduce the overall cost of services by implementing local standards and utilizing existing capabilities."
The banking sector in Azerbaijan has been actively pursuing a digital transformation strategy in recent years, aiming to reduce reliance on cash transactions. The "10th International Finance and Banking Summit" serves as a key platform for industry leaders to discuss regulatory frameworks, technological innovations, and strategies to enhance financial inclusion and digital security across the country.
