The Central Bank of Azerbaijan (CBA) is working on stimulating digital payments, the CBA Executive Director Farid Osmanov said during an event on ‘Fintech in Azerbaijan – today and tomorrow’, Trend reports.

According to Osmanov, in 2021, a strategy for digital payments was adopted, based on which work is underway to develop these types of payments.

"Moreover, a law on payment systems is expected to be adopted in the near future, which will accelerate the development of electronic financial services. We are also working on a number of other regulations which will facilitate the development of financial services and their compliance with international standards," he noted.

The official also said that the number of bank card payments has increased significantly in Azerbaijan.

"We welcome the work of global financial players. Today, there are 13 million cards in the country, of which nine million are contactless. Cashless payments in the country's total turnover account for about 41 percent, and we aim to increase the share of non-cash payments in the total turnover," Osmanov further noted.

He stressed that the CBA is also working on a project which will help create synergy between fintech companies and banks, and develop open banking.