One of the actions provided for in the ‘State Program on Expansion of Digital Payments in the Republic of Azerbaijan for 2018 – 2020’ approved by Decree # 508 of President of the Republic of Azerbaijan dated 26 September 2018 is the launch of the Instant Payment System that implies further improvement of the digital infrastructure.
Launch of this system will allow the payment ecosystem of the country to fully complete settlement operations between individuals, business structures and public institutions in a 24*7*365 mode within 5-10 seconds. Users may make payments to one another any time via any facility. At the same time, economic agents of the country will be able to introduce modern mobile applications. The capacity to be created will push more extended digital payments among economic agents, reduction of the cash economy and rise in cashless payments.
Currently, efforts are underway on launch of the system with an international vendor. The system is planned to be commissioned with pilot participants at the end of the next year.