Pursuant to Article 48.1 of the Law of the Republic of Azerbaijan ‘on Payment Services and Payment Systems’, electronic money institutions may engage in payment services after being licensed.

An electronic money institution is a legal entity that issues e-money and performs payment transactions related to electronic money under the license obtained hereunder, and that has the right to provide other payment services if provided for in the license.
Electronic money institutions may provide the following payment services:

• depositing funds to and/or from the payment account
• credit transfers, direct executing payment transactions using credit transfer, direct debit, payment card or other similar payment instruments
• payment instruments and/or acquiring payment transactions
• money remittances
• issuing e-money and execution of payment operations with electronic money
• payment initiation services
• account information services.

The Central Bank maintains a public register of supervised entities and payment agents. The Register includes names of supervised entities, their branches and representative offices, legal addresses, names of their officials, registration numbers and dates of licenses issued and revoked, types of licensed activities, including the payment agent’s name, address, managers (if a legal entity), types of licensed activities, supervised entities terminated and information about payment agents.

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"A-Solutions Electronic Money Institution" LLC

License number	EPT-001
License issue date	16.05.2024
TIN	1308631591
Legal address	Tbilisi Ave. 149, AZ1122, Yasamal district Baku
Contact details	*3443 +99451 213 50 05; "www.akart.az"
Licensed activity	- depositing funds to and/or from the payment account - credit transfers, direct executing payment transactions using credit transfer, direct debit, payment card or other similar payment instruments - acquiring of payment transactions - money remittances - issuing e-money and execution of payment operations with electronic money - payment initiation service - account information service
Trademark	"Akart"
Chair of the Supervisory Board	Zeynalova Zarina Turan
Members of the Supervisory Board	Aliyeva Shirin Eldar Tekeli Taylan
Sole manager	Hasanov Hasan Oqtay

"United Payment" LLC

License number	EPT-002
License issue date	16.05.2024
TIN	2006789461
Legal address	Aladdin Aliyev Str, 1131, AZ1025, Babek Plaza, A Blok, Floor 15, Office 1,Khatai district, Baku
Contact details	+99412 488 08 38; "www.unitedpayment.az"
Licensed activity	- depositing funds to and/or from the payment account  - credit transfers, direct executing payment transactions using credit transfer, direct debit, payment card or other similar payment instruments - acquiring of payment transactions - issuing e-money and execution of payment operations with electronic money
Trademark	"United Payment" “Moka United”
Sole manager	Abdullayev Edgar Farman
Chair of the Supervisory Board	Memis Halim
Members of the Supervisory Board	Odabasi Asli

"PashaPay" LLC

License number	EPT-004
License issue date	27.06.2024
TIN	1300615891
Legal address	153 Neftchilar Avenue, Nasimi District, Baku City, AZ1010
Contact details	*8810, *0010 "www.pashapay.az" "www.m10.az" "www.million.az"
Licensed activity	- carrying out cash inflow and/or outflow operations on the payment account.  - carrying out payment transactions by means of credit transfer, direct debit, payment card or other payment instruments. - acquiring of payment transaction. - money transfer. - issuing electronic money and carrying out payment transactions with electronic money. - mediation service for conducting payment transactions. - account information service.
Trademark	"m10" "MilliÖn"
Head of the Audit Committee	Narmin Bahram Isgandarova
Members of the Audit Committee	Ruslan Rasim Aliyev Orkhan Teymour Karimov
Sole manager	Punhan Ilham Narimanov

"Mobile Payment Solutions" LLC

License number	EPT-005
License issue date	08.07.2024
TIN	1302997441
Legal address	3 Taghi Shahbazi Str., Yasamal District, AZ1065, Baku city
Contact details	+99412 437 30 73; "www.portmanat.az "
Licensed activity	- Carry out transactions to receive and/or withdraw funds from the payment account; - Execute payment transactions by credit transfer, direct debit, payment card, or other payment instrument; - Acquire payment transactions; - Issue e-money and execute payment transactions with e-money.
Trademark	"Portmanat"
Sole manager	Vusal Mirzarahim Hasanov

"Mpay" LLC

License number	EPT-006
License issue date	11.07.2024
TIN	2006132541
Legal address	7B Albert Aragunov Str., Narimanov District, AZ1072, Baku city
Contact details	+99412 525 20 30; "www.mpay.az"
Licensed activity	- Carry out cash transactions on the payment account; - Acquire payment transactions; - Issue e-money and execute payment transactions with e-money.
Trademark	"Mpay"
Sole manager	Matlab Zaman Valiyev

"Paysis" LLC

License number	EPT-007
License issue date	11.07.2024
TIN	1003408041
Legal address	Apt.51. Quarter 3123, 2 Suleyman Sani Akhundov Str., Binagadi District, AZ1130, Baku city
Contact details	+99412 310 53 63; "www.e-pul.az" "www.paysis.az"
Licensed activity	- Acquire payment transactions; - Issue e-money and execute payment transactions with e-money.
Trademark	"EPUL onlayn ödəniş portalı"
Sole manager	Samir Huseyn Nasibov

Note: As of 09 December 2025, all payment services provided under the license have been suspended.

"PulPal" LLC

License number	EPT-008
License issue date	24.07.2024
TIN	1006028471
Legal address	Apt 40, House 23A, Javadkhan Str., Microdistrict 4, AZ1111, Nasimi district, Baku city
Contact details	+99477 677 87 77; "www.pulpal.az"
Licensed activity	- executing payment transactions using credit transfer, direct debit, payment card or other similar payment instruments - acquiring payment transactions - issuing e-money and execution of payment operations with electronic money - mediation service for conducting payment transactions
Trademark	"PulPal"
Sole manager	Vusal Fatulla Hadiyev

"Qoldenpey" LLC

License number	EPT-009
License issue date	17.07.2024
TIN	2001049531
Legal address	Afiyaddin Jalilov Street, building 27A, Park Azure, floor 2, apartment 7, Khatai district, AZ1015 Baku
Contact details	*0713; "www.goldenpay.az" "www.hesab.az"
Licensed activity	- cash-in/cash-out operations on the payment account; - executing payment transactions using credit transfer, direct debit, payment card or other similar payment instruments; - acquiring payment transactions - issuing e-money and execution of payment operations with electronic money - account information service;
Trademark	"hesab.az" "pulz"
Chair of the Supervisory Board	Masimov Emil Adil
Members of the Supervisory Board	Tagiyev Teymur Ahmad Bayramov Zaur Yusif Najafov Orkhan Tahir
Head of the Audit Committee	Həsənov Tural Aruz
Members of the Audit Committee	Abbasov Abbas Yadulla Aliyeva Fidan Asif
Chair of the Executive Board	Abdullayev Eynar Rafail
Members of the Executive Board	Hasanov Elchin Allahveran Mahmudov Rashad Asif

"K GROUP" LLC

License number	EPT-010
License issue date	12.09.2024
TIN	1402954871
Legal address	49/C, Tbilisi Avenue, Yasamal District, AZ1122, Baku
Contact details	*4343; "www.bakikart.az"
Licensed activity	- cash-in/cash-out operations on the payment account; - acquiring payment transactions; - issuing e-money and execution of payment operations with electronic money.
Trademark	"BakıKart"
Sole manager

"Payriff" LLC

License number	EPT-012
License issue date	31.07.2024
TIN	1505351641
Legal address	Academician H.Aliyev Str.139C, Narimanov District, AZ1052, Baku
Contact details	+99410 225 12 10; "www.payriff.com"
Licensed activity	- acquiring payment transactions  - issuing e-money and executing payment operations with electronic money.
Sole manager	Khayal Elshan Mammadov

"Greentek Group" LLC

License number	EPT-013
License issue date	18.09.2024
TIN	1300550231
Legal address	Nizami Str. 194, Apt 30. Nasimi district, AZ1052, Baku
Contact details	+99412 597 07 47; "www.greentekpay.com"
Licensed activity	- executing payment transactions using credit transfer, direct debit, payment card or other similar payment instruments; - acquiring payment transactions; - issuing e-money and executing payment operations with electronic money; - payment initiation services.
Sole manager

Note: As of 08 October 2025, all payment services provided under the license have been suspended

"Cüzdan" LLC

License number	EPT-014
License issue date	25.09.2024
TIN	1308791461
Legal address	73E, General Akim Abbasov Street, Yasamal District, AZ1141, Baku
Contact details	+99412 311 15 46; "www.cuzdan.az"
Licensed activity	- executing payment transactions using credit transfer, direct debit, payment card or other similar payment instruments; - acquiring payment transactions; - issuing e-money and executing payment operations with electronic money.
Sole manager	Mustafa Kamal Baltachi

"Tiko Azerbaijan" LLC

License number	EPT-015
License issue date	10.12.2024
TIN	1406242111
Legal address	Samad Vurgun Str. 83, World Business Center, 8th floor, Nasimi district, AZ1014, Baku
Contact details	+99412 597 48 72; "www.tiko.az"
Licensed activity	- acquiring payment transactions - issuing e-money and executing payment operations with electronic money
Trademark	"Tiko"
Sole manager	Mustafa Cenk Abac

"Baku Pay" LLC

License number	EPT-016
License issue date	15.01.2025
TIN	1404036751
Legal address	Rashid Behbudov Str. 26, apt. 32. Nasimi district, AZ1014, Baku
Contact details	+99412 510 08 08; "www.payonix.az"
Licensed activity	- executing payment transactions using credit transfer, direct debit, payment card or other similar payment instruments - acquiring payment transactions - issuing e-money and executing payment operations with electronic money
Trademark	"Payonix"
Sole manager	Baghirov Fuad Elchin

"Algoritma" LLC

License number	EPT-017
License issue date	25.12.2024
TIN	1504907781
Legal address	Ashig Ali Str. 16, apt. 4. Narimanov district, AZ1072, Baku
Contact details	+99451 232 99 49; "www.algoritma.az"
Licensed activity	- cash-in/cash-out operations on the payment account - acquiring payment transactions - issuing e-money and executing payment operations with electronic money - payment initiation services
Chair of the Supervisory Board	Guliyev Toghrul Adalat
Members of the Supervisory Board	Eyvazli Tural Azad Seyidova Femida Mayil
Sole manager	Pasha Maharat Osmanli

"Guavapay" LLC

License number	EPT-018
License issue date	09.04.2025
TIN	1506747011
Legal address	Ahmad Rajabli Str. 232, Narimanov district, AZ1075, Baku
Contact details	+99450 693 47 83; "www.guavapay.az"
Licensed activity	- acquiring payment transactions - money remittances - issuing e-money and executing payment operations with electronic money - payment initiation services - account information service
Trademark	"Guavapay"
Sole manager	Gasimov Fakhri Mammadali

"Azvvallet" LLC

License number	EPT-019
License issue date	09.04.2025
TIN	1308923721
Legal address	Nizami Str. 69, Nasimi district, AZ1005, Baku
Contact details	+99450 493 02 22; "www.azwallet.az"
Licensed activity	- acquiring payment transactions - money remittances - issuing e-money and executing payment operations with electronic money
Sole manager	Anar Afig Akhundov

Note: As of 29 January 2026, acquiring payment transactions service provided under the license has been suspended.

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