The number of daily transactions carried out through the Instant Payment System (IPS) in Azerbaijan has reached 1 million, Deputy Governor of the Central Bank of Azerbaijan (CBA) Vusal Khalilov said at the Turkic states fintech forum held in Baku, APA-Economics reports.
According to him, while this figure corresponded to the number of monthly transactions in 2024, the system currently processes 1 million transactions per day.
"The scale of this system continues to expand. We are currently interested in integrating the Instant Payment System with the payment systems of both countries in the region and countries outside the region. We are also closely cooperating with the Central Bank of Türkiye in this direction, and relevant work is underway," Vusal Khalilov said.
The CBA Deputy Governor noted that fintech companies could play an important role in reducing the costs of cross-border payments. According to him, cooperation in this area creates additional opportunities for the development of the financial technology sector in the region.
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