In 2025, the volume of cashless payments in Azerbaijan increased by 26% to 99.1 billion manats, Chairman of the Board of the Azerbaijan Fintech Association (AzFina) Edgar Abdullayev said at the fintech forum of Turkic states held in Baku, APA-Economics reports.
According to him, in 2025, the share of cashless turnover in domestic card transactions approached 68%.
“By the end of August 2026, the number of payment cards in circulation approached 23 million and increased by 8.7% compared with the corresponding period of last year. At the same time, the share of cashless payments in card transactions reached 69.8%,” Edgar Abdullayev noted.
He said that at the end of 2025, 17 electronic money institutions, 9 payment institutions, and 2 payment system operators were operating in Azerbaijan.
“In 2026, two payment institutions changed their licenses to electronic money institution licenses and began providing a wider range of financial technology services,” he emphasized.
According to Edgar Abdullayev, these indicators show that the fintech sector is no longer an alternative to the banking sector, but has become a separate institutional participant in the financial system.
The association chairman added that expanding cooperation among Turkic states in the fields of payment services, electronic money, banking, and financial technologies is of great importance in terms of regional integration.
Another point of separate news value in the speech is the statement that two payment institutions switched to electronic money institution licenses in 2026.
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