Date:12/10/12

Central Bank of Azerbaijan predicts improved demand in card payment market growth in 2013

The Azerbaijani Central Bank (CBA) has forecast an increase in the demand in the card payment market in the country in 2013, CBA Director General Rashad Orujov told media. "The pace of the market growth is very good," he said.

"The dynamics are very good in the quantity and quality of services currently available. The situation will be even better in 2013." He said that at present the banks render new products and services on credit cards. "New projects are being implemented," he said.

"The banks and customers are showing great interest. The prospects of the market are great. At present, the opportunities of people in terms of their income allow them to actively use these products." He said that using credit cards will be expanded after the banks render new products, while today most of the market falls to debit cards. According to the CBA, the number of payment cards in Azerbaijan fell in July by 0.37 per cent - up to 4.808 million units.

The number increased by 8.56 per cent compared to the same period of 2011. The total turnover on payment cards through ATMs and POS-terminals in July totalled 811 million manat, and the total number of operations - 5.018 million units. As of August 1, 2012, roughly 2195 ATMs operated in the country, including 1225 ATMs in Baku alone with 970 in other cities and regions.

The total number increased by 193 units, or 9.64 per cent per year. As of August 1, 2012, the number of POS-terminals totalled 36,523 units of which 33,340 are in Baku and 3183 units in other cities and regions. Their number has increased by 25,251 units, or 3.24 times since July 2011.

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