Date:17/06/11

Electron transactions spreading

During recent years Azerbaijan Republic, relying on progressive international experience, has implemented extensive reforms on creation and utilization of advanced National Payment System. As a result of these reforms a system of interbank payments and clearing system of small payments were created, offering excellent opportunities for making payments of large sums without delay in online regime as well as making payments of small sums (salary, social security tax, telephone, gas, water, electricity, utility bills etc.) via electronic media or plastic cards. These systems guarantee transparency, safety and efficiency of payments.
The systems lay ground for more active utilization of electron payment systems, creation of common electron payment space, covering whole territory of the country, replacement of cash flow with noncash flow in economic turnover, easing access of individual and legal persons to financial markets. At the same time, it allows people to keep money and make payments safely by paying for products, works and services with plastic cards. At the present time appropriate measures are being taken for more active application of electron payment system by all levels of the population, including pensioners and grant-aided students.
Ministry of Taxation advised all organizations to take necessary measures for broadening of application of non-cash transactions (payment of salary by plastic cards, payment for products, works and services via POS terminals) in order to ensure stable development of national economy and increase of transparency.

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