22:49 - 16.05.2019

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May 16, Fineko/abc.az. At the end of this year a part of the Instant Payments System in Azerbaijan, which provides for settlements between individuals, will be put into effect.

The statement was made by Kamala Gurbanova, the director of the Department of Payment Systems & Settlements of the Central Bank of Azerbaijan (CBA), in her speech at the financial and technological summit on the theme "State Program - the Road to Digitalization".

She noted that part of the Instant Payments System to cover calculations and other stages of work of legal entities will be commissioned next year.

"The system is adopted in developed countries. The purpose of the system is to complete the settlements at the time of the operation, that is, 7/24," Gurbanova said.

According to Gurbanova, by 2020 Azerbaijan will put into operation a payment system using a QR code.