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Instant payments can be conducted through these devices - banking sector innovations

21.02.2020,17:30


February 21, Fineko/abc.az. The Central Bank will launch the first stage of the Instant Payment System in June.

ABC.AZ reports that Emil Abbasov, CBA department director and head of project Instant Payment System, said that the organizations to be integrated into the system will be the operators of the acquiring network and cash registers of the card infrastructure.

According to Abbasov, as a result of those integrations, it will be possible to make instant payments to ATMs, POS terminals, cash registers: “During the project the QR code standards have been developed in Azerbaijan for use in the national payment infrastructure. These standards can be used both in the instant payment system and in transactions outside of instant payments. One of the other important functions is "open banking", through which it is possible to make payments within the framework of customer permissions through e-banking of third parties, and to obtain account information."

It should be noted that the Instant Payment System is currently used in 50 countries, and work is underway on its introduction in 10 countries.

More information is available at link:  https://youtu.be/PmJ6v1pfHbM