Azerbaijan banks implement risk-based approach to payment cards

Banks in Azerbaijan are implementing a risk-based approach regarding the number of payment cards issued to customers. According to the Azerbaijan Banks Association (ABA), this new policy aims to minimize the risk of misuse by payment service providers, including banks and electronic money organizations.

Under the new guidelines, banks are generally permitted to provide one payment card per product in national currency and one per foreign currency. However, certain exceptions apply, such as cards linked to salary, pension, social benefits, entrepreneur accounts, or deposit accounts. Customers may request additional cards if they provide a reasonable explanation for the purpose of the account and if the bank is satisfied that the transactions align with existing data and are not for illegal purposes.

Existing cards remain valid until their expiration or until the account is closed. The restriction applies to specific banks and does not prevent a customer from obtaining cards from other financial institutions. Furthermore, customers can still hold different types of card products within the same bank, such as a mileage-based card alongside standard debit or credit cards.

Separate reports indicate that some banks began implementing restrictions on obtaining multiple debit cards in the same currency as early as August 1, with others scheduled for October 1. Additionally, new limits on payment tool top-up operations have been introduced, capping daily top-ups at five transactions and monthly top-ups at 20,000 manat.