Azerbaijan banking and digital payment sector trends

The Azerbaijani banking and payment landscape is undergoing significant structural changes. The Milliön payment network, part of the Bir ecosystem, has expanded to 6,500 terminals across the country, including Baku and remote regions, to facilitate digital transactions and commission-free banking operations.

Broad sector data from the Central Bank of Azerbaijan indicates a rise in payment card circulation, which reached 22,974,000 by the end of August, an 8.7 percent annual increase. While debit card usage grew by 10.2 percent, credit card usage saw a 4.3 percent decrease. Cashless transactions totaled 8.888 billion manat in August, with electronic commerce making up 7.682 billion manat of that figure.

Despite the growth in digital transactions, the number of POS terminals decreased by 7 percent year-on-year. Concurrently, the Deposit Insurance Fund has scheduled real estate auctions in October to liquidate assets from several institutions, including Deka Bank, Demir Bank, United Credit Bank, AG Bank, Ganja Bank, Bank of Azerbaijan, and Mugan Bank.