Digital payment system of Azerbaijan: new trends, problems and prospects
https://doi.org/10.31432/1994-2443-2023-18-1-32-42
Abstract
In recent years, digital payment services have been actively penetrating the financial market of Azerbaijan. Payment cards have played an important role in the implementation of digital payments in Azerbaijan in recent years. For the majority of Azerbaijani citizens, payment cards have become a common payment instrument used in everyday payments for goods and services, as well as when making money transfers. In this article, the authors consider the issues and prospects for the digitalization of the payment system in Azerbaijan. New trends in the retail payments market in Azerbaijan are analyzed and the features of the policy to reduce cash payments in the structure of monetary aggregates are outlined. The author outlined his own views on the prospects for the development of the digitalization of the payment system of Azerbaijan in the new conditions of challenges. So, digitalization can become one of the drivers for the development of the payment system, as well as ensure transparency in the economic sector.
About the Authors
Z. F. Mamedov
Azerbaijan State University of Economics (UNEC); Institute of control Systems
Azerbaijan
Azerbaijan
Mamedov Zahid Farrukh Doctor of Economics, Professor, Director of the Department of Organization and Management of Scientific Activitiesab, Honored Teacher of Azerbaijan
AZ1001, Baku city, Istiqlaliyyat str., 6
AZ1141, Baku city, Bakhtiyar Vahabzadeh street, 68
M. Kazimov
Baku State University
Azerbaijan
Azerbaijan
Kazimov Mirali Doctor of Law, Associate Professor
AZ1148, Baku city, academician Zahid Khalilov Street, 33
S. Farzaliyeva
Azerbaijan State University of Economics (UNEC)
Azerbaijan
Azerbaijan
Farzaliyeva Susen Associate Professor
AZ1001, Baku city, Istiqlaliyyat str., 6
A. Gasimov
Azerbaijan State University of Economics (UNEC)
Azerbaijan
Azerbaijan
Gasimov Aliislam Senior Lecturer
AZ1001, Baku city, Istiqlaliyyat str., 6
References
1. URL: worldpaymentsreport.com/resources/world-payments-report-2020/.
2. Mamedov Z. F., Veliyev E. N., Veysov E. N. Evaluation of the National Banking Sector of Azerbaijan: Formation and Development // Research Result. Economic research. 2022. V. 8. No. 1. S. 85-98. DOI:10.18413/2409-1634-2022-8-1-0-9.
3. Abbasov A. M., Mamedov Z. F., Aliev S. A. Digitalization of the banking sector: new challenges and prospects // Economics and Management. 2019. No. 6 (164). pp. 81–89. DOI:10.35854/1998-1627-2019-6-81-89.
4. Digital Payment Strategy of the Central Bank of the Republic of Azerbaijan for 2021-2023. URL: https://www.cbar.az/page-680/digital-payment-strategy.
5. Mamedov Z.F., Abbasbeyli M., Veliyev E. N., Veysov E. N. The banking sector of Azerbaijan: new trends and prospects // Russian Scientific Journal (RNJ) “Economics and Management”. 2020. – Volume 26. No. 7. P.775-783.
6. Antropov V.V. The global retail payments market in the emerging digital economy: current trends and prospects. Economy. Taxes. Right. 2022;15(1):81-93. DOI:10.26794/1999-849X-2022-15-1-81-93.
7. Ulanova E. S. Effective national payment system in the digital economy. Specialty 08.00.10 – Finance, money circulation and credit. Abstract of the dissertation for the degree of candidate of economic sciences Moscow – 2022.
8. Gorbatina T.M., Illarionov N.M. Normative and legal regulation of the national payment system of Russia. Bulletin of the Russian University of Cooperation. 2015. No. 3 (21). 19-22.
9. Mamedov Z.F., Abbasbeyli M. Peculiarities of activity of the Central Bank of Azerbaijan // Finance and credit. 2013. – No. 47.
10. Mamedov Z.F. Global challenges for the transition to a “cashless economy” // Information and innovations. 2021, Vol. 16, No. 1. p. 18-22 DOI:10.31432/1994-2443-2021-16-1-18-22.
11. State program for expansion of digital payments in the Republic of Azerbaijan in 2018-2020. URL: https://president.az/az/articles/view/.
12. Mamedov Z.F., Veliyev E., Veysov E. Digital transformation of the banking sector of Azerbaijan // Information and innovations. 2021, Vol. 16, No 3. p. 10-20. DOI:10.31432/1994-2443-2021-16-3-10-20.
13. Mamedov Zahid Farrukh, Namazov V.F. Azerbaijan Financial Market: New Trends and Prospects / Finance and Credit, 2021, vol. 27, no. 5, pp. 1074-1092. URL: http://finizdat.ru/journal/fc/.
Review
For citations:
Mamedov Z.F., Kazimov M., Farzaliyeva S., Gasimov A. Digital payment system of Azerbaijan: new trends, problems and prospects. Information and Innovations. 2023;18(1):32-42. (In Russ.) https://doi.org/10.31432/1994-2443-2023-18-1-32-42
Views:
551
Email this article 