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The next stage in cashless payments: What will "Az-QR" offer, and to whom?
The next stage in cashless payments: What will "Az-QR" offer, and to whom?
"The introduction of QR code payments in the trade and service sectors should be seen as a positive development. It can also be regarded as the next stage in increasing the volume of cashless payments."
Banks in Azerbaijan will transition to the "Az-QR" standard in payments. According to expert Elshad Mammadov, this innovation will contribute to speeding up business operations, enhancing flexibility and efficiency. On the other hand, it will also play a positive role in reducing and optimizing entrepreneurs' expenses.
"At the same time, accepting payments via QR codes will also reduce banks' costs. The banking sector must now focus on resolving fundamental issues in support of micro, small, and medium-sized enterprises (MSMEs). This should involve lowering the cost of loans, reducing interest rates, opening targeted credit lines, and implementing a diversified monetary policy. I believe such a policy should enable the establishment of interest corridors tailored to the profitability indicators of each sector. This, in turn, will lead to a significant increase in investments in small and medium enterprises and ensure consistent positive impulses from the banking sector for this segment," Mammadov added.
It should be noted that work has already begun in Azerbaijan on the transition to the "Az-QR" standard. The Governor of the Central Bank of Azerbaijan, Taleh Kazimov, stated that all banks are expected to adopt this standard by the end of October this year. According to him, consumers will then be offered QR code payment options at all payment points. For micro and small entrepreneurs, this is a major advantage. They will no longer need to use POS terminals linked to a specific bank account, as payments can now be accepted via QR codes. This will reduce investment costs for both entrepreneurs and the banks that serve them.
Moreover, the implementation of the "Az-QR" standard will lower the cost of cashless payments, which will positively impact their overall volume.
For reference, during the first six months of this year, the volume of cashless payments in the country increased by 38.3% compared to the same period last year. In June 2025 alone, domestic cashless payments made via cards amounted to 8,438.7 million manats.
Another initiative to stimulate cashless payments is the introduction of QR code and bank card payments in public transport. Taleh Kazimov emphasized that active work is also underway in this direction. He also noted that cash withdrawals through POS terminals will soon be possible in Azerbaijan. One bank has already begun offering this service, which is expected to help reduce the volume of cash transactions.
"The introduction of QR code payments in the trade and service sectors should be seen as a positive development. It can also be regarded as the next stage in increasing the volume of cashless payments."
Banks in Azerbaijan will transition to the "Az-QR" standard in payments. According to expert Elshad Mammadov, this innovation will contribute to speeding up business operations, enhancing flexibility and efficiency. On the other hand, it will also play a positive role in reducing and optimizing entrepreneurs' expenses.
"At the same time, accepting payments via QR codes will also reduce banks' costs. The banking sector must now focus on resolving fundamental issues in support of micro, small, and medium-sized enterprises (MSMEs). This should involve lowering the cost of loans, reducing interest rates, opening targeted credit lines, and implementing a diversified monetary policy. I believe such a policy should enable the establishment of interest corridors tailored to the profitability indicators of each sector. This, in turn, will lead to a significant increase in investments in small and medium enterprises and ensure consistent positive impulses from the banking sector for this segment," Mammadov added.
It should be noted that work has already begun in Azerbaijan on the transition to the "Az-QR" standard. The Governor of the Central Bank of Azerbaijan, Taleh Kazimov, stated that all banks are expected to adopt this standard by the end of October this year. According to him, consumers will then be offered QR code payment options at all payment points. For micro and small entrepreneurs, this is a major advantage. They will no longer need to use POS terminals linked to a specific bank account, as payments can now be accepted via QR codes. This will reduce investment costs for both entrepreneurs and the banks that serve them.
Moreover, the implementation of the "Az-QR" standard will lower the cost of cashless payments, which will positively impact their overall volume.
For reference, during the first six months of this year, the volume of cashless payments in the country increased by 38.3% compared to the same period last year. In June 2025 alone, domestic cashless payments made via cards amounted to 8,438.7 million manats.
Another initiative to stimulate cashless payments is the introduction of QR code and bank card payments in public transport. Taleh Kazimov emphasized that active work is also underway in this direction. He also noted that cash withdrawals through POS terminals will soon be possible in Azerbaijan. One bank has already begun offering this service, which is expected to help reduce the volume of cash transactions.