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QR payments will reduce entrepreneurs’ banking expenses
QR payments will reduce entrepreneurs’ banking expenses
This was stated by the Chairman of the Central Bank of Azerbaijan, Taleh Kazimov. According to him, the new payment tool will also reduce banking costs for entrepreneurs:
“Since the beginning of this year, the infrastructure for accepting QR payments has been expanding widely across the country. By the end of May, or at the latest by the end of June, most business entities will be able to easily accept QR payments. This will lead to a significant reduction in bank service fees. QR payments are processed not through bank cards, but via the Instant Payment System. The amount is instantly withdrawn from the payer’s account and transferred to the entrepreneur’s account. The tariffs in this system are also considerably lower.”
Mr. Kazimov believes that if both individual entrepreneurs and legal entities implement QR payments together with banks, this will reduce dependence on bank cards offered by Visa
and Mastercard
. He also noted that the Central Bank has requested those companies to reduce their tariffs:
“We are holding discussions with Visa and Mastercard regarding tariff reductions. From our side, we are making this a strict requirement because we have observed a sharp increase in tariffs in recent years. I should note that both Visa and Mastercard are our partners. In the coming weeks, they will present their proposals regarding tariff reductions.”
This was stated by the Chairman of the Central Bank of Azerbaijan, Taleh Kazimov. According to him, the new payment tool will also reduce banking costs for entrepreneurs:
“Since the beginning of this year, the infrastructure for accepting QR payments has been expanding widely across the country. By the end of May, or at the latest by the end of June, most business entities will be able to easily accept QR payments. This will lead to a significant reduction in bank service fees. QR payments are processed not through bank cards, but via the Instant Payment System. The amount is instantly withdrawn from the payer’s account and transferred to the entrepreneur’s account. The tariffs in this system are also considerably lower.”
Mr. Kazimov believes that if both individual entrepreneurs and legal entities implement QR payments together with banks, this will reduce dependence on bank cards offered by Visa
and Mastercard
. He also noted that the Central Bank has requested those companies to reduce their tariffs:
“We are holding discussions with Visa and Mastercard regarding tariff reductions. From our side, we are making this a strict requirement because we have observed a sharp increase in tariffs in recent years. I should note that both Visa and Mastercard are our partners. In the coming weeks, they will present their proposals regarding tariff reductions.”