Baku:The volume of cashless payments in Azerbaijan saw a significant rise in 2025, increasing by 26% to reach 99.1 billion manats, as stated by Edgar Abdullayev, Chairman of the Board of the Azerbaijan Fintech Association (AzFina), during the fintech forum of Turkic states.
According to Azeri-Press news agency, Abdullayev highlighted that the share of cashless turnover in domestic card transactions was close to 68% in 2025. By the end of August 2026, the number of payment cards in circulation neared 23 million, marking an 8.7% increase from the previous year. The share of cashless payments in card transactions reached 69.8%.
At the end of 2025, there were 17 electronic money institutions, 9 payment institutions, and 2 payment system operators operating in Azerbaijan. In 2026, two payment institutions upgraded their licenses to electronic money institution licenses, allowing them to offer a broader range of financial technology services.
Abdullayev remarked that these developments indicate that the fintech sector has evolved from being an alternative to the banking sector to becoming a distinct institutional participant in the financial system. He also emphasized the importance of enhancing cooperation among Turkic states in payment services, electronic money, banking, and financial technologies for regional integration.