ABA: Card-to-card transfer limits won't restrict daily transactions

The introduction of limits on card-to-card transfers in Azerbaijan will not affect citizens' everyday legitimate financial transactions, said Tamerlan Rustamov, Head of the Expert Group on Payment Systems and Digital Banking at the Azerbaijan Banks Association (ABA), Report informs.

He stated that the introduction of limits is part of a risk-based approach agreed upon by the ABA and the Azerbaijan Fintech Association (AzFina).

The measure is aimed at preventing the abuse of payment instruments and mitigating risks in the payment system.

Rustamov noted that uniform limits have been established on the number of instruments, as well as the number and amount of transactions using them.

He emphasized that the restrictions apply only to incoming transactions.

There are no plans to introduce limits on outgoing transactions.

He added that citizens will still be able to freely use POS terminals, QR payments, mobile POS solutions, and online banking.

The main goal of the innovation is to improve the security of the digital payment ecosystem, not to restrict users' daily transactions.