Nuriyev: Azerbaijan should take into account EU PSD3 principles when updating its payment services law

When improving the Law on Payment Services and Payment Systems, the provisions of the Third Generation Payment Services Directive (PSD3), which is being developed in the European Union's internal market, should be taken into account, Zakir Nuriyev, president of the Azerbaijan Banking Association, said at the Baku Fintech Forum 2025, Report informs.

He cited the requirement to store funds deposited in electronic payment systems in more than one bank as an example: "This approach increases the level of protection for user funds and promotes the sustainability of the entire electronic payment system."

Nuriyev also proposed legislatively expanding the scope of activities of fintech companies: "This will accelerate the implementation of innovation, enable us to reach new customer segments, and create a competitive ecosystem. It is important to utilize the best European practices in data management and regulation of digital services."

He also noted that e-commerce currently accounts for approximately 87% of domestic non-cash transactions using payment cards.