Zakir Nuriyev: Capabilities of Instant Payment System need to be used more effectively

The functionality of the Instant Payment System, a central component of Azerbaijan's digital payment ecosystem, must be used more effectively, Zakir Nuriyev, President of the Azerbaijan Banks Association, said at the 9th International Banking Forum (IBF-2025) in Baku.

He stated that it is necessary to expand the use of other payment systems, introduce QR codes as an alternative payment method, ensure the more active use of innovative payment instruments and technologies, and pay special attention to the dissemination of NFC technologies.

Nuriyev added that another noteworthy aspect is the continued trend of digital payments using payment cards, amid new requirements to be defined in legislation regarding card-to-card transactions.

He added that, as reforms continue, it is necessary to amend the Law "On Payment Services and Payment Systems" accordingly and limit the volume of transactions conducted within a closed network.

"To ensure regional development in the digital payment ecosystem, it is necessary to evaluate the potential for joint sandboxing with neighboring countries, including Türkiye and Georgia. This approach will further deepen integration ties between countries in the region. The experience of Singapore and Malaysia can be considered a successful example in this area," Nuriyev noted.