From 2021 to 2025, the number of transactions processed in the Instant Payment System (IPS) in Azerbaijan increased 86 times, reaching approximately 10 million from 116 thousand.
“Elchi” reports that Tofiq Acirqayev, Lead Software Engineer and Payment System Administrator at the Central Bank, stated this during his speech at the “International Finance and Banking Summit 2026” event.
According to him, the total value of transactions during this period reached 2.6 billion manats from 281 million manats, which represents a 9.3-fold increase:
“While the growth was stable and consistent between 2021 and 2024, a significant surge was recorded in 2025.
In 2025, the number of transactions increased more than 12 times compared to 2024. The main reason for this is the processing of peer-to-peer (P2P) transfers through the Instant Payment System. The growth trend continues in 2026 as well. While 2.1 million transactions worth 312 million manats were processed in January, this figure rose to 9.8 million transactions and 940 million manats in April.
Within four months, the number of transactions increased 4.6 times, and the value increased 3 times. The total amount processed in the first four months of 2026 (2.23 billion manats) already accounts for 85 percent of the annual volume of 2025.
In 2026, peer-to-peer transfers maintained their dominant position in terms of both the number of transactions and the total value. In the first four months, 19.3 million transactions were carried out in this category, which accounted for 95.5 percent of total transactions.”