In 2025, the volume of non-cash payments in Azerbaijan increased by 26% to 99.1 billion manats.
elchi reports that this was stated by Edgar Abdullayev, Chairman of the Board of the Azerbaijan Fintex Association (AzFina), at the fintech forum of Turkic states held in Baku.
According to him, in 2025, the share of non-cash turnover in domestic card transactions approached 68%.
“By the end of August 2026, the number of payment cards in circulation approached 23 million, an increase of 8.7% compared to the same period last year. At the same time, the share of non-cash payments in card transactions reached 69.8%,” noted Edgar Abdullayev.
He stated that by the end of 2025, 17 electronic money institutions, 9 payment institutions, and 2 payment system operators were operating in Azerbaijan.
“In 2026, two payment institutions changed their licenses to electronic money institution licenses and began to provide a wider range of financial technology services,” he emphasized.
According to Edgar Abdullayev, these indicators show that the fintech sector is no longer an alternative to the banking sector, but has become a separate institutional participant in the financial system.
The Chairman of the Association added that expanding cooperation between Turkic states in the fields of payment services, electronic money, banking, and financial technologies is of great importance for regional integration.
Another noteworthy point in this speech is the announcement that two payment institutions switched to electronic money institution licenses in 2026.