Mastercard and the Central Bank of Azerbaijan (CBA) released a strategy to accelerate payment digitalization in the country. This initiative supports the CBA's "Financial Sector Development Strategy for 2024–2026." The strategy aims to increase digital payment use among consumers and small to medium-sized businesses.
The strategy sets ambitious goals. It seeks to increase the share of non-cash payments in retail trade to over 40%. Additionally, the plan ensures digital channels account for more than 90% of customer transfers.
Mastercard identifies key priorities to drive adoption and build trust. These include creating a favorable ecosystem for Payment Service Providers (PSPs). Strengthening cybersecurity is also a critical focus.