BAKU, Azerbaijan, March 14. The volume of transactions through internet banking in Azerbaijan increased by 12 percent in 2023 compared to 2022, while the volume of transactions through mobile banking doubled, General Director of the Central Bank of Azerbaijan (CBA) Farid Osmanov said during the 'Visa Cashless Forum - Digital Azerbaijan', TurkicWorld reports.

According to him, the financial sphere has recently become more and more digital, which is confirmed by changes in current account operations.

"Electronic transactions have surpassed paper-based transactions in the quantity of payment papers submitted. Currently, over 80 percent of payments are made electronically, indicating a significant shift toward digital payment methods. This is certainly made easier by the rapid advancement of online and mobile banking services. In 2023, Azerbaijan's Internet banking transaction volume climbed by 12 percent over 2022 indicators, and the country's mobile banking transaction volume doubled," Osmanov emphasized.

The Director General of the CBA noted that banks and financial institutions offer increasingly convenient and intuitive solutions for online financial management, providing a high level of security and availability of services at any time of the day and from anywhere in the world.

To note, the Visa Cashless Forum is one of Visa's main events affecting the markets of Ukraine, Georgia, the CIS, and South-Eastern Europe. It is attended by experts in the field of digital payments and financial technologies.

Visa (NYSE: V) is a global leader in the electronic payments industry. Visa processes payment transactions between consumers, businesses, and financial and governmental institutions in more than 200 countries and territories. Its mission is to unite the world through an innovative, convenient, reliable, and secure payment network to promote consumer well-being and business and economic prosperity.