(MENAFN- Trend News Agency)
BAKU, Azerbaijan, September 29. Azerbaijan's
payment systems will be based on a license, Executive Director at
Central Bank of the Republic of Azerbaijan (CBA) Farid Osmanov told
reporters, reports.
According to him, the relevant decision was reflected in the
bill 'On payment services and systems', which is still under
consideration by various public agencies.
'The Central Bank is working on implementing comprehensive
measures to expand non-cash payments and create a competitive
environment. After the legislation's entering into force, the CBA
will control the activities of payment organizations, non-banking
organizations, as well as intermediary services. Such an activity
will be permitted and licensed, and these organizations will be
subject to technological safety and regulation measures,' Osmanov
said.
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