In Azerbaijan, less than 1% of entrepreneurs use fully digital payments. Zeynal Karimzade, board member of the Azerbaijan Fintech Association, shared this information.
He stated that there are 882,000 active taxpayers in the country, of which 822,000 are SMEs. Most of these businesses are expected to digitize in the future.
In the post-pandemic period, a significant portion of payments were made through informal channels. In the coming years, these transactions are expected to move to a formal digital environment.
By the end of the year, e-commerce turnover is projected to exceed 90 billion manats. Transaction volume is expected to grow by 4.6% and the number of transactions by 10%.
