In Azerbaijan, while the number of payment cards is increasing, interest in credit cards is weakening. According to the Central Bank's statistics, citizens prefer to spend their existing funds rather than borrow.
Currently, out of 22.4 million payment cards in the country, 20.3 million are debit and 2.1 million are credit cards. Over the past year, the number of debit cards has increased by 12%, while credit cards have decreased by 9%.
Bank expert Emin Karimov says the decline is due to limits: "The Central Bank has imposed limits on credit lines. Previously, higher amounts were opened, but now it is reduced to 4-5 times the salary."
The increase in debit cards is due to the expansion of e-commerce and the shift to cashless payments. The expert adds: "Debit cards have more extensive capabilities and are accessible without age restrictions."
Credit specialist Ismayil Mammadov believes this is a sign of growing financial literacy: "People are moving away from the 'debt economy' model towards 'smart fund management'."
