Grace period on Instant Payment System service fees extended

24-06-2021

24 June 2021, Baku: The Instant Payment System (IPS), created by the Central Bank as part of the ‘State Program on expansion of digital payments in the Republic of Azerbaijan for 2018-2020’ approved by Decree#508 of the President of the Republic of Azerbaijan dated 26 September 2018 was put into operation on a real time mode on 1 October 2020.

At an initial stage, to involve the population and economic agents to more actively use the system, the Central Bank decided not to charge service fees from participating organizations until 1 July 2021. Taking into account the support for measures to expand coverage of the IPS, as well as continue to encourage the population and economic agents to use the system, the Central Bank decided to extend the grace period for service fees until 1 January 2022.

To note, currently 20 banks, the State Treasury Agency of the Ministry of Finance of the Republic of Azerbaijan and the Azerpost LLC have been integrated to the IPS platform. Customers of the banks integrated to the system can instantly make 24/7/365 payments over Internet and using mobile banking, as well as the system’s AniPay mobile application (Android: http://bit.ly/3b78WQo and IOS: https://apple.co/3hXL17u). Efforts will continue to expand the coverage of the system and increase the range of digital solutions for users.