Azerbaijan Banks Association comments on introduction of limits for Card-to-Card transactions

The Azerbaijan Banks Association (ABA) and the Azerbaijan Fintech Association have agreed to introduce a risk-based approach to payments credited to payment instruments in order to minimize the risks of misuse.

According to Olaylar, citing the ABA, daily and monthly limits have been established for each payment instrument: no more than five transactions per day and up to 20,000 manats per month. At the same time, each customer may have only one payment instrument for each product.

The limits do not apply to transfers between customerschr("39") own accounts and the accounts of close relatives, as well as transactions with confirmed economic justification. Upon submission of the relevant documents, banks may issue additional payment instruments.

The Association noted that the new rules will not affect legitimate users or disrupt their routine transactions.

"This approach will not create any additional restrictions or difficulties for users of payment services with a history of reliable payment operations and will not have a negative impact on their daily transactions," the ABA said.