Baku - Azerbaijan is anticipating a significant increase in money transfer transactions to Türkiye through the 'Turan Teknoloji Anonim Sirketi' (Turan) payment system in 2024.

According to Trend News Agency, Managing Director at United Payment Azerbaijan, as reported by Trend, the company expects to handle a minimum of 25,000 transactions following the commencement of this service.

United Payment Azerbaijan is currently awaiting a license under Azerbaijan's "On payment services and payment systems" law. Once operational, the company aims to quickly launch money transfers from Azerbaijan to Türkiye. Monthly remittances to Azerbaijan via Turan currently total about 9.5 million liras ($340,000), with plans to increase this to 37.5 million liras ($1.3 million) monthly by 2024.