Baku:The Instant Payment System (IPS) in Azerbaijan has achieved a milestone, with daily transactions reaching 1 million, as announced by Vusal Khalilov, Deputy Governor of the Central Bank of Azerbaijan (CBA), at the Turkic states fintech forum.

According to Azeri-Press news agency, Khalilov highlighted that what was previously a monthly transaction volume in 2024 is now being processed daily. This marks a significant expansion of the system's scale.

Khalilov also mentioned the CBA's interest in integrating the Instant Payment System with payment systems from both regional and non-regional countries. He noted ongoing cooperation with the Central Bank of Türkiye to further these efforts.

Furthermore, Khalilov emphasized the potential role of fintech companies in reducing cross-border payment costs, suggesting that such collaboration could foster growth in the region's financial technology sector.