Azerbaijan clarifies rules on restrictions for card-to-card transfers

Discussions continue on the new rules that are planned to be applied to card-to-card transfers (Card-to-Card).

Zakir Nuriyev, President of the Azerbaijan Banks Association (ABA), clarified the information circulating on this matter in his statement to AzTV.

As 1news.az reports, he stated that no prohibitions or restrictions are being introduced on card-to-card operations themselves.

"We are not introducing any restrictions on card-to-card operations. This concerns the application by banks and electronic money institutions of certain restrictions of a risk-based basic threshold on operations crediting funds to payment instruments," Z. Nuriyev noted.

According to him, the changes concern only funds credited to the card. Thus, a limit has been set for each payment instrument: no more than 5 top-ups per day and a total amount of up to 20,000 manats per month.

"According to the agreement, a restriction has been established for each payment instrument belonging to a payment services user — 5 top-ups during the day and 20,000 manats during the month. We are not imposing any restrictions on the spending operations of the payment instrument user. As before, citizens can fully carry out their expenditures using any payment instrument.

This concerns exclusively restrictions on crediting funds — up to 5 operations and up to 20,000 manats for each product. If the instruments are linked to a single account, we proposed providing the client with one payment instrument. At the same time, we have excluded from these restrictions transfers between the user's own accounts and credits from close relatives," the ABA president emphasized.