The banking and financial sector has undergone a major transformation over the past decade.

APA-Economics reports that this was stated by the chairman of the Association of Banks of Azerbaijan (ABA) Zakir Nuriyev, speaking at the Fintex Summit Finance and Technology Exhibition.

He said the pandemic, which has limited communication, has played a key role, accelerating the transition to digital platforms to meet people's banking needs.

This process will continue in 2022, and banking will enter a new era on a global scale.

According to him, in the first four months of this year, 69% of payments in bank accounts in the country were made via electronic media.

This means a 7% increase in activity compared to the same period last year.

Zakir Nuriyev added that before the pandemic, the volume of non-cash transactions in Azerbaijan in 2019 amounted to 4.5 billion manat, while in the first four months of this year this figure reached 6 billion manat.

In January-April 2022, 75% of the number of domestic card transactions and 40% of the volume fell to non-cash payments.