The Central Bank of the Republic of Azerbaijan oversees payment instruments in accordance with the ‘Oversight conception of payment systems of the Central Bank of the Republic of Azerbaijan’ and the ‘Regulations on issue and usage of payment cards’, principles of international card organizations and generally accepted principles. The main goals of the oversight of payment instruments are as follows:

1. Protect new participants and fair competition principles;
2. Increase financial inclusiveness;
3. Mitigate risks in digital payments;
4. Increase security of payment instruments, protect cash funds of the population;
5. Protect the rights and interests of the persons that use payment instruments, including the persons that receive payments through payment instruments and the organizations that issue them;
6. Boost confidence of the population in use of cashless payment instruments;
7. Prevent money laundering and the terrorist financing.

Cashless payment instruments, like payment cards, e-money, payment orders and direct debits are a part of payment systems, and their security and effectiveness are critical in terms of safeguarding foreign exchange stability and economic effectiveness. Oversight of payment instruments is maintained both domestically and abroad through payment cards issued by resident banks. To check compliance with the relevant requirements of the ‘Regulations on issue and usage of payment cards’, the Bank always focuses on compliance with the requirements on card agreements signed between banks and customers, operation flows with the Regulations, with the available limits on anti-money laundering and combating the financing of terrorism. Moreover, international practice on prevention of payment card frauds and statistic data on payment card frauds are collected and analyzed aided by relevant detective and preventive measures.

In addition, the legislative basis on other payment services and payment systems is always adjusted to the international practice, and the Central Bank always attaches great importance to further strengthening of the rights of this service users.