Akademik Məlumat İdarəetmə Sistemi
60th International Scientific Conference on Economic and Social Development – XX International Social Congress (ISC 2020), no.1, pp.175-179, 2020 (Conference Book)
The negative impact of the significant amount of cash money in the national monetary system creates a threat both for the bank system stability and the economic strength of a state and also drives up the potential of the shadow economy. The development level of the cashless transfer and the preferences in the use of non-cash tools are determined by the following factors: the level of the economic development of a state, achievements of information and communication technologies, historical traditions and the state of mind of a population as well as the legislative regulation. Thus, the problem solution of the significant volumes of cash payments, which block the economic development of a state as well as the improvement of efficiency of the monetary policy under present-day conditions, requires the development of non-cash retail payments. The use of cash money in Azerbaijan is decreasing at the rate of 7% per year and over the last few years the volume of cash payments in the country has been reduced from 74% to 40%. Along with this, the analyses of the world’s practice showed that in different countries these processes have different dynamics and the predominance of contradictory, sometimes various-directional trends. This article analyzes the tendencies of non-cash payment systems development in the developed countries of the world and the position of Azerbaijan regarding the non-cash payment system development. This article considers the study of the non-cash payment systems in Azerbaijan, assessments of changes in the share of non-cash payments. It was specified some features of the policy to reduce cash payments in the economy of Azerbaijan. It was made the review of the scientific literature and statutory instruments, as well as synthesis and analyzes of the obtained information and also it was made comparisons and analogies. Based on the research the author formulated the directions of development of Azerbaijan national payment system. The prospect of the further development of non-cash payments popularity in our country is dependent on the following: legislative improvement to stimulate non-cash payments among small and micro business; large-scale and country-wide development of technical means systems which provide the non-cash payment as well as its price affordability for small business and the population; ensuring the reliability support to protect the electronic money storage systems and e-payment systems as well against unauthorized entry; and the entire stability of the financial and monetary system of the country.