OREANDA-NEWS. April 11, 2012. OJSC International Bank of Azerbaijan (IBA), already leader at the market, actively joins development of cashless payments and card circulation, reported the press-centre of IBA.

IBA’s Deputy Board Chairman Emil Mustafayev has reported that recently the bank board made a decision on sharp increase in the number the bank’s ATMs and POS terminals.

"Already in the nearest future the number of ATMs should rise from 680 to 800 ones with final target for 1.000 devices. Plans on POS terminals are even more large scale- they are to be installed in almost all sales points ",- E. Mustafayev said.

The bank made the decision due to the task set by President Ilham Aliyev of Azerbaijan on cashless payment and card circulation development.

"At that the matter is not limited only to installation of ATMs and POS terminals- the IBA and other banks need to supply a great number of stimulating programs to the market- bonus and credit programs for consumers, bonuses for trade points, to interest the consumers in use of card payments ",- E. Mustafayev noted.

At that the bank sees direct favor of development of electronic payments for bank sector.

" Owing to this, there will be no need in physical growth of the bank system and development of branch network. The banks will be able to develop in intensive way ",- E. Mustafayev said.

IBA has actually formed payment cards market in the country by starting issuance of MasterCard cards in 1997 and Visa cards in 1998.