Azerbaijan's Corporate Bank to Offer tapXphone for Contactless Payments
PASHA Bank, the leading corporate bank in Azerbaijan, has introduced tapXphone, IBA Group’s payment acceptance solution, for its business clients. Now, entrepreneurs can use their smartphones as payment terminals without needing extra equipment. PASHA Bank is the second bank in Azerbaijan to adopt tapXphone this year.
PASHA Bank is among the top three largest banks in Azerbaijan by assets. The implementation of this project will enable the bank’s business clients to accept payments easily and quickly while adhering to the latest security requirements.
Entrepreneurs no longer need to buy and maintain expensive equipment. With tapXphone, the process is much simpler: just download the app from Google Play on an Android device and sign a contract with the bank.
The contactless payment market in Azerbaijan is growing rapidly, with more NFC-enabled bank cards being issued. Experts predict that cashless payments will make up over 55% of all transactions by 2026.
PASHA Bank is a strategic partner for us in Azerbaijan. The country is seeing significant growth in cashless payments, and we are excited to offer thousands of entrepreneurs a simple, convenient, and, most importantly, affordable acquiring solution with one of the largest banks in the country. The technology that turns a smartphone into a banking terminal is transforming the payment ecosystem and bringing acquiring to new sectors. This is just the beginning. I am confident that entrepreneurs across Azerbaijan will highly appreciate the new service, which has already proven successful worldwide.
Azerbaijan is one of the key markets for tapXphone. The first launch was in 2022 for Kapital Bank customers. In 2023, clients of Rabitabank, ABB Bank, and Bank Respublika began using their mobile phones as POS terminals. Yelo Bank adopted the tapXphone solution in May 2024.
About PASHA Bank
Founded in 2007, PASHA Bank is Azerbaijan’s leading corporate bank. It offers a full range of banking and financial services, including investment banking, trade finance, asset management, and comprehensive services for small and medium-sized enterprises. The bank serves key non-oil sectors of the economy, such as agribusiness, transportation, construction, and trade, contributing to the diversification of Azerbaijan’s economy. PASHA Bank’s headquarters are in Baku, with five business centers and three branches operating in the capital and regions. Since 2013, the bank has been represented in Georgia, and since 2014, in Turkey.