The Azerbaijan Banks Association (ABA) and the Azerbaijan Fintech Association (AzFina) have issued a statement regarding the agreed approach to payment instruments. The associations noted that Azerbaijan has made significant progress in recent years in developing its payment ecosystem and expanding cashless transactions. According to the agreed approach, each payment instrument belonging to a payment service user will allow a maximum of five incoming transactions per day and incoming transactions totaling up to 20,000 manats per month. “As noted above, this approach is risk-based and does not aim to restrict legitimate incoming transactions by customers. Incoming transactions conducted using payment instruments belonging to customers themselves and their close relatives are exempt from the application of these limits.