Millions of people share this tiny light,
The world belongs to you,
The world belongs to me,
The world belongs to nobody.
Mammad Araz, the remarkable Azerbaijani poet.
Azerbaijan, the motherland of fire! This magnetic transcontinental country located in Eastern Europe and Western Asia is the birthplace of many myths and a prosperous past. Before diving deep into the payment methods in Azerbaijan, it can be more ingenious to learn what lies beneath the Yanar Dag and see what it is like living in Azerbaijan!
Officially named the Republic of Azerbaijan, Azerbaijan is a multicultural country that shares borders with Russia, Georgia, Armenia, Turkey, Iran and the Caspian Sea. The population of Azerbaijan is currently around 10 million, and 2.2 million live in the largest city and the capital, Baku. While it is a country appreciating harmony in diversity, the great majority of the population is Turkic-speaking Azerbaijanis, known as Azeris, and the other ethnic groups, such as Lezgians who speak a Caucasian language, Russians and Armenians, are small minorities.
The Turkic descendant people are thought to anchor in the land that is known today as Azerbaijan around the time of the Oghuz Seljuq migrations of the 11th century. They intermixed with the older natives of the land, who were predominantly Iranians and other ethnicities that had lived in Transcaucasia since archaic times. So, it is not surprising to glimpse the rich cultural background of the country, which is still admiringly embraced by the modern citizens of Azerbaijan.
The capital Baku is a stunning city located on natural terraces running down to a gulf of the Caspian Sea, and it sits 28 meters below sea level. This makes Baku the lowest-lying national capital in the world. Touching the southern shore of the Absheron Peninsula alongside the Bay of Baku, the city is one of the most interesting cities you can visit.
One of the first names of Baku was “Ateshi Baquan ”, meaning “God’s fire”. This name is not in vain since there are numerous oil fields in Baku, which became known for their multiple and spectacular gushers. In fact, the world’s first oil well was drilled in the Bibi Heybat suburb of Baku in 1846. And ın 1901, Baku’s oil fields delivered over half the world’s oil.
Fire is a significant part of Azerbaijan’s culture due to the fact that this country is abundant in natural oil and gas. Actually, Azerbaijan can be literally translated as “protector of fire”, and fire worshipping used to be a common tradition in the province. We think it is envisioned to mingle with fire for such a country with affluent reserves.
Today, the majority of the population consists of Muslim citizens, though Azerbaijan itself does not have an official religion and all major political forces in the country are secularist. Azeris follow Shia Islam, the same as neighbouring Iran. However, they consider Turkey, which is majorly Sunni, to be their brother.
Azerbaijan is a small country, although it is wealthy enough to provide its citizens with satisfactory living conditions. The outlay of residing in Baku might be increased compared to many Russian and Middle Eastern cities. On the other hand, it is quite more subordinate to the nations where you can find the equivalent quality of healthcare and education, such as Italy and Israel. Education in Azerbaijan is complementary and compulsory between the ages of six and fifteen. This is one of the reasons why the country is admiringly educated. Additionally, public hospitals in Azerbaijan are state-run and offer gratis medical care to Azerbaijani residents.
Choosing Payment Methods in Azerbaijan
Thanks to its geopolitical importance and youthful, well-educated population, Azerbaijan has been enhancing its economy and the living norms of its people fastly in the last couple of decades. In the early 2000s, high inflation was fetched under control, which led to the launch of a new currency, the new Azerbaijani manat, in 2006.
Slightly more than 68% of the population lives in metropolitan areas, and around 80% of the country has access to the internet. Considering the latest advancements in our spending rituals worldwide, along with high Internet penetration in the country, Azerbaijan locals have adjusted their payment method alternatives.
What Are The Different Types of Payment Methods in Azerbaijan?
Azerbaijan knows how to acquire the latest technologies and adapt them to day-to-day life as soon as possible. Preferred payment methods and practices in Azerbaijan are not so distinguishable from the majority of the world. While cash is still in service for most transactions, the climb in online shopping and online transactions increased credit card and digital wallet usage.
In this part of our article, we have itemised the payment options in Azerbaijan with their pros and cons. Therefore, you will not feel like a stranger when you visit there. Here we go!
Payment Practices in Azerbaijan
- Cash in Azerbaijan
The official currency of Azerbaijan is the Azerbaijani Manat (AZN), and the usage of cash in the country still takes up the majority of the spending. Retail transactions and in-store payments are generally completed on a cash basis, even though ATMs and credit and debit card payment machines are becoming increasingly more general.
Besides, bringing cash with you while dwelling in Azerbaijan is advisable. While most of the country has access to the internet and evidently technological advancements like POS machines, it is better to be safe than sorry if you are visiting rural areas. Please note that holding immense amounts of cash comes with considerable risks and may lead to icky situations like theft or loss. Thus, it is always more competent to make a rational proportion even if you are in a country with mainly over-the-counter payments.
- Credit Card in Azerbaijan
Credit cards and debit cards have evolved more and more widely in Azerbaijan. While credit cards are the most widespread form of payment for online transactions, they might not be accepted everywhere in the country, especially in the countryside.
The main credit cards, such as Visa, MasterCard, Maestro, American Express and Discover, are pretty standard. It is likely to cash out in the ATMs that you can easily find, especially in congested centres of the cities. When we monitor the whole picture, Azerbaijan is taking concrete steps to convert into a country with cashless practices.
- Digital Wallets in Azerbaijan
E-wallets maintain a plethora of advantages compared to traditional banking systems. First of all, you do not need to pause in a bank queue for hours to create an account. It takes just a few clicks and a couple of minutes to open an account in digital wallets.
Another excellent plus is affordable transaction fees that can cost double or even triple in an orthodox banking branch. Moreover, most digital wallets permit users to exchange between fiat currencies as well as cryptocurrencies. So, exchange rates are pretty reasonable for digital wallet holders.
Digital wallet usage in Azerbaijan is growing while online transactions are getting more prevalent. Even though most online transactions are done using credit cards, digital wallets attract attention thanks to their many perks, such as fast transaction times and security. E-wallets might be considered one of the best payment methods online, and as new digital wallet alternatives appear for Azerbaijan residents, more people will initiate using them.
- Cryptocurrency in Azerbaijan
As mentioned above, Azerbaijan is not an outsider in any development. Cryptocurrencies are no exception either. Buying, selling, and trading cryptocurrencies are thoroughly legit in Azerbaijan. No stringent regulations exist regarding this subject, and you can even safely mine coins without any issues. However, since they are not considered legal assets, businesses are not authorised to receive or construct payments using cryptocurrencies.
If you try to hop onto this cryptocurrency trend, you can encounter multiple steadfast trading platforms. Different platforms are suited for beginners and advanced traders, and you can swap safely and enjoy your profit without breaking into any regulations.
Jeton Wallet in Azerbaijan!
Salam gozel Azerbaycan! Doğru yere gelmişiniz!
We, the Jeton Wallet family, have created one of the most smooth and convenient digital wallets in the market. Cooperating with many Turkic nations over the years, we have become pretty familiar with the consumers’ rituals and expectations. In light of what we have learnt from our potent bonds with our clients, we know precisely what Azeris look for on a payment platform. For this reason, we believe Jeton Wallet will open new doors to you in this fascinating country.
All our digital wallet accounts come with a state-of-art mobile application, Jeton App, which gives you the excellent opportunity to access all your transaction activity in seconds. The app is not only swift and safe but also up-to-date according to the latest financial improvements. Jeton users will always grasp the upcoming changes through the great effort of our experienced specialists.
Furthermore, the Azerbaijani Manat (AZN) is among the +50 fiat currencies in our portfolio. Sending and receiving funds in the local fiat currency present massive edges for personal and business accounts.
You can always visit jeton.com to learn more points about our flawlessly designed online payment services. Simply talk to one of our customer support specialists and get to know Jeton Wallet better. We guarantee a premium experience beyond your expectations here. Together we are more powerful than ever!