Consumer Non-Cash Payments Approach 2 Billion Manats in Turkmenistan

BUSINESS TURKMENISTAN
Consumer Non-Cash Payments Approach 2 Billion Manats in Turkmenistan
The number of bank cards in Turkmenistan exceeded 4.2 million.

The amount of non-cash payments through ATMs, terminals, Internet Bank, Mobile Bank, E-Commerce systems approached 1.9 billion manats during the period between January to April 2020, which is 3.06 times higher compared to the same period last year.

Currently, the number of bank cards in Turkmenistan exceeded 4.2 million and number of payment terminals reached 37.2 thousand, according to the article by the chief specialist of the Scientific and Production Council of the Central Bank of Turkmenistan Dunyagozel Hayitova, published on Tuesday in the newspaper Türkmen Gündogary.

As of today, the number of Internet Bank service users in the country neared 533.3 thousand and subscribers of the Mobile Bank service exceeded 20.1 thousand.

During the first 4 months of 2020, the volume of non-cash payments via card payment systems increased by more than 2 times compared to the same period last year.

In Turkmenistan, there is a Maşgala (family) bank card. It is opened for family members at the request of the client, including for children over 7 years old, with linking Altyn Asyr or Millikart bank cards to the account.

Based on the client’s application or through the Internet Banking system, a weekly limit on the use of funds for each family member can be set. 5% per annum is calculated and paid on the balance of funds on the account of the Maşgala bank card, just like on Altyn Asyr and Millikart cards.