Three Caucasus Nations Advance Digital Payment Systems

Armenia, Azerbaijan, and Georgia advance digital payment systems with 62 percent of Georgian adults engaging in digital payments per World Bank Global Findex 2021.

Transaction account ownership in Georgia doubled over the past decade, reaching 70.5 percent in 2021. Mobile banking becomes increasingly prevalent across all three nations as consumers embrace digital financial services.

Azerbaijan's financial sector, dominated by banks accounting for 95 percent of assets, shows concerted digitization efforts supporting fintech growth despite underdeveloped non-banking sectors.

Armenia's regulatory sandbox attracted significant investment, with mobile banking adoption climbing steadily. Over 200 Armenian fintech companies focus on payments innovation.

Challenges persist including low financial literacy and limited financial product access, particularly in rural areas. Regional governments prioritize digital financial inclusion to expand service accessibility.