Turkic states eye establishing common payment systems

Plans are underway to establish common payment systems among Turkic states, Board Member of the Payment and Electronic Money Institutions Association of Türkiye (TÖDEB), Tarık Tombul, said at the Baku Fintech Sector Trade Mission Program.

According to him, Turkic countries have historically strong trade ties.

"Expanding these relations and developing payment systems are two complementary processes. Payment systems are one of the essential factors in the development of trade. That is why we attach particular importance to this area," Tombul said.

As trade grows, the need for faster, safer and more affordable payment solutions increases. With stronger payment infrastructure, it becomes easier for companies to enter new markets and conduct cross-border trade, he explained.

The TÖDEB executive added that cooperation in the payments sector is considered one of the key elements in strengthening economic ties between Turkic countries.

"We envision a Turkic world in which our countries develop common regulatory approaches, discuss shared payment systems and simplify cross-border payments," Tombul said.