In modern economic conditions, being characterized with development of globalization process and integration of the national economies, the growth of security, efficiency and competitiveness of economy of Turkmenistan is major priority trend of the state policy. One of main conditions for this is the sustainable and uninterrupted functioning of the financial sector, which is impossible without high-performance payment system with use of modern and prospective forms of calculations.
In strategic terms, the expansion of cashless transfer of funds in the national economy will have significant macroeconomic effect. First of all, it will provide decrease of expenses of national economy for service of payment circulation owing to huge quota of constant costs. Within the framework of wide application of cashless transfer of funds, it allows reaching the effect of scale.
It will be also provided the increase of transparence of financial flows, i.e. more active fiscal control owing to the possibility of following of cash flows on facts of payments. In this case, the monetary policy, being pursued by the government, is based on more reliable and full financial information. Consequently, it allows gaining the desired results and finally, gives an opportunity to the state to realize more purposeful and efficient economic control.
Cashless transfer of funds provide the attraction of funds into banking sphere owing to the growth of number of banking accounts. At that, it is obtained the growth of crediting, growth of purchase ability of the population, expansion of possibilities for development of small business. And finally, these are social benefits, which assume the improvement of quality of services rendered for population.
Today, the cashless money circulation dominates in all developed countries. The reason of this fact is the decrease of distribution cost. Cashless funds in contrast to cash never age and deteriorate, as well as demand no costs for keeping and transfer. Displacement of funds from one account to another demands no much time, and in case of use of computers, it is conducted instantly. Cashless funds are very comfortable for payment. It is enough to give relevant instruction to your bank.
At present, the banks of Turkmenistan use several kinds of national plastic cards – “Millicard”, “Altyn –Asyr”, “Turkmencard”. In this respect, Turkmenistan actively cooperates with international financial organizations. International cashless system of settlements “VISA” introduced by the State Bank of Foreign Economic Activity of Turkmenistan is functioning on the territory of our country since 1994. Beginning from 1998, it is issued four kinds of cards: “Visa Business”, “Visa Classic”, “Visa Electron” and “Visa Gold”. In the near future, it is planned to bring into service the international system of payments “VISA” in other banks of the country, particularly “Khalkbank” SCB, “Senagat” JSCB, “Rysgal” JSCB and “Garagum” Bank.
Presently, Turkmenistan rapidly integrates in world economy. As a result of this, there is a necessity of expansion of use of plastic cards by creation of single card system, increase of types of operations, opening of electronic systems of calculations in trade centers. Use of plastic cards allows increasing the volumes of attracted resources, contributing to the growth of competitive potential of banks taking into account worldwide tendencies – exclusion of cash funds from payment circulation.
Today, the banking institutions of our country carry out an active activity on introduction of international payment system MasterCard. Bringing into service of payment systems allows the owners of cards to have twenty-four-hour access to the funds on their accounts in any place, which receives “Visa” and “MasterCard”.
Bringing into circulation of plastic cards and expansion of cashless calculations will result in growth of intake of financial funds of entities of the national economy, increase of paying capacity of the banking system as well as create the conditions for crediting at low interest rates. Moreover, it allows realizing freely the payments for the residents of country and guests in the sales outlets and organizations, rendering various services. In particular, it is very timely in holding of V Asian Indoor Games and Martial Arts to be held in Ashgabat in 2017.
In strategic terms, the cashless system of payments assists the acceleration of integration of the country in global economy. Improvement of cashless payment systems with introduction of single card system and creation of single banking net also allows changing the mode of life of consumers and type of work of the banks that will have considerable influence on efficiency of many reformations taking place today in economy of Turkmenistan.
In strategic terms, the expansion of cashless transfer of funds in the national economy will have significant macroeconomic effect. First of all, it will provide decrease of expenses of national economy for service of payment circulation owing to huge quota of constant costs. Within the framework of wide application of cashless transfer of funds, it allows reaching the effect of scale.
It will be also provided the increase of transparence of financial flows, i.e. more active fiscal control owing to the possibility of following of cash flows on facts of payments. In this case, the monetary policy, being pursued by the government, is based on more reliable and full financial information. Consequently, it allows gaining the desired results and finally, gives an opportunity to the state to realize more purposeful and efficient economic control.
Cashless transfer of funds provide the attraction of funds into banking sphere owing to the growth of number of banking accounts. At that, it is obtained the growth of crediting, growth of purchase ability of the population, expansion of possibilities for development of small business. And finally, these are social benefits, which assume the improvement of quality of services rendered for population.
Today, the cashless money circulation dominates in all developed countries. The reason of this fact is the decrease of distribution cost. Cashless funds in contrast to cash never age and deteriorate, as well as demand no costs for keeping and transfer. Displacement of funds from one account to another demands no much time, and in case of use of computers, it is conducted instantly. Cashless funds are very comfortable for payment. It is enough to give relevant instruction to your bank.
At present, the banks of Turkmenistan use several kinds of national plastic cards – “Millicard”, “Altyn –Asyr”, “Turkmencard”. In this respect, Turkmenistan actively cooperates with international financial organizations. International cashless system of settlements “VISA” introduced by the State Bank of Foreign Economic Activity of Turkmenistan is functioning on the territory of our country since 1994. Beginning from 1998, it is issued four kinds of cards: “Visa Business”, “Visa Classic”, “Visa Electron” and “Visa Gold”. In the near future, it is planned to bring into service the international system of payments “VISA” in other banks of the country, particularly “Khalkbank” SCB, “Senagat” JSCB, “Rysgal” JSCB and “Garagum” Bank.
Presently, Turkmenistan rapidly integrates in world economy. As a result of this, there is a necessity of expansion of use of plastic cards by creation of single card system, increase of types of operations, opening of electronic systems of calculations in trade centers. Use of plastic cards allows increasing the volumes of attracted resources, contributing to the growth of competitive potential of banks taking into account worldwide tendencies – exclusion of cash funds from payment circulation.
Today, the banking institutions of our country carry out an active activity on introduction of international payment system MasterCard. Bringing into service of payment systems allows the owners of cards to have twenty-four-hour access to the funds on their accounts in any place, which receives “Visa” and “MasterCard”.
Bringing into circulation of plastic cards and expansion of cashless calculations will result in growth of intake of financial funds of entities of the national economy, increase of paying capacity of the banking system as well as create the conditions for crediting at low interest rates. Moreover, it allows realizing freely the payments for the residents of country and guests in the sales outlets and organizations, rendering various services. In particular, it is very timely in holding of V Asian Indoor Games and Martial Arts to be held in Ashgabat in 2017.
In strategic terms, the cashless system of payments assists the acceleration of integration of the country in global economy. Improvement of cashless payment systems with introduction of single card system and creation of single banking net also allows changing the mode of life of consumers and type of work of the banks that will have considerable influence on efficiency of many reformations taking place today in economy of Turkmenistan.