MasterCard is leading the way for innovation in Azerbaijan

MasterCard is leading the way for innovation in Azerbaijan

Gone are the days of searching for your wallet and the wasted moments finding the right card. Apple supported the contactless trend and unveiled their Apple pay which will enable MasterCard cardholders to use their iPhone 6, iPhone 6 Plus and Apple Watch for everyday purchases. With the efforts of MasterCard and Apple paying in stores or within apps has never been easier. Now payments happen with a single touch and consumers can use their cards when, where and how they want enjoying secure mobile transactions. Consequently with ApplePay launch, MasterCard has announced that it is establishing contactless acceptance as standard by 2020 for merchants accepting MasterCard® and Maestro® in Europe, ensuring that, consumers will be able to pay with their contactless cards and NFC enabled devices at all point-of-sale (POS) terminals in Europe by 2020. MasterCard pays special attention to constant development of contactless payments as it is one of the main global trends.

In Azerbaijani market during past two years MasterCard has been investing to enable contactless and mobile payments with cooperation of local banks. MasterCard foresees fast increase in penetration of contactless and mobile payment technologies in Azerbaijan in coming years from transit to fast moving consumer goods.

As Hakan Acar, MasterCard's Region Manager for CIS countries commented: "During recent years we introduced a number of innovations to Azerbaijani market. These innovations changed greatly Azerbaijani consumers' behavior and the market itself significantly. There are two great changes what we achieved in partnership with the Banking sector of Azerbaijan and which make us feel specially proud in that market. First, with close cooperation with Azerbaijani banks we started a shift from ATM to POS with installment cards, so consumers started using their cards not only for withdrawing cash but while making purchases in installments too, which happened very rarely only 3 years ago. Other very important change is that, through investments and know how transfer, we prepared Azerbaijani market for new payment technologies like contactless. Following consumers' needs in Azerbaijan we will be focused in further developing of contactless payments in the country and keep bringing more innovations. Now MasterCard is leading the way to unlock the potential in low value payments such as transportation and supermarkets. And we believe Azerbaijan is now absolutely ready to turn on the contactless payment technology following main European and global trends."

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