VISA considering Azerbaijan as financial market open to innovations

VISA considering Azerbaijan as financial market open to innovations

BAKU, Azerbaijan, Mar. 29

By Eldar Janashvili - Trend:

Azerbaijan is one of the financial markets which are most open to the innovations, Regional manager for Caucasus at Visa Christina Doros told Trend.

“On the one hand, such openness of the Azerbaijani market has been stipulated by the fact that consumers, in principle, are open to innovations and are interested in using new payment instruments,” Doros added.

“On the other hand, there is a positive influence of regulators, namely, the Central Bank of Azerbaijan (CBA), the Center for Economic Reforms Analysis and Communication, which are technologically advanced structures and which clearly understand the importance of the introduction of cashless payments for the country,” the regional manager added.

“The first Visa Cashless Forum in Azerbaijan, which was held in the country with their active participation and support and brought together all the key market players, testifies to this,” Doros said.

Doros stressed that Visa is actively and fruitfully cooperating with regulators on the implementation of the current program.

“The purpose of the program is to increase the number and volume of cashless payments, which, in turn, will facilitate the transition of the economy from the “gray zone” to the “white” one, in which the funds pass the necessary accounting and control, circulate within the official banking system, taxes, pensions and other social payments are paid from them,” the regional manager added.

"Visa is working to maximally increase the volume of non-cash payments,” Doros said. “To achieve this goal, we use various tools and approaches, beginning with the introduction of technologies such as contactless payments, tokenization services, and ending with various marketing initiatives and loyalty campaigns. All this is required to increase the number of non-cash payments. This way we help the government to develop the non-cash economy."

"We are active partners of banks, the Central Bank, Center for Economic Reforms Analysis and Communication and other key players in the Azerbaijani financial market,” Doros said. “Having global expertise and long experience in the field of payments, we share information on new technologies and trends in the development of digital payments. We render our technologies, thereby helping the creators of the state program to shape it as closely as possible to the modern realities of the digital sphere.”

“Involving as many consumers as possible in the payment ecosystem and providing them with fast, convenient and safe payment solutions, a payment card or another payment instrument, is one of Visa’s main tasks in Azerbaijan,” Doros added. “Visa pays special attention to the development of contactless payments, including mobile payments and the further implementation of tokenization projects.”

“Tokenization and mobile payments contribute to the digitalization of the sector,” the regional manager added. “Moreover, we are working on the introduction of Visa Tap to Phone technology. It allows turning any smartphone based on the Android operating system with NFC functionality into a terminal for receiving contactless payments. Thereby, it helps small and medium enterprises start accepting contactless payments by using a telephone and greatly expand the network for receiving payments in the country."

Oil dips as pipeline outage fears ease, India weighs
Oil dips as pipeline outage fears ease, India weighs
UN says Europe needs more efficient mechanisms to handle migrant arrivals
UN says Europe needs more efficient mechanisms to handle migrant arrivals
Amazon raises $1 billion sustainable bond for climate
Amazon raises $1 billion sustainable bond for climate
Loading Bars
Latest
Samsung sees pandemic-led appliances boom extending run to rest of year
Next meeting on electoral reform to be held on May 14-16
Central Bank of Azerbaijan allocates funds to support financial literacy
Turkish State Mine Administration opens tender for rental of vehicles
Lending to electricity sector in Azerbaijan increases
Kazakh KazMunayTeniz to buy diesel fuel via tender
Iran's Petropars Company orders equipment from local manufacturers
Turkey reports over 14 400 COVID-19 cases
Some of children may be taken to Moscow for treatment after school shooting in Kazan
UN chief condemns Kazan school shooting
Gaza block collapses after Israeli strike, rocket hits Tel Aviv building
Kazakhstan supports solution of Palestinian-Israel conflict by peaceful means
Georgia likely to receive Novavax and Johnson & Johnson vaccines in July
Kazakhstan’s liquids production down in March - OPEC
COVID-19 cases decrease in 80 provinces in a week
Iran, Afghanistan discuss Afghan peace process
Israeli PM says to increase strikes against Gaza militants
Arab FMs kick off emergency meeting on Jerusalem tensions
Hamas and Israel step up attacks as Jerusalem unrest ignites Gaza
No need to evacuate people injured in Kazan school shooting to Moscow
Сompetition season of 2021 successfully started - European Gymnastics President
Identification of victims in Kazan school shooting completed
26 COVID-19 patients dead allegedly due to oxygen shortage in India's Goa
Japan's COVID-19 patients in "serious condition" hit fresh record high
Azerbaijani president, first lady express condolences to president of Tatarstan
President Aliyev expresses condolences to Russian counterpart
Iran's Energy Exchange announces products to be on sale on May 12
Bahar Azadi gold coin price continues to rise in Iran
Foreign investors waiting for decision related to FATF in Iran – official
Azerbaijani journalists view State Border Service's Military Hospital in liberated Gubadly (PHOTO)
Demand for OPEC crude in 2021 revised up
Turkish export of electrical goods to Azerbaijan drops
Shares of Kazakhstan's KAZ Minerals delisted from stock exchange
Export Development Bank of Iran to provide loans to startup companies
Data on cargo shipment through Turkish Kocaeli port over 1Q2021 revealed
Kazakhstan reports increase in new housing prices
Azerbaijan's ADIF continues compensating depositors of closed banks
Turkey sees increase in cement exports to Georgia
Cargo movements in Iran’s Shahid Rajaee port increase
OPEC marks increase in Baku-Tbilisi-Ceyhan oil exports
Guaranteed wheat purchasing from farmers in Iran continues
Iran to inaugurate new airport in Kurdistan Province
Iran to build new factory at Amirabad port
OPEC revises up forecasts for Azerbaijan’s liquids supplies in 2021
Azerbaijan reveals number of vaccinated citizens for May 11
Azerbaijan confirms 514 more COVID-19 cases, 1,306 recoveries
Iran reveals COVID-19 data for May 11
Iran’s PMO unveils volume of cargo transportation via Abadan Port
Iran shares unemployment data
Georgia export to Germany increased by 40%
Uzbekistan, Kyrgyzstan eye accelerating implementation of roadmap for industrial co-op
FDA to attract funds to support reforms in Uzbekistan
Uzbek-Chinese JV opens tender for spares for gas pumping units
Iran starts mass production of coronavirus vaccine
Russia boosts steel imports from Turkey
Volume of cargo shipment via Turkish Karabiga port in 1Q2021 revealed
Renewables to account for 90% of total global power capacity increases in 2021-2022
Annual renewable capacity additions reach highest level since 1999
Oil dips as pipeline outage fears ease, India weighs
First batch of Sputnik V vaccine arrived in Azerbaijan just a few days ago, more significant shipments expected later this month - Russian FM
Statements reeking of revanchism, are very dangerous, first of all for Armenian side - President Aliyev
Restriction on movement likely to ease in late May in Georgia
Since end of hostilities, we transferred all prisoners of war - President Aliyev
Azerbaijan shows goodwill in matters related to humanitarian issues - President Aliyev
Post-conflict situation, of course, dictates need for closer contacts at all levels - President Aliyev
Heroization of Nazism in all its forms - unacceptable - Azerbaijan FM
Gaza escalation weighs on shekel
Issue of unblocking transport in region must be prioritized - Azerbaijani FM
Humanitarian issues must be resolved as quickly as possible - Russian FM
Russian FM notes key factor in normalizing situation in Karabakh
Russia highly appreciates work of trilateral group of deputy prime ministers of three countries - Russian FM
Azerbaijan committed to fulfilling its obligations under trilateral agreement - Azerbaijani FM
Nine killed in Kazan school shooting
Second batch of Sputnik V vaccine to be delivered to Azerbaijan by late May - Russian FM
FMs of Azerbaijan, Russia sign plan of consultations for 2021-2022 (PHOTO)
Azerbaijan condemns all terror acts - Azerbaijani FM
Uzbekistan reveals number of vaccinated people
Uzbekistan considers attracting French companies to partake in state assets privatization
Uzbekistan signs memorandum of understanding with French Rothschild & Cie
Uzbekistan reveals numbers of companies with dominant position in market
Uzbekistan taking measures to improve availability of public services
Iran and India trade declines due to COVID-19
Azerbaijani president congratulates Azerbaijani people on Ramadan holiday
Armenian railways are owned by Russian railways, therefore, we are discussing issue mainly with Russian side - President Aliyev
Indian Army sets up 100-bedded hospitals in Faridabad, Chandigarh, Patiala
Indian FY22 growth may slip to 8.2%: Crisil
Twitter Donates $15 Million For COVID-19 Relief In India
President Ilham Aliyev criticizes statements of Canada's, France's MFAs: Let them mind their own business
Startups fight COVID-19: How healthtech startup Meddo is helping tackle the hospital bed crisis
Outpouring of support from US for India, Covid-19 help touches USD half a billion
Zangazur corridor must and will be opened - President Aliyev
PFPA-Musavat duo mobilized all their resources to overthrow Heydar Aliyev in Nakhchivan - President Aliyev
This visit to Nakhchivan has great symbolic meaning - President Aliyev
President Aliyev warns revanchists in Armenia: They shouldn’t play with fire
Military equipment available to Nakhchivan Army today probably superior to equipment of some advanced countries - President Aliyev
Russian FM visits tomb of National Leader Heydar Aliyev
There is no territorial unit called Nagorno-Karabakh in Azerbaijan - President Aliyev
Iran and Serbia plan to develop trade ties
Azerbaijani, Russian delegations holding meeting in expanded composition
Value of exports from Azerbaijan to UK soars
All news