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Azerbaijani business entities modernize digital financial services amid COVID-19 pandemic

Economy Materials 26 January 2021 16:31
Azerbaijani business entities modernize digital financial services amid COVID-19 pandemic

BAKU, Azerbaijan, Jan.26

By Sadraddin Aghjayev - Trend:

Many business entities in Azerbaijan have adapted to the requirements of the new reality in order to maintain their activities during the COVID-19 pandemic, Tamerlan Rustamov, head of the expert group ‘On Payment Systems and Digital Banking’ of Azerbaijan Banks Association (AIA), told Trend.

According to Rustamov, these requirements are mainly to be met in the digital payments area, which are characterized by e-commerce sales organizations depending on the products and services provided by these entities.

“In addition, this implies expanding cooperation with e-commerce platforms, creating an infrastructure for POS terminals, a courier service and providing the ability to make payments through a POS terminal at the address,” he said. "In a number of cases, business entities that provide their goods and services via the Internet under the guise of e-commerce and without using digital payments accept payment with their subsequent registration in cash.”

He noted that sometimes entrepreneurs accept such payments through our usual payment terminals.

As the group’s head pointed out, in order to use the advantages of digital payments in their field of business, business entities must first decide on the products and services that they will provide.

"Based on this, possible digital payment solutions must be implemented by providing products and services through the formation of an e-commerce page or using the services of e-commerce platforms for this purpose, the formation of a contactless infrastructure through POS terminals, cashless payments on the spot and in a number of other areas," stressed Rustamov.

In his opinion, after identifying the products and services to be sold, as well as possible solutions for digital payments, the bank must be chosen.

"The main factors to look out for when making the choice are the efficiency of the digital solutions provided by the bank, tariffs, availability of an extensive network of services, expected security requirements and other factors," he added.

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