BAKU, Azerbaijan, Feb.11
By Sadraddin Aghjayev – Trend:
The conduct of transactions through electronic (virtual) wallets isn’t regulated by the rules in Azerbaijan, Samir Nasibov, Director General of PAYSIS company, the legal owner of the E-PUL payment system, told Trend on Feb.11.
According to Nasibov, presently the Central Bank of Azerbaijan (CBA) is developing a draft law on the implementation of transactions by online wallets, which should be approved already this year.
"Over the past few years, high technologies have notably advanced, including in the field of cash settlements. The need to always use cash for payments has decreased and the method of paying for goods and services using a bank card has become a popular method," he added.
The expert also noted that with the growing popularity of e-commerce, electronic payment systems have developed, one of the elements of which is online wallets.
"There is a potential for the development of online wallets in Azerbaijan, since this method has a number of advantages, namely, fast and free emission of a wallet and low operating costs," he stressed.
Nasibov pointed out that the services of an online wallet of the E-PUL payment system are used by young people from the capital and regions of the country who do not have a bank card, as well as people who do not want to post personal card details of their salary and other cards online.
"As of today, an online wallet operates directly in the local network, as well as in the network of LUKOIL and SOCAR gas stations. Since now, our users can pay from an online wallet for fuel, using QR PAY technology. Besides, we are working with partners to expand the options of the wallet, and we are actively discussing a tokenization project to bring the wallet to the retail segment," he summed up.
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