Turkmenistan intends to launch Master Card
Ashgabat, Turkmenistan, Nov. 3
By Huseyn Hasanov- Trend:
Turkmenistan intends to launch Master Card international payment system, Turkmen Dovlet Khabarlary state news agency reported.
Besides the gradual reduction of the cash share by introducing and developing the e-payment systems, a low level of inflation is expected to be maintained and financial services to be developed.
It was reported in early 2014 that Turkmen President Gurbanguly Berdimuhamedov signed a decree to permit the Turkmen State Bank for Foreign Economic Activities to conclude an agreement with the Master Card International Finance Corporation.
Master Card operates in more than 210 countries. The introduction of the international payment system will allow the citizens of the country and the guests to easily make payments in the outlets and organizations rendering various services.
The Turkmen State Bank for Foreign Economic Affairs, which is a full member of the VISA international system, renders the services on several types of cards, namely, "Visa Electron", "Visa Classic", "Visa Gold" and "Visa Business".
Many people appreciated the advantages of electronic "purse" and cashless payments.
"For example, Turkmen students studying abroad and their parents appreciated this," the article says. "Besides the convenience, e-financial services envisage a low cost and reliability of money transfers. E-money is an indispensable thing on the Internet. One can do online shopping, pay for e-books and journals, teaching materials, book tickets."
An article about a gradual transition to a market economy appeared in the recently updated constitution. All enterprises, institutions and organizations regardless of ownership have completely passed to accounting, based on the international financial reporting standards, since January 2014.
edited by CN