BAKU, Azerbaijan, March 14. Cashless payments should require minimal user interaction, Co-Founder and Director of Azerbaijan's YIGIM Payment System Vugar Jafarov said at the Visa Cashless Forum – Digital Azerbaijan in Baku, Trend reports.
According to him, cashless payments are not only evolving as a substitute for conventional payment methods in the age of digital technology but also becoming an essential component of the contemporary economy.
"The key to success in this area lies in minimizing user interaction. Similar to a seamless background process, cashless payments should be carried out so simply and inconspicuously that buyers can fully focus on choosing products or services without being distracted by the payment process," he emphasized.
Jafarov mentioned that the perfection of cashless payments involves creating systems where security and convenience are coherent.
"An example of such an ideal model is the use of secure payment cards capable of securely storing data while enabling one-click payments, ideally without any interaction with the seller. In case of order cancellation, refunds should occur instantly, and subscriptions should automatically renew without any extra action from the client. The efficiency and effectiveness of such solutions are undeniable," he noted.
Besides, according to Jafarov, comparing the functionality and convenience of cashless payments, it can be seen that both sellers and customers prefer this method of payment.
"This not only increases loyalty among existing customers but also attracts new ones, thanks to an unprecedented level of convenience and security. Ultimately, cashless payments not only become the preferred choice but also form the basis for the development of a new, more efficient economic model," he added.
To note, the Visa Cashless Forum is one of the main events of Visa, covering markets in Ukraine, Georgia, the CIS, and Southeastern Europe. It involves experts in digital payments and financial technologies.
Meanwhile, Visa (NYSE: V) is a global leader in the electronic payments industry. Visa processes payment transactions between consumers, businesses, and financial and government institutions in more than 200 countries and territories. Its mission is to unite the world through an innovative, convenient, reliable, and secure payment network to promote consumer well-being and business and economic prosperity.
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