More banks joining international payment system

Business Materials 27 April 2006 14:36 (UTC +04:00)

One more local bank- Royal Bank of Baku became an assosiated member of the Visa International payment system, Azericard processing center told Trend. 16 banks have right to release plastic cards of Visa system today, though their list is increasing. Azerbaijan bank of microfinancing requested visa too wishing to join the system. 2 or 3 more banks are getting acquainted with the Visa membership procedures.

According to 2005 results, azerbaijan occupies 5th place by the number of plastic cards available among the CIS (after Russia, Ukraine, Kazakhstan and Belarus) and first in the Caucasus. Visa representatives advised Azerbaijani banks to change the cards from salary to credit which will allow attracting more clients. New projects are introduced; technology is modified; now allowing 10.000 transactions per second. Whereas, previously transaction speed was 3-4.000 transactions per second.

Azerbaijani banks also became more active in entering another payment system MasterCard. 10 banks already joined the system and 2 more- Turanbank and Parabank are planning to join.