Number of Visa Issuers in Azerbaijan to Increase

Business Materials 10 January 2007 19:41

International payment system, Visa International has affiliated other two Azerbaijani banks вЂ" TekhnikaBank and AzeriGazBank as its full members. Trend reports that Azericard Processing Centre, and the two banks previously were associated members of Visa. However, the status of the banks has increased, as well as their responsibilities. The list of such banks is set up to expand in Azerbaijan. AtaBank is currently on its way to become principal member of the payment system.

There are more than 20 banks in Azerbaijan which are members of Visa. In November 2006, Azerbaijan banks issued 1.3 mln. Visa cards. The volume of the cards was equal to $820,2 mln. Azerbaijan entered the first five most developing markets of Visa payment cards among CIS countries. Since September, 2003 to September, 2006, Azerbaijan banks вЂ" members of Visa increased the number of Visa cards operating in the country in 48 times.

Some 600.000 social cards on the basis of Visa Electron have already been issued in the country. It has enabled the State to optimize the process on the implementation of social payments.