Baku, Azerbaijan, Sept. 10
By Kamala Mammadli – Trend:
Azerbaijan’s Financial Market Supervisory Authority (FIMSA) signed a memorandum of understanding with Visa Inc., Trend reports from a press conference held before the presentation of the Visa Token Service (VTS) system.
The memorandum was signed by General Manager for Caucasus at VISA Cristina Doros and Head of Financial Markets Infrastructure Supervision Division at FIMSA Tamerlan Rustamov.
According to Doros, the memorandum will help with the introduction and development of new Visa Inc. technologies in Azerbaijan.
In turn, Rustamov spoke about the development of digital payments and innovative solutions for their implementation.
Tokenization technology allows for securing electronic payments using a reliable data encryption system, as the buyer’s details are not transferred to the seller when paying with a card.
Tokens are stored in the customer base of stores where the user pays. For further purchases, a single tap of the finger suffices. The advantage of using this method is not only its convenience; it also eliminates the possibility of theft of the customer’s card number in the digital space.
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