BAKU, Azerbaijan, Sept. 29
By Zeyni Jafarov - Trend:
Online payments are steadily growing in Azerbaijan - over 60 percent over the past 12 months, Visa Regional Manager for the Caucasus Region Cristina Doros told Trend.
“The market is developing, more and more consumers prefer Visa non-cash payments,” Doros added. “In accordance with the data as of June 2020, 35 percent account for the non-cash payments through VISA cards.”
“Visa introduced a new program for making Visa Secure online payments this year to ensure the safety of online payments taking into account the increasing volumes,” Visa regional manager added.
“It uses EMV 3-D Secure, a protocol for exchanging the data among trader, issuer and cardholder, which all traders must follow before authorizing the transactions,” Doros added. “Visa Secure helps the trade enterprises better determine and prevent fraud attempts.”
“Risk-based authentication allows cardholders to conduct an online transaction without entering a password,” Visa regional manager said. “This simplifies the purchase process and reduces the number of the cases related to unjustified denial in making payment through an increase in the volume of data available to the issuers for effective risk analysis and making decisions by more than tenfold.”
“Buyers, on the other hand, get the opportunity to pay in a more convenient and secure way by using various channels, as well as through a browser on a smartphone, a mobile application and an electronic wallet,” Doros said.
“Moreover, an educational campaign was launched for consumers of VISA products, the purpose of which was to remind consumers about the simple rules for safe non-cash payments,” Visa regional manager said. “In the chatbot, the virtual assistant guides the client through the four most common scenarios used by fraudsters to get the cardholder's personal data and access to the account.”
"All payment technologies and products, all our marketing and educational initiatives are aimed at increasing the level of consumer knowledge about the benefits and possibilities of cashless payments, and as a result - stimulating their growth," Doros added.
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