Visa company working to promote contactless payments in Azerbaijan

Finance Materials 29 September 2020 18:46 (UTC +04:00)
Visa company working to promote contactless payments in Azerbaijan

BAKU, Azerbaijan, Sept. 29

By Zeyni Jafarov – Trend:

The result of ‘Pay by Using Mobile Application with Visa’ national campaign, launch of which was announced by Visa company and the Central Bank of Azerbaijan (CBA) in June 2020, over two months exceeded all expectations and confirmed the high demand for mobile payments among Azerbaijani users, Christina Dorosh, the company’s director for the Caucasus region, told Trend.

According to Dorosh, the growth in turnovers on tokenized transactions reached 350,000 manat ($205,800) per month, while the number of transactions has doubled and amounted to over 14,000 transactions per month.

As she noted, one of the key sectors for the further development of contactless payments is transport. Thus, Visa, in partnership with the Central Bank of Azerbaijan, the Azerbaijan Railways and the International Bank of Azerbaijan, launched the first project of contactless fare payment on urban trains.

“To date, testing of payment using contactless bank cards and payment rings has been already started,” the director said.

Dorosh also pointed out that upon completion of the technical testing, payment through these instruments will be available at several stations of the Absheron Ring Railway.

“At the first stage of the project, only contactless cards and rings of the International Bank of Azerbaijan will be accepted, and afterwards, the system will be opened for contactless payment instruments of all banks and expanded to cover all stations of the Absheron Ring Railway," she also said.

“The development of contactless payments is one of the key areas for Visa”, the regional director of the company concluded.

(1 USD = 1.7 AZN on Sept.29)


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