Azerpoct LLC preparing to issue Visa International cards

ICT Materials 5 September 2018 10:26 (UTC +04:00)

Baku, Azerbaijan, Sept. 5

By Huseyn Veliyev - Trend:

The postal operator of Azerbaijan Azerpoct LLC will soon begin to issue cards of the international payment system Visa International, the Ministry of Transport, Communications and High Technologies of Azerbaijan told Trend Sept. 4.

The ministry noted that the parties have signed a Non-disclosure agreement (NDA) and a price offer has been received.

"Currently, work is underway to select the appropriate bank," the ministry said.

The total number of active payment cards of Azerpoct LLC company has increased by 62.5 percent and has exceeded 114,900 during January-July 2018. Over the past period, the number of cards has increased by more than 43,700 units.

Significant growth in the number of payment cards, as previously reported, contributed to the changes made in 2016 in the law "On electronic commerce".

As a result, non-bank credit organizations (NBCO) and pawnshops have committed themselves to working directly with banks.

İf to take into account that Azerpoct is not engaged in issuing loans, it can not compete with the NCBOs and pawnshops, which was the reason for their choosing of Azerpoct LLC as a partner and contributed to the growth of the issue of cards by Azerpoct.

The postal operator started providing financial services in 2012 in accordance with the license of the Central Bank of Azerbaijan. Today, more than 1,200 post offices of Azerpoct LLC have been provided with the opportunity to render all types of banking services (except for issue of loans and attraction of deposits) on the basis of the license of the Central Bank.


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