MasterPass payment service to appear in Azerbaijan

MasterPass payment service to appear in Azerbaijan

Baku, Azerbaijan, Nov. 21

By Huseyn Veliyev - Trend:

MasterPass payment service will appear in Azerbaijan in 2019, Head of Business Development and Digital Payment Department of MasterCard Hakan Tatlici told Trend.

"In general, in the coming year we will witness the appearance of such new digital payment technologies like MasterPass, contactless payments through mobile phones and the use of other smart payments will expand by 2020," Tatlici said.

He noted that presently, the penetration rate of smartphones in Azerbaijan reaches 60 percent, and the internet - 65 percent.

"And it means that the market is ready, people are ready to make online payments and conduct sales through electronic trading platforms. On our part, we are trying to increase the share of non-cash payments in Azerbaijan," Tatlici added.

The annual volume of non-cash payments in Azerbaijan will reach about 17 billion manats by 2021, according to the state program on the expansion of digital payments in 2018-2020.

Implementation of the program will allow to increase the share of non-cash payments by seven percent annually.

According to the program, the share of cash payments in transactions carried out in the country's economy will fall from 74 percent to 40 percent.

Three basic terms and specific goals for each of them have been defined in order to speed up the implementation of the state program.

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Follow the author on Twitter: @h_veliyev

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