Registration of merchant account to be simplified in Azerbaijan
Baku, Azerbaijan, Dec. 7
By Huseyn Valiyev - Trend:
Registration of a merchant account will be simplified in Azerbaijan, a source in the country’s payment systems market told Trend.
By using the new method, the owners of e-trading platforms will be able to organize the acceptance of payments on the website as soon as possible, the source noted.
“Today, as you know, registration of a merchant account in Azerbaijan is carried out by 3-4 banks,” the source added. “Moreover, the registration procedure is often delayed for 2-3 months, not counting the bureaucratic procedures faced by entrepreneurs. Instant registration of a merchant account will allow to instantly accepting payments to the card from websites and through social networks. In order to pay for the goods, the buyer will just need to click on the link. As soon as the goods are paid, the amount will be credited to the owner’s card.”
The project will be implemented with the international payment system Visa International, and in the future there are plans to integrate it with the Masterpass platform of the MasterCard payment system, the source said.