New tokenization system launches in Azerbaijan

ICT Materials 10 September 2019 15:34 (UTC +04:00)

Baku, Azerbaijan, Sept. 10

By Kamala Mammadli - Trend:

A new country where tokenization system has been launched - Azerbaijan - has appeared on the map of Visa international payment company, Director of Visa payment system’s digital solutions department for Ukraine, CIS and Southeast Europe Oleksandr Stelmakh said, Trend reports from the launching ceremony of the Visa Token Service jointly with the International Bank of Azerbaijan.

Visa Token Service replaces confidential payment card information with a unique digital identifier - a token.

He noted that every 12th transaction in Azerbaijan is conducted in a contactless form. Also, 84 percent of the population in Azerbaijan uses smartphones, 57 percent use high-speed internet and 52 percent use mobile internet, he said.

Tokenization technology allows for securing electronic payments using a reliable data encryption system (details of the customer are not transmitted to the seller when paying by card).

Tokens are stored in the customer base of stores where the user makes the payment. Further purchases are just a click away. The advantage of using this method lies not only in convenience, as it also eliminates the probability of a customer card number being stolen in a digital space.


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