BAKU, Azerbaijan, Jan. 16
Azexport.az portal of Azerbaijan's Center for Analysis of Economic Reforms and Communications has launched Pay Ring digital payment system, Trend reports referring to the center.
Pay Ring is a non-cash payment process using modern wireless communication systems Near Field Communication (NFC). The principle of the Pay Ring project, aimed at stimulating cashless payments and increasing transparency in the country's economy, is identical to plastic cards working with the NFC system, Manager of Azexport.az portal Aykhan Gadashov said.
“The main advantages of the system are the absence of the need for a plastic card or mobile phone to make payments, the provision of high security through the Token Reinforcement System, the absence of bank information about the user in the system to minimize the risks of cybercrime, the possibility of more than a million payment transactions, 10 years warranty devices, shock resistance and water tightness of the device, compactness, and also a modern stylish appearance,” the manager said.
"The system is completely independent. When it is used, there is no need for a mobile phone or additional equipment. Banking data of the user is transmitted to the system once; and there is no need for new operations on the device to refill the balance," Gadashov added.