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Expensive startup project in Azerbaijan eyes to enter foreign markets

ICT Materials 13 May 2020 12:24 (UTC +04:00)
Expensive startup project in Azerbaijan eyes to enter foreign markets

BAKU, Azerbaijan, May 13

By Sadraddin Agjayev – Trend:

Turkish and Azerbaijani developers have created and commissioned Paym.es company’s online platform worth $10 million, Tariyel Aghazade, Program Manager for SUP.VC (intensive accelerator program), told Trend.

According to the company’s Azerbaijani representative Hasan Jabbarov, the COVID-19 pandemic globally reduced offline sales, and online sales began to grow rapidly.

He noted that the service is already working in Azerbaijan, as well. To start making any sales on this platform, the status of an individual entrepreneur is not mandatory. The service can be used by both individuals and legal entities.

As Aghazade noted, entrepreneurs not having an online store conduct sales through social networks.

“During this period, we see that the financial turnover of entrepreneurs has decreased significantly; e-commerce is forcing entrepreneurs to meet the needs of people by introducing know-how,” he said.

“This startup project exempts potential customers from using POS terminals or banking services to make payments to the seller. The Paym.es project acts as a guarantor between the buyer and the seller in making payments, that is, the buyer’s money is not immediately transferred to the seller’s account, but reserved before the seller fulfills his obligations. After confirmation of satisfaction by the buyer, the funds are transferred to the seller, " said Jabbarov.

Aghazade added that for corporate users of Azerbaijan the opportunity has been created to receive payment for goods / services through the Paym.es panel via a link, by SMS, and also by e-mail.

“Moreover, modern technologies made it possible to introduce the function of saving all the processes of goods delivery, sales, customer tracking through the panel, as well as the function of adding the required number of employees,” he said.

"We plan to introduce a payment solution for individuals in Azerbaijan through the WhatsApp mobile application, so that this project would be preferable on the domestic market,” Jabbarov noted. “We also intend to carry out our activities in the Arab countries, offering a wide range of products and services in accordance with local requirements.”

"We’ll take the best efforts to develop payment services in Azerbaijan, to overcome the crisis with minimal losses and make sure our customers can benefit," Aghazade said.

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