Azerbaijan's E-PUL payment system grows user base, prepares new project
BAKU, Azerbaijan, May 25
By Sadraddin Agjayev – Trend:
E-commerce has become a lifeline during the pandemic for many entrepreneurs in Azerbaijan, Samir Nasibov, CEO of PaySis LLC, the legal owner of the E-PUL payment system told Trend.
“During the pandemic, the frequency of requests to connect to the E-PUL platform for the sale of entrepreneurial services increased by 300 percent,” Nasibov added.
“The company has connected more than 40 new services and has expanded the range of its services over the past two months. People began to think about additional sales channels, which obviously had a positive effect in the field of cashless payments.”
"An increase in payments for 1Q2020 amounted to 214 percent compared to 1Q2019," Nasibov said.
CEO of PaySis LLC also stressed that despite growth in development of cashless payments due to stimulating campaigns and cashbacks of various banks, E-PUL's share in this market decreased by about 7 percent.
“This is due to transition to a cashless turnover of almost all state agencies,” Nasibov added.
"The main part of transactions where the population actively uses our services accounts for the following territories: Baku, Sumgayit, Ganja, Lankaran, Goychay," Nasibov said.
“Besides the banking services, the company's popular services include payment for mobile communication operators’ services and utility bills,” CEO of PaySis LLC said. “The insurance payments become more popular in connection with the Central Bank’s ongoing reforms.”
“As for the security of the ongoing payments, cyber attacks and other vulnerabilities, this year the number of such attacks has greatly increased amid the coronavirus pandemic,” Nasibov said.
"The reliability of our service has been confirmed by certificates of such big organizations as Thawte SSL, Verified by Visa and MasterCard Secure Code,” CEO of PaySis LLC added. “Information protection in e-payment systems is ensured thanks to the PCI DSS data encryption certificate."
“The entire system of cashless payments through a bank card has a 3D Secure protection certificate, which ensures the security of card payments on the E-PUL platform,” Nasibov said. “Masterpass service from MasterCard is responsible for the security of user data stored in the E-PUL application. The company integrated this service in 2018 for the first time in Azerbaijan and the Caucasus.”
In conclusion, CEO of PaySis LLC stressed that the company, together with the VISA payment system, will launch first project in Azerbaijan related to gas stations.
“This project will be useful for business and this will facilitate the payment procedure and greatly accelerate the fueling time at filling stations,” Nasibov added.
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