BAKU, Azerbaijan, Jan.27
By Sadraddin Aghjayev - Trend:
The Central Bank of Azerbaijan (CBA) successfully continues to play a dominant role in the formation of an extensive digital ecosystem based on the "web" principle and accelerate the introduction of innovative solutions, Tamerlan Rustamov, Head of the expert group on payment systems and digital banking of the Azerbaijan Banks Association (ABA), told Trend.
According to Rustamov, the main elements that disclose this policy are the launch of an instant payment system, a digital identification system based on blockchain technology, regular improvement of the regulatory framework for digital payments, as well as incentive reforms.
“The ABA, Visa, MasterCard, and Worldwide, in cooperation with local banks, are carrying out educational and stimulating campaigns in the field of digital payments. The ABA also focuses on the formation of a unified and reasonable approach to the banking system in the field of digital payments in banks,” he said.
“Successful projects are being signed to deepen digital transformation. First of all, this is due to the attraction of attention to the improvement of mobile banking services and the creation of more favorable opportunities for access to financial services for the general population. The issuance of virtual payment cards through mobile banking has begun. Some banks, as a result of the introduction of tokenization services within the framework of cooperation with the international card organization Visa, have achieved payment transactions using mobile phones without a payment card. The next successful project aimed at expanding the coverage of digital payments was the possibility of cashless payments by payment cards in public transport in the cities of Sumgayit and Shamakhi, as well as on trains in the Baku-Sumgayit direction,” the head said.
“Educational events held on a regular basis with the participation of international financial institutions are of great importance in the development of digital payments in terms of increasing financial literacy. The publication of the textbook and curriculum "Digital Payments and Electronic Banking Services" with the participation of ABA, the international card organization Visa, the Zolotaya Korona money transfer system, and other financial institutions, will provide a new generation with theoretical and practical knowledge in the field of digital payments,” noted Rustamov.
The head of the ABA expert group noted that all these reforms in the field of digital transformation will have a positive effect on increasing the competitiveness of the payment ecosystem of Azerbaijan, expanding the coverage of digital payments, strengthening financial inclusion (inclusion of all segments of the population in the financial system), as well as the creation of society, for which digital payments will become a familiar form of payment.
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