BAKU, Azerbaijan, October 31. Mastercard plans to increase NFC (near field communication) transactions to over 40 percent of all domestic purchase payments by mid-2025, regional manager for Mastercard in Azerbaijan, Emil Zeynalov, told Trend.
According to him, as 2024 winds down, Mastercard Azerbaijan is setting its sights on the horizon, eager to spread its wings and make a splash in the digital landscape of the industry come 2025.
"We expect a sustained surge in contactless payments, aiming to elevate NFC transactions to over 40 percent of all domestic purchase payments by mid-2025. Furthermore, our advisory team will be important in advancing digital innovation and facilitating the establishment of a cashless economy in Azerbaijan. This initiative corresponds with our overarching objective to cultivate a more interconnected, efficient, and inclusive financial system throughout the region," he said.
Zeynalov also mentioned that Mastercard has spread its wings by expanding its office space, showcasing its growth and dedication to the Azerbaijani market.
"We are in the process of forming a local advisory team to assist our new initiatives focused on improving consumer interaction and digital innovation. These initiatives align with our overarching objective to foster meaningful experiences for our users and enhance the inclusivity of the financial ecosystem in Azerbaijan," he added.
Zeynalov pointed out that Mastercard has already rolled out a host of cutting-edge products to take digital payments in Azerbaijan to the next level.
“A novel chatbot that provides immediate assistance and tailored
financial guidance to consumers and enterprises. Furthermore, we
have entered into a strategic collaboration deal with Azerbaijan's
leading theater chain, offering exceptional advantages to our
cards.
We have been diligently augmenting our Priceless Specials network.
This encompasses providing distinctive experiences, including
premium meals, tailored travel packages, and privileged access to
cultural and entertainment events. In the future, we intend to
offer further unique experiences to Azerbaijani cardholders,
enabling them to access exclusive opportunities that enhance their
daily lives,” also said Zeynalov.
The regional manager emphasized that Mastercard Azerbaijan is set to keep the ball rolling on expanding its partnership network in 2024-2025.
“Mastercard Azerbaijan will further enhance its collaborative network in 2024-2025, using current connections. We are actively collaborating with key players, including the Central Bank of Azerbaijan, local banks, and fintech firms, to advance the introduction of our innovative solutions to the local market. An essential component of our goal is to augment the Priceless experience for our clients through the establishment of exclusive partnerships and benefits tailored specifically for Azerbaijani cardholders. This entails providing distinctive, locally pertinent experiences, including exclusive events, special promotions, and improved services that align with the interests and requirements of our clientele,” Zeynalov underscored.
According to him, Mastercard's primary aim is to put the pedal to the metal and boost the slice of contactless payments in Azerbaijan.
“The country's digitization rate is increasing, currently at 35 percent, indicating that although cash remains prevalent, its usage is gradually declining. We are collaborating with multiple partners to advance non-cash payments, improving the infrastructure and understanding required to facilitate this change in consumer behavior,” he concluded.
Mastercard is a global payment powerhouse that offers a smorgasbord of financial services, including credit, debit, and prepaid cards, making it a breeze to go cashless at countless retail spots around the globe. It also provides a cornucopia of technological solutions for banks, merchants, and other financial institutions, ensuring they stay ahead of the curve. Mastercard cards are welcomed with open arms in a multitude of countries and come in handy for a wide array of transactions, whether you're shopping till you drop in-store, clicking away online, pulling cash from an ATM, or engaging in other financial dealings.
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