Iran voices hopes to integrate bank card system with Azerbaijan(exclusive)

Business Materials 10 February 2018 17:21 (UTC +04:00)

Tehran, Iran, Feb. 10

By Kamyar Eghbalnejad – Trend:

Two senior officials with the Central Bank of Iran say that the country has already presented its proposal for integrating bank card systems with Azerbaijan, expressing optimistic views on the possibility to materialize the plan.

“The issue of the integration of bank card systems between Iran and Azerbaijan is possible as the Azerbaijani authorities have taken measures in order to create an independent payment system,” Nasser Hakimi deputy for information technology at CBI told Trend.

Talks are underway with those countries that enjoy domestic interbank information transfer networks to integrate bank card systems with Iran, he added.

According to the official, most of popular debit cards in the world are linked to the US financial system which poses serious restrictions to cooperation with Iran.

The head of Payment System department of the Central Bank of Iran (CBI) Davoud Mohammad-Beigi also told Trend that it is possible to integrate the payment systems of the two countries, if Azerbaijan finalizes the efforts on creating its own payment system.

However, he cautioned that the admission of Mastercard and Visa in Iran is impossible.