Weekly economic review (Dec. 23-27)

Analysis Materials 30 December 2013 13:55 (UTC +04:00)

MasterCard intends to develop contactless payments in Azerbaijan

The international payment system MasterCard intends to develop contactless payments in Azerbaijan in 2014.

This was told by Hakan Acar, regional manager of MasterCard in Azerbaijan.

"In 2013 we have achieved that credit cards have become used more widely; however, it was possible thanks to the bonus cards, which are mainly used for transactions with medium and large sums. Our goal for 2014 is to continue the replacement of cash funds in circulation with cashless ones by extending the use of cards for operations with smaller amounts", - said Acar.

Such cards allow you to pay for goods, works and services in retailer and service outlets - just in one touch. Enough to bring the card to a contactless reader at a pay desk or terminal, and your purchase will be paid. In order to receive such payments, installation of special equipment or modification of the existing POS-terminals is required.

According to him, MasterCard is currently actively working with banks to use contactless cards.

"On the other hand, we are actively working to expand the use of mobile payments in Azerbaijan. Within our project with the processing center AzeriCard, first time in Azerbaijan in one outlet you can pay for your purchases not via POS-terminal, but via your mobile phone. This technology will allow you to make non-cash payments where there are no POS-terminals, i.e., it will be an important tool to improve the situation with taking payments", - said Acar.

Earlier the processing center AzeriCard in collaboration with MasterCard International, the International Bank of Azerbaijan and World Telecom Group announced the launch of the "Mobile payment" service.

Using this service, MasterCard cardholders will be able to perform fast and secure payments using the additional configuration menu Mobil Bank in their mobile phones without the use of a POS-terminal.

The Mobile Remote Payment technology is currently running in many European markets, and is now finally available in Azerbaijan as well. Mobile payments connect credit or debit cards with any Smartphone platform, transforming it into a virtual payment or purchase device.