By Mirsaid Ibrahimzade
Cristina Doros, Senior Director and Head of Products for CIS & South-Eastern Europe at VISA, told Trend that Azerbaijan is a priority market for increasing the presence of VISA, introducing innovations and developing the e-payments market.
Doros noted that rates on the development of non-cash payments are very good in Azerbaijan and the market is rapidly growing.
“According to the information of VISA for 2018, the market grew by 42 percent in terms of non-cash payments and by 33 percent in terms of the number of non-cash transactions," Doros noted.
Then, the senior director emphasized that the strategic objectives of VISA in Azerbaijan remain unchanged and meet the key priorities of Visa.
She stated that primary spheres include partnership relations, the introduction of digital payments, expansion of access, and security of payment systems.
“The priority development direction for us is the introduction of tokenization technology Visa Token Service (VTS), as well as the development of e-commerce and the expansion of supply of a line of premium products and loyalty programs," she pointed out.
In September 2018, Azerbaijani President Ilham Aliyev approved a state program to expand digital payments in 2018-2020, according to which in 2021 the annual volume of non-cash payments in Azerbaijan will reach approximately 17 billion manats ($10 billion).
To speed up the implementation of the state program, three fundamental conditions and specific goals for each of them were defined. Creating a more supportive environment involves not only prohibiting regulations, but also the use of special incentive mechanisms.
In general, the volume of non-cash payments through Azerbaijan’s national payment system reached 274 billion manats ($161.22 billion) in 2018, which is 32 percent more compared to the figures of 2017.
The share of cash payments made up 52 percent, which is 8 percent less than the figure for 2017.
Mirsaid Ibrahimzade is AzerNews’ staff journalist, follow him on Twitter: @MirsaidIbrahim1
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