Visa keen to cooperate with Azexport portal to promote cashless payments
By Leman Mammadova
Visa International is set to continue its work in Azerbaijan to develop new technologies on the introduction of digital payments, security of payment systems and development of e-commerce.
The international company and Azexport.az portal discussed cooperation at a meeting held in the Center for Analysis of Economic Reforms and Communication on September 11.
Zaur Gardashov, the head of the portal, described the newly launched Visa Token Service in Azerbaijan as a vivid example of cooperation between the country and Visa International.
“Azerbaijan is keen to carry out new innovative projects. One of the innovative reforms implemented in the country is the provision of remote bank accounts to non-residents for the first time in the world,” he said.
In turn, Kristina Dorosh, the head of Visa International in the Caucasus, said that the company is interested in opening remote bank accounts in Ukraine, Georgia, Moldova, and other Eastern and Western European countries in the framework of cooperation with the Center for Analysis of Economic Reforms and Communication.
She also praised the support of the Center in launching the Visa Token Service in Azerbaijan.
“We are interested in cooperating with Azexport.az portal to promote cashless payments in the future,” Dorosh added.
Azexport.az, integrated with the most popular electronic trading platforms, makes products available to potential buyers from anywhere in the world. The portal offers entrepreneurs the opportunity to export goods produced in Azerbaijan to traditional and new markets via international e-trading platforms.
Aykhan Gadashov, Azexport.az manager, spoke about the Visa Token Service that has been introduced in the country for the improvement of credit card security in mobile and online payment systems.
He noted that this technology will further allow payment via mobile phones, watches, rings, bracelets and other devices and accessories along with plastic cards. It will also enable the use of Apple Pay, Samsung Pay and Google Pay in Azerbaijan.
Visa Token Service was launched in Azerbaijan on September 10. The new service will allow non-cash payments to be made via mobile phones along with payment cards.
Tokenization is an essential element of digital non-cash payments. The system will allow digitizing payment cards. Tokenization technology allows to secure electronic payments with the help of a reliable data encryption system (when paying with a card, the buyer’s details are not transferred to the seller).
The annual volume of non-cash payments in Azerbaijan is expected to reach about 17 billion manats ($9.97 billion) by 2021 in accordance with the state program on the expansion of digital payments in 2018-2020.
---
Leman Mammadova is AzerNews’ staff journalist, follow her on Twitter: @leman_888
Follow us on Twitter @AzerNewsAz
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!