Mastercard for Azerbaijan, Turkey working on creating cashless environment

3 June 2020 15:58 (UTC+04:00)

Mastercard is developing innovative solutions for carrying out fast, safe and convenient payment transactions in an effort to create a cashless environment, Mastercard General Manager for Turkey and Azerbaijan Yigit Caglayan said, local media reported, citing the Turkish media.

The general manager said the creation of a cashless environment also contributes to the reduction of the informal economy.

Caglayan noted that over 87 million contactless transactions were made in Turkey in May 2020, and their share was close to 29 percent of all card transactions

He added that affecting the whole world, the COVID-19 pandemic caused an increase in e-trade, including in terms of investment in it.

Mastercard offers a convenient and profitable Masterpass payment infrastructure, which is already used in 60 percent of card transactions, said the manager.

“Moreover, the company offers this service for free for one year to all small and medium-sized enterprises (SMEs) in Turkey. We also turned the purchase and payment function through chat applications into an affordable solution that will now easily integrate SMEs into the e-commerce infrastructure in partnership with Mind Behind and QNB,” the company’s general manager for Turkey and Azerbaijan noted.