CBA, MasterCard sign MoU on digital payments

29 April 2021 16:58 (UTC+04:00)

By Ayya Lmahamad

Central Bank of Azerbaijan (CBA) has signed a memorandum of understanding with MasterCard for the development of digital payments in the country, the bank’s press service has reported.

The new strategic agreement, signed for sustainable development of digital payments, aims to expand financial inclusion through technological innovations, support the introduction of innovative payment tools for SMEs.

Moreover, the agreement envisages the organization of seminars and trainings for various target groups to increase confidence in cashless payments, covering cybersecurity, artificial intelligence, and continuing cooperation in areas, like exchange of experience on the latest technological trends.

The CBA and MasterCard have been implementing the Cashless Azerbaijan project over the past years. In addition, they have carried out a number of successful projects within the framework of the State Program on Expansion of Digital Payments in Azerbaijan in 2018-2020.

In addition, projects like the multifunctional Smart Education Card in education, payment of fares with contactless cards in cities selected as pilots in transport have been implemented for the first time in the country with the support of relevant agencies.

Furthermore, numerous campaigns have been organized to encourage the use of cashless payments and a series of measures taken to raise awareness of digital payments.

The Central Bank has shaped an effective framework for cooperation with international card organizations to expand the coverage of digital payments in the country, increase more convenient, fast, and secure payment opportunities using innovative payment tools, instill digital payment habits and increase cashless circulation in the economy.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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