By Ayya Lmahamad
Central Bank of Azerbaijan (CBA) and Visa have signed a strategic partnership agreement on cooperation to expand digital payments in the country.
The new strategic agreement includes initiatives to develop non-cash payments in Azerbaijan, implementation of innovative payment solutions, increase mobile payments, and improvement of financial literacy and inclusiveness.
The CBA continuously cooperates with leading organizations in the field of global payments to develop digital payments in the country.
A number of successful projects have been signed with Visa as part of the State Program on Expansion of Digital Payments in Azerbaijan for 2018-2020, which acted as a strategic partner of the Central Bank during the past period.
As part of mutual cooperation, incentive campaigns were conducted to increase the interest of the population in digital payments in the country. A number of banks have introduced the innovative Visa Token Service Solution, which ensures secure payments using mobile devices. Moreover, the initial stage of the project on contactless payment of train trips by using bank cards has been implemented.
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.
Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad
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