12:15 - 6.12.2022

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December 6, Fineko/abc.az. MasterCard and the Central Bank of Azerbaijan are aimed at expanding cooperation with small and medium-sized businesses, as well as supporting innovative participants in the financial sector, ABC.AZ reports, citing Avshar Gurdal, CEO of MasterCard in Azerbaijan and Turkey.

He added that digitalization of payments is one of the strategic plans of almost all states, and MasterCard is implementing projects in Azerbaijan aimed at digitalizing the country's economy.

"Funds and control over their turnover create additional costs for the state. By digitizing payments, we increase transparency and tax revenues, as well as simplify the turnover of funds and control over them. Within the document signed with the Azerbaijani regulator, it is planned to increase the number of non-cash payment acceptance points, including in taxis, small cafes and restaurants. Also, within the cooperation with the Central Bank we intend to increase the number of contactless bank cards. Today, the number of bank cards in Azerbaijan exceeds 12 million (more than 70% of them are contactless). The increase in their number in circulation serves to accelerate the digitalization of payments, and work in this direction continues. The initiatives we are implementing create the basis for expanding cooperation with small and medium-sized businesses, as well as for supporting innovative participants in the financial sector,” Gurdal emphasized.