Visa offers Azerbaijan to help apply innovative payment solutions


April 17, Fineko/ The Financial Market Supervision Authority and Visa Inc. discussed the prospects of cooperation.

The Authority reports that during the meeting held in its office building with the delegation led Visa Inc. vice president and manager for the CIS & South-Eastern Europe Vera Platonova the sides covered areas of joint activity and reforms in the field of payment cards.

"There is great potential for development of non-cash payments in Azerbaijan. According to analyses conducted by Visa Inc. the size of non-cash payments in Azerbaijan increased by 42% and the number of transactions by 33%. Given such dynamics and global expertise, it should be noted that there is great demand for innovative payment solutions in Azerbaijan. Visa Inc. is sure that joint efforts will have a positive impact on development of the payment ecosystem in the country," Platonova said.

The parties also discussed the questions of accelerating digital transformation, the use of innovative payment solutions in the payment card market, as well as measures taken to strengthen financial inclusion in the country, the development trends in the payment card market. The sides also discussed the formation of legal framework in the field of payment services and systems, expanding the use of electron banking services and measures on the mass use of innovative payment solutions.