Innovation in payment cards - new obligations defined


November 20, Fineko/abc.az. Azerbaijan has defined new obligations on payment cards.

ABC.AZ reports with reference to Central Bank’s press service, this is reflected in the changes in the Rules of Issue & Use of Payment Cards.

Thus, contact numbers of the card issuer or the organization in which the card is served should be indicated on the surface of the payment card. The cardholder can apply on this contact number to the card issuer for 24 hours daily in case of any problems with the payment card. To date, it was required that the payment card should have only the contact numbers of the card issuer or the card organization where it was served.

The card issuer is a legal entity that issues cards, serves cards, authorizes card transactions (either independently or by the card organization) and reimburses the cost of transactions.