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A new payment system under introduction in Azerbaijan first time

12.02.2020,16:01


February 12, Fineko/abc.az. VISA and portal Azexport are planning joint introduction of payment system Ring Pay in Azerbaijan.

ABC.AZ reports that the above-said statement was made by Vusal Gasimli, executive director of the Center for Analysis of Economic Reforms & Communication at Baku forum VISA Cashless.

At the forum the International Bank of Azerbaijan presented its innovation - the Ring Pay ring.  Now cashless payments can be made contactless using a ring on your finger.

Gasimli stated that this project is also open to banks, and they will be able to cooperate with banks.

It should be noted that one of the VISA's products is the ‘smart ring’. The ring performs most of the functions of a normal plastic card. In most places where it is possible to make contactless payments using VISA cards, it is possible to use these rings to make payments in the shortest possible time. To make a payment, it is enough to bring the upper part of the ring to the POS-terminal. In this case, the payment process will take only 1-2 seconds. Since the ring is waterproof, it can be worn at all times, protecting it from strong impacts and exposure to chemicals. The Ring Pay payment ring can be purchased soon at any branch or branch of the IBA by presenting an ID.

By Elmir Murad