Visa Sees Huge Potential In Azerbaijani Market For Innovations - Regional Director
Date
3/6/2023 12:40:05 AM
(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 6. Visa
international payment system sees huge potential in the Azerbaijani
market for innovations, Senior Director, Regional Manager of Visa
in Azerbaijan Nurlan Hajiyev said in an interview with trend .
He noted that Visa, jointly with the International
Bank of Azerbaijan, launched tokenization [a process by which a
piece of sensitive data, such as a credit card number, is replaced
by a surrogate value known as a token] for the first time in the
country in 2019, which allowed for purchasing through mobile
phones.
'Work is underway to increase the number of banks
connected to tokenization. Currently, some 11 banks are connected
to it. This introduction has allowed us to implement a large number
of projects, including launching Apple Pay in 2021 and Google Pay
in 2022. Also, Azerbaijan became the first country in the EMEA
region (Europe, the Middle East and Africa) to launch the first B2B
Connect,' he said.
Hajiyev noted that the number of banks supporting
Apple Pay and Google Pay increased in 2022.
'Moreover, we witnessed the launch of an innovative
TapToPhone solution in Azerbaijan, which allows Android phones, not
only to pay but also to accept payments. This project was launched
for the first time with our partner bank - Kapital Bank,' said the
regional manager.
According to him, another innovation was the issuance
of the world's first co-branded card of Bank Respublika, Wolt and
Visa.
'Also, we have launched payment using QR codes in ASAN
Centers. In the pilot mode, we have launched the issue of digital
cards by the mobile operator Azercell and expect its full expansion
in the near future,' he added.
Hajiyev also mentioned that Visa introduced Mobility &
Transit Transaction technology in Azerbaijan for the first time
(among EMEA countries).
This technology offers a range of flexible fares for
passengers (including fixed fares), distance- and time-based fares,
multimodal fares, as well as features such as fare restrictions,
benefits, and refunds for delays.
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