Visa Ready To Expand Cashless Payments In Azerbaijan's Transport - Regional Director

3/29/2023 1:02:54 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 29. Visa is ready to work with all market participants to launch cashless payments in Azerbaijan's transport, Senior Director, Regional Manager of Visa in Azerbaijan Nurlan Hajiyev said in an interview with trend .

He mentioned that Visa was the first to launch cashless payments in Azerbaijan's railway transport.

"Currently, validators for accepting non-cash payments have been installed in all 14 stations of the Baku suburban railway. In 2022, we also launched the Mobility & Transit Transaction (MTT) technology for the first time in Azerbaijan. The MTT model allows operators to offer passengers a range of flexible fares, including fixed fares, distance, and time-based fares, multi-modal fares, as well as features such as fare capping, benefits, and delay refunds," he added.

Hajiyev noted that Visa is glad to work in Azerbaijan's transport sector.

"We are open to working with all transport organizations and are ready to continue our cooperation to expand the acceptance of bank cards in the country's transport," the regional manager said.

The volume of non-cash payments in Azerbaijan amounted to 58.56 billion manat ($34.45 billion) in 2022, which is 21.1 billion manat ($12.4 billion) or 56.26 percent more than in 2021. A total of 562.1 million transactions worth 54.2 billion manat ($31.8 billion) were carried out through debit cards (an increase of 54.9 percent), and 80.8 million transactions worth 4.3 billion manat ($2.5 billion) through credit cards (an increase of 78.3 percent).

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