(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 2. 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.
In July 2022, Visa appointed Nurlan Hajiyev as Senior Director –
Regional Manager of the company in Azerbaijan. In his new position,
he focused on developing the digital payments business in the
country, focusing on increasing the value of Visa for banks,
businesses, and cardholders.
About financial innovations
Hajiyev 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.
The regional manager 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," Hajiyev
said.
Hajiyev also noted several other important projects:
- The world's first launch of a joint co-branded card of
Bank Respublika, Wolt and Visa. With this card, users will receive
five percent cashback on delivery orders;
- Accepting payments in ASAN Centers using QR codes to pay for
public services;
- Issuance of Visa digital cards by Azercell mobile operator in
pilot mode.
About market leadership
According to Hajiyev, the implementation of creative initiatives
that guaranteed the simplicity and security of using cards
contributed to the dominance of transactions with Visa bank cards
in the Azerbaijani market.
"Safety is one of the foundations of innovation. Visa
pays great attention to this, and consequently, speed, simplicity,
and security are the drivers that we bring to the Azerbaijani
market. By implementing projects for accepting bank card payments
not only by POS terminals but also by mobile devices, we are
increasing our share in the local market," he said.
Hajiyev also said that Visa also has social
responsibility by developing, expanding, and simplifying products
for all segments and economic entities.
According to the Central Bank of Azerbaijan, Visa's
share of the total volume of transactions by the end of 2022 was
about 60.5 percent.
About transport
solutions
The regional director said that Visa is ready to work
with all market participants to launch cashless payments in
Azerbaijan's transport.
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," Hajiyev added.
About supporting women's
entrepreneurship
Visa company has expanded She's Next Empowered by Visa, a global
initiative to support women entrepreneurs in Azerbaijan.
According to Hajiyev, over 600 women entrepreneurs took part in
the initiative in 2022 and two winners received 10,000 manat ($5
882) and 15,000 manat ($8 823) for business development.
"Visa attaches particular importance to supporting women's
entrepreneurship both globally and in Azerbaijan. Inclusiveness is
a strategy and one of the main activities of Visa. The
implementation of this initiative is aimed at supporting women,
bringing them the best experience," he said.
The director pointed out that the company will continue to
promote the She's Next Empowered by Visa initiative in the future
both in Azerbaijan and in the markets of other countries.
.According to him, according to a Visa study, the biggest
problem for women entrepreneurs when starting and running a
business is attracting capital (45 percent), and 23 percent of them
feel high competition.
About new experience and personal
space
Nurlan Hajiyev also spoke about his experience in the new
position of senior director and regional manager in Azerbaijan.
According to him, the position of a regional manager creates
additional responsibility for him, both to colleagues and to all
market participants.
"I look at the electronic payments industry quite broadly. Money
is also evolving, and as it develops, circulation accelerates,
which leads to economic growth," he said.
Hajiyev also noted that it is very important to find a line
between personal space and work.
"In the modern world, where everything is dynamically
developing, it is necessary to keep up with all innovations and
keep up with the times. I think it's very important to find the
line between personal space and work. Fortunately, I have found
this facet, and I am glad that I can spend my time both with my
family and doing work that inspires me. I try to devote a lot of
time to the financial literacy of my children. Children love
everything new and learn very quickly. For example, my son makes
non–cash payments using his mobile device, and my daughter, who is
younger than him, uses her smartwatch," he said.