(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 29. The Central Asiaregion and Azerbaijan are not just an area on the map but a centerof development and innovation, Sanjar Suleymanov, Senior Directorand Head of Visa Direct in Ukraine, Georgia, CIS countries, andSouth-Eastern Europe, told Trend in an exclusive interview.
"Each year, we witness a dynamic surge in non-cash paymentsacross this region, indicating the populace's keen interest infinancial services despite prevailing challenges. Central Asia andAzerbaijan serve as fertile grounds for the emergence of novelservices and products, fueled by a profound enthusiasm forinnovations. The financial services market competition in ourcountry is notably intense, with every participant striving toattract clients, thereby propelling industry advancement.
We remain consistently driven and must allocate additionalresources to meet escalating demand. It's noteworthy that many newservices often debut in our region before spreading globally. Thisunderscores that innovation isn't solely the domain of developednations but can thrive in regions where fresh approaches tofinancial services are introduced," he said.
According to Suleymanov, this tendency will continue, which iswhy Visa is actively investing in partners, the market, andinnovation.
"Our company is focusing on various areas, including support foryoung talent and athletes, to create a comprehensive ecosystem thatwill reach not only into segments traditionally associated withVisa but will connect all areas of life with the company," headded.
The regional Visa Direct head noted that both the banking andfintech sectors of Azerbaijan are developing at high rates.
He added that Visa has been investing in the country's economyfor many years, contributing to the expansion of the issuance anduse of payment cards.
"The company's strategy has undergone a transformation: whereasbefore our focus was primarily on facilitating cashless payments,today we prioritize enabling receipt of payments, includinginternational transfers via Visa Direct. We now view cards not onlyas a means for making payments but also as a platform for receivingfunds," he further added.
Suleymanov noted that the convenience of using a payment cardand various bonuses such as cashback and special offers offered bybanks encourage consumers to pay by card more often.
"This not only stimulates the use of payment cards in everydaylife but also contributes to the growth of financial activity andinclusion," he added.
He also drew attention to the importance of supporting variousfinancial market participants.
"Our objective is to foster inclusivity within the market bycollaborating equally effectively with both major institutions andsmaller banks. For instance, the recent surge in demand for VisaDirect transfers abroad has highlighted the interest among smallbanks, a trend less evident previously. We strive to cultivate acompetitive landscape wherein each bank is incentivized to deliveroptimal services to its clientele, thereby encouraging consumeruptake. This healthy competition extends to geopoliticalconsiderations, such as enhancing travel industry development andmeeting the needs of foreign workers or students. Consequently,payments have become increasingly convenient and accessible, bothdomestically and internationally," said the senior director.
Suleymanov emphasized that Visa's innovations and products notonly contribute to the development of financial inclusion inAzerbaijan but also open new prospects for the development of smallbusinesses and improve the quality of life of customers.
He singled out two Visa Direct products among the maininnovations contributing to the expansion of access to financialservices.
"The initial milestone involved introducing a service thatenables linking any card to the user's phone number, regardless ofthe payment system, thereby streamlining the transaction processand enhancing accessibility for all demographics, including bothyoung individuals and the elderly, who may find other financialtools daunting. Another product that fosters financial inclusion isVisa's Direct Request to Pay technology. This feature not onlyfacilitates person-to-person transfers, such as for fundraisingpurposes, but also unlocks fresh opportunities for smallbusinesses. Through this service, entrepreneurs can effortlesslyrequest payment for goods and services, significantly streamliningmutual settlements and enhancing the security of financialtransactions," he said.
The senior director also emphasized that the key to the successof these products lies not only in the efficiency of thetechnologies themselves but also in the payment literacy andawareness of users themselves about the possibilities of theseservices, as well as in cooperation with partner banks for theirintegration.
According to him, Uzbekistan is an unusually interesting marketwith promising opportunities for the development of paymenttechnologies.
"On the one hand, local payment systems are highly developed inUzbekistan, but the country has been open to international paymentsystems for several years. Due to this, we have vast horizons infront of us in terms of opportunities and services we providethere," he said.
According to Suleimanov, it is the young generation thatstimulates innovation and the development of new technologies inUzbekistan; therefore, Visa offers a wide range of services adaptedto their needs.
"Many digital banks have recently opened in Uzbekistan, makingthe current financial system more diverse in terms of innovation,"he added.
Visa Direct's head noted that Uzbekistan's market stands outfrom other markets where innovation can face barriers. InUzbekistan, however, the introduction of innovations is evenlydistributed, which creates a favorable environment for thedevelopment of financial technologies.
Suleymanov emphasized the importance of cooperation betweenlarge and small banks, as well as support from the government,fintech, and venture capital investment, to ensure that thecountry's financial sector continues to develop.
The senior director added that Visa plans to expand the list ofcountries connected to Visa Direct Request to Pay technology.
According to him, as soon as Visa announced the pilot launch ofRequest to Pay in Kazakhstan with two partners, requests from othermarkets such as Azerbaijan, Uzbekistan, and Ukraine immediatelypoured in.
"We saw a huge demand in those markets, where our service oftransfers by phone number is developed and people know about it and press releases about new connections will be inthe public domain. We specially make this information public toshow the demand for the service," he said.
Suleymanov noted that the idea of Request to Pay technologyoriginated in a rather curious way.
"During the developmental phase of the service, we and ourpartners pondered: while it's feasible to send transfers via phonenumber, why not enable similarly requesting money? Hence, byintroducing the Visa Direct Request to Pay technology, weessentially transformed our service into a distinct offering," heshared.
The senior director also shared plans to expand Visa DirectRequest to Pay in Kazakhstan.
According to him, Visa sees potential in cross-border requestswithin the Visa Direct Request to Pay system in the future.
"Now a lot of merchants sell their goods on special platforms,which give them the opportunity to sell products around the world this regard, we see potential in the introduction of such aservice as billing customers from other countries. The technologywill be developed based on the requests and needs of our customers also offer our platform not only to partners in the financialsector but also to states," he revealed.
Suleymanov also said that Visa's solutions are helping thegrowth of a cashless economy.
"We are stimulating the local market by bringing innovation andshowing that the market is ready for new types of services," addedthe senior director of Visa Direct.
To note, Visa (NYSE: V) stands as a global frontrunner in thedigital payments sector. Facilitating payment transactions amongconsumers, businesses, financial institutions, and governmententities in over 200 countries and territories, Visa's objective isto unite the world through an innovative, convenient, reliable, andsecure payment network, fostering consumer well-being alongsidebusiness and economic prosperity.
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