(MENAFN- Trend News Agency)
BAKU, Azerbaijan, October 31. Mastercard plans
to increase NFC (near field communication) transactions to over 40
percent of all domestic purchase payments by mid-2025, regional
manager for Mastercard in Azerbaijan, Emil Zeynalov, told Trend .
According to him, as 2024 winds down, Mastercard Azerbaijan is
setting its sights on the horizon, eager to spread its wings and
make a splash in the digital landscape of the industry come
2025.
"We expect a sustained surge in contactless payments, aiming to
elevate NFC transactions to over 40 percent of all domestic
purchase payments by mid-2025. Furthermore, our advisory team will
be important in advancing digital innovation and facilitating the
establishment of a cashless economy in Azerbaijan. This initiative
corresponds with our overarching objective to cultivate a more
interconnected, efficient, and inclusive financial system
throughout the region," he said.
Zeynalov also mentioned that Mastercard has spread its wings by
expanding its office space, showcasing its growth and dedication to
the Azerbaijani market.
"We are in the process of forming a local advisory team to
assist our new initiatives focused on improving consumer
interaction and digital innovation. These initiatives align with
our overarching objective to foster meaningful experiences for our
users and enhance the inclusivity of the financial ecosystem in
Azerbaijan," he added.
Zeynalov pointed out that Mastercard has already rolled out a
host of cutting-edge products to take digital payments in
Azerbaijan to the next level.
“A novel chatbot that provides immediate assistance and tailored
financial guidance to consumers and enterprises. Furthermore, we
have entered into a strategic collaboration deal with Azerbaijan's
leading theater chain, offering exceptional advantages to our
cards.
We have been diligently augmenting our Priceless Specials network.
This encompasses providing distinctive experiences, including
premium meals, tailored travel packages, and privileged access to
cultural and entertainment events. In the future, we intend to
offer further unique experiences to Azerbaijani cardholders,
enabling them to access exclusive opportunities that enhance their
daily lives,” also said Zeynalov.
The regional manager emphasized that Mastercard Azerbaijan is
set to keep the ball rolling on expanding its partnership network
in 2024-2025.
“Mastercard Azerbaijan will further enhance its collaborative
network in 2024-2025, using current connections. We are actively
collaborating with key players, including the Central Bank of
Azerbaijan, local banks, and fintech firms, to advance the
introduction of our innovative solutions to the local market. An
essential component of our goal is to augment the Priceless
experience for our clients through the establishment of exclusive
partnerships and benefits tailored specifically for Azerbaijani
cardholders. This entails providing distinctive, locally pertinent
experiences, including exclusive events, special promotions, and
improved services that align with the interests and requirements of
our clientele,” Zeynalov underscored.
According to him, Mastercard's primary aim is to put the pedal
to the metal and boost the slice of contactless payments in
Azerbaijan.
“The country's digitization rate is increasing, currently at 35
percent, indicating that although cash remains prevalent, its usage
is gradually declining. We are collaborating with multiple partners
to advance non-cash payments, improving the infrastructure and
understanding required to facilitate this change in consumer
behavior,” he concluded.
Mastercard is a global payment powerhouse that offers a
smorgasbord of financial services, including credit, debit, and
prepaid cards, making it a breeze to go cashless at countless
retail spots around the globe. It also provides a cornucopia of
technological solutions for banks, merchants, and other financial
institutions, ensuring they stay ahead of the curve. Mastercard
cards are welcomed with open arms in a multitude of countries and
come in handy for a wide array of transactions, whether you're
shopping till you drop in-store, clicking away online, pulling cash
from an ATM, or engaging in other financial dealings.
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