Central Bank Establishing Bilateral Cooperation with China Union Pay

The Central Bank of Azerbaijan held a meeting between the First Deputy Chairman Alim Guliyev and the President of the international payment card organization China Union Pay Shi Wen Chao.

The meeting discussed possible ways for China Union Pay to participate in the development of payment cards. The meeting identified the people on both sides, who will coordinate the issues of bilateral cooperation.

China Union Pay is an issuer of payment cards in more than 50 countries and provides acquiring (acceptance of payment cards for payment) in more than 150 countries.

In the press release of CBA on this issue it is said that the Central Bank is cooperating with international payment card organizations for the development of payment cards market, the application of innovative technologies and the introduction of payment and payment systems.

In 2014, the country conducted 79,229,000 transactions with plastic cards for 11 869 000 000 manats, which is 15.3% more than in 2013. The turnover is more than 6 million payment cards. Payment cards are considered primarily as a tool for funding. -0-