It is planned to issue cards of the Chinese Union Pay payment system. The International Bank of Azerbaijan (IBA) has already started receiving these cards in its service network.
According to the bank, the IBA cooperates with 4 "Western" payment systems (Visa, MasterCard, American Express, etc.), but it also plans to cooperate with the "oriental" type counterparts - Union Pay (China) and JCB (Japan Credit Bureau). Experts justify the differently oriented policies, saying that the country has its fair share of major international events, with a tendency to increase. Moreover, one cannot ignore the growth of trade between Azerbaijan and China.
Currently worldwide there are issued 4.5 billion cards of Union Pay, a third of which (1 billion) came in 2014.
IBA was established in 1992 and it is the largest bank in Azerbaijan. More than half (50.2%) of the shares are owned by the state, while 49.8% are owned by private shareholders. --17D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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