MasterCard Representative Office Opened in Azerbaijan

MasterCard opened an Azerbaijan representative office in Baku. Its manager Alper Meric told the media there are opportunities for growth in this area, since the proportion of non-cash payments in the economy is not more than 10%. "Azerbaijan has great potential for development of cashless payments. In this area it has several structures, including ASAN Service, MilliOn, and payment of fines in the online-mode. We want to see your country the first in the region to introduce the most advanced technology MasterCard," he said.

Now MasterCard works with 28 local banks, but intends to work in the long-term Cashless Azerbaijan concept. In particular, from next year to stimulate non-cash payments and customers, it intends to award credit and financial institutions.

According to the regional manager of the company for Turkey and Azerbaijan Yasemin Bedir, MasterCard also intends to expand cooperation with the Azerbaijani government on the basis of the importance of the market on an international scale. "We are also negotiating with the local government to increase the volume of payments by plastic cards and for the development of cashless economy in the strategic partnership. It is important to develop the infrastructure of electronic payments, extend the area of ??coverage and the introduction of innovative technologies and strengthen the institutional framework of electronic payment services and attract people and economic actors to use these services. Our research has shown that over the next three years non-cash payments will substantially reduce cash expenditures, which can be as high as 3% of GDP," said the manager.

MasterCard is a technology company that manages the most rapid payment processing network that unites all consumers, including individuals, financial institutions, trade organizations, government and business organizations all around the world. Its products and solutions help and make it easier, safer and more effective to buy goods, travel, do business and manage finance.

In Azerbaijan, it has operated since 1997. According to the latest data of the Central Bank of Azerbaijan, in August, turnover on payment cards through ATMs and POS terminals across the country amounted to AZN 1.1 billion. The total number of operations was 6.8 million.

Today, Azerbaijan has 5.27 million payment cards (minus 8.5% for the year - to 1 September of the previous year) and by 4 million 542 thousand debit cards state employees and retirees receive their small charges. For this reason, these payment cards are not means of payment for goods or services. --17D-