Visa Ready to Help Global Financial Players Enter Azerbaijan Market – Vice President – AzerNews.Az | Hot Mobile Press

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Visa is ready to help global financial players enter the Azerbaijan market, Cristina Doros, vice president, regional manager for Central Asia and Azerbaijan at Visa, told Trend.

According to her, Visa and Azerbaijan have established extensive cooperation in the development of payments, including digital ones.

“Cooperation with banks and other new players in payment transactions can also be identified. We are pleased that Visa has managed to establish open and constructive relationships in Azerbaijan, including the first launch of Visa Token Service technology (tokenization) in 2019. For example, Apple Pay service was launched in Azerbaijan in late 2021 to support the development of the country’s payments business. Nowadays, many people pay via mobile phones and smartwatches without bank cards. Visa is ready to provide the necessary support to other global players entering the Azerbaijani market,” Doros said.

The regional manager pointed out the advantages of tokenization in e-commerce. Payments of this type enable maximum security, convenience and speed. According to recent Visa studies, 59 percent or about six million Azerbaijanis have a bank card, while 19 percent have two or more. Online credit card payments now account for 16 percent of Azerbaijanis’ spending.

“Visa actively partners with financial institutions to support small and medium-sized enterprises (SMEs). The global project She’s Next, which was also implemented in Azerbaijan, can serve as an example. The project focuses on developing local businesses through education along with supporting women’s leadership. A growing number of online payments increases transparency in doing business and leads to increased household income, benefits and other payments. The more SMEs participate in the digital economy, the stronger the state economy becomes,” noted Doros.

As she said, a small percentage of online payments fall into the regions of Azerbaijan. Baku residents have no problem with cashless payments, but Visa and the government still need to work on developing the infrastructure and financial literacy to make digital payments available outside of the capital.

She also noted that Visa, together with Kapital Bank, has taken the first step in this regard.

“The launch of the Mobile POS solution based on Visa’s tap-to-phone technology enables the acceptance of cashless payments on the Android platform. Visa is actively working with Azerbaijani banks to develop the relevant area,” said the regional manager.

The market entry of global players such as Apple Pay, Google Pay and PayPal is accompanied by explosive growth in the number of transactions.

“The convenience factor is paramount, as you don’t have to pull out a wallet, credit card or cash for any type of payment. You can just use a cell phone or a smartwatch to do it.” The entry of major economic players into new markets opens up new segments for the development of cashless payments,” said Dorosh.

She also outlined Visa’s investment of over $9 billion in cybersecurity development over the past five years.

“The security element is a necessary step in setting up a solution. Fraud has always been an integral part of the online environment. Visa makes a big contribution to fighting fraud. Over the past five years, the company has invested more than $9 billion in cybersecurity, specifically anti-fraud systems. To create a solution against certain types of fraud, Visa has invested $500 million in AI and data infrastructure. The mentioned solution allowed us to prevent very large fraudulent transactions in 2021. Visa’s enhanced authorization alone helped protect $26 billion in customer funds from fraud last year. The continuous improvement of technology and the development of financial knowledge of our users help the company to make very effective decisions to fight cybercriminals,” said Doros.

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