Azernews.Az

By Sabina Mammadli

The launch of Google Pay will significantly increase the share of non-cash payments in the total turnover of Azerbaijan, MasterCard General Director for Azerbaijan and Turkiye Avsar Gurdal said.

The remarks were made during an online press conference dedicated to the launch of Google Pay in Azerbaijan.

According to him, this type of payment is also the safest, because the phone owner needs to first provide an appropriate password, fingerprint, or biometric data to make the payment.

He informed that Android devices in Azerbaijan today account for 70 percent. Thus, the launch of Google Pay will significantly increase the share of non-cash payments in the total turnover.

He stressed that the company will present appropriate discounts for MasterCard cardholders in Azerbaijan.

MasterCard shares innovations, technologies, and other products with Azerbaijan to accelerate the digitalization of payments, he added.

Then, the official pointed out that payments made with electronic devices accounted for eight percent of the total turnover of Azerbaijan from January through July 2022. He noted that it is planned to increase this indicator payments up to 40 percent in the same period in 2023.

During the press conference, Gurdal stressed that contactless bank cards in Azerbaijan account for 80 percent of total cards number with 9 million out of 12 million bank cards being designed to make contactless payments.

"To simplify the electronic commerce procedure, we have launched our own MasterPass system, which allows to store card data securely, and does not require re-entering card data during subsequent purchases," he noted.

Aiming to increase non-cash payments in payment for services of small entrepreneurs, it is planned to launch a Tap To Phone payment access in Azerbaijan.

Furthermore, he noted that MasterCard plans to increase the share of non-cash payments to 50 percent in the Azerbaijani market.

Stressing that electronic payments in Azerbaijan account for 20 percent and the company aims to increase them to 50 percent, Gurdal added that the company is conducting relevant work both with the Central Bank of the country and with local partner banks in order to archive the goal.

"MasterCard together with Azerbaijani Central Bank, educational institutions, and some other structures, is carrying out appropriate work on the expansion of non-cash payments in the regions of Azerbaijan. MasterCard's strategy for cooperation with Azerbaijan also reflects it," Gurdal added.

It was also noted that the company continues to negotiate with the Central Bank of Türkiye on the recognition of Azerbaijani installment cards in Türkiye.

Additionally, the provision of the Azerbaijani installment cardholders with the opportunity to make payments in installments in Türkiye is planned for the near future.

The general director stressed that MasterCard began negotiating with the Central Bank of Türkiye on this issue back in 2021.

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Sabina Mammadli is AzerNews’ staff journalist, follow her on Twitter: @SabinaMmdl

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