MasterCard negotiating with Azerbaijan to expand cooperation with SMEs

By Trend

MasterCard, an international payment system, transnational financial corporation, is negotiating with Azerbaijan to expand cooperation with small and medium-sized enterprises (SMEs), MasterCard representative in Azerbaijan Erdem Chakar told Trend.

According to Chakar, MasterCard is ready to offer exclusive solutions to Azerbaijani retailers, distributors, gas stations.

"Tap to phone (a technology for accepting payments from contactless cards and mobile wallets using a device equipped with an NFC chip) is great for courier and taxi services and similar services. The introduction of Tap to the phone will allow an entrepreneur to start accepting payments from any contactless card or mobile wallet from their NFC-enabled device," he said.

He noted that this solution does not require additional equipment. It can be used anywhere and there is no need for a POS terminal. Implementation of this solution in the Azerbaijani market will provide additional integration of such business solutions as invoicing, revenue management, and transparent reporting.

In addition, according to a MasterCard representative, holders of MasterCard credit and tax cards issued in Azerbaijan will be able to make installment payments in Turkey from the second half of 2022.

"If you want to buy a refrigerator, oven, or furniture, and you don’t have all the money with you, you can pay in installments using MasterCard credit cards. All this is done with the aim of stimulating non-cash payments. All holders of MasterCard taxit and credit cards issued in Azerbaijan will be able to use this service," Chakar said.

Chakar also noted that MasterCard uses the most modern technologies to ensure maximum security of payment transactions.

"Due to the growth of non-cash payments, all transactions in MasterCard are brought in line with international standards. Non-cash means are much more reliable than cash. You can lose cash, and if you lose your card or your card is stolen, then you can block the card with one call to the bank and the money will be saved, and the bank that issued your card will be responsible for their safety. In addition, our standard for the security of the payment card industry, which is used by banks, provides a complete guarantee of the safety of finances in bank accounts. Several years ago, we introduced MasterCard - Masterpass technology in Azerbaijan, which allows users to keep their cards under the protection of MasterCard," he said.

The representative of MasterCard in Azerbaijan also noted the connection of the country's banks to Apple Pay.

"All information about the holder of a bank card is tokenized and transmitted to processing in encrypted form. This is the highest level of security. Online transactions can be made using various applications. Azerbaijani users have already begun to actively register their cards on mobile devices and Apple watches and use them like bank cards. With the launch of Apple Pay, these devices (smartwatches and smartphones) become bank cards. All structures where contactless transactions are accepted can make payments using Apple Pay. We support cashless payments in Azerbaijan. In 2021, the volume of non-cash transactions in Azerbaijan doubled compared to 2017," he stressed.

Furthermore, Chakar shared MasterCard's plans to expand the possibilities of non-cash payment for public transport in the districts of Azerbaijan.

"One of the drivers of the growth of non-cash payments in Azerbaijan was the introduction of payment for travel on public transport using a bank card. In 2020, we launched a pilot project of non-cash payment for travel on 25 buses in the city of Shamakhi. This project contributed to the complete transition to cashless payments. Today, in the field of public transport in this city, more than 4,000 non-cash payments are made. We are continuing negotiations with the relevant structures of Azerbaijan to expand non-cash payments in other cities of the country," the representative of MasterCard said.