By Trend

MasterCard is implementing projects to expand contactless and non-cash payments in Azerbaijan in cooperation with the Central Bank and other banks in the country, MasterCard representative in Azerbaijan Erdem Chakar said at the 5th International Banking Forum in Baku, Trend reports.

According to Chakar, e-commerce using MasterCard cards has grown several times in Azerbaijan in 2021.

He added that in 2021, MasterCard also implemented a project to stimulate non-cash payments in the country's supermarkets.

Speaking about the Masterpass payment protection technology, launched in Azerbaijan in 2018, Chakar noted that this technology allows storing bank data in online wallets as securely as possible.

"This solution also ensures the security of making payments on the Internet and prevents cyber-attacks on card data. Starting from 2021, citizens of the country no longer need a physical card. MasterCard, in partnership with Kapital Bank, the International Bank of Azerbaijan, Unibank, and Respublika Bank, has implemented a project to issue a digital card and immediately start making payments. This feature is provided on smartphones based on the Android platform. We launched Apple Pay on the iOS platform and have already launched campaigns in a number of facilities in Azerbaijan," he said.

Chakar added that by making non-cash payments using Apple Pay, every citizen has the opportunity to return up to five manats ($2.94) for payments made in stores and on the online platforms of the company's partners.