Web Desk April 28, 2021

International payment system Mastercard will continue cooperation with Azerbaijan on expanding financial inclusion through the use of technological innovations, Trend reports with reference to the Central Bank of Azerbaijan (CBA).

“Within the framework of the work carried out in this area, a memorandum of understanding was signed between the CBA and Mastercard in order to determine the directions of mutual cooperation in the development of digital payments in Azerbaijan,” said the bank.

According to the CBA, the new strategic agreement signed for the sustainable development of digital payments also provides support for the implementation of innovative payment instruments for small and medium-sized businesses, the organization of seminars and trainings for various groups to increase confidence in non-cash payments, exchange of experience in the areas of cybersecurity, artificial intelligence, and the latest technological trends.

“Over the past years, together with Mastercard, which acted as a strategic partner of the Central Bank, the ‘Cashless Azerbaijan’ project was implemented, as well as a number of successful projects were signed within the State Program for the Expansion of Digital Payments in Azerbaijan for 2018-2020,” the bank said.

“As part of mutual cooperation, with the support of relevant structures, for the first time in Azerbaijan, projects such as a multifunctional “Educational smart card” in the field of education, contactless payment of travel by cards in cities selected as pilot cities were implemented. In addition, numerous campaigns have been organized to promote the use of non-cash payments and a number of activities have been carried out to raise public awareness of digital payments,” the CBA message said.

The Central Bank of Azerbaijan supports the initiatives of international organizations in the field of expanding digital payments in Azerbaijan and pays attention to the implementation of the latest experience in this direction.

 

Source: TREND News Agency

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