Central Bank and MasterCard sign MoU

28-04-2021

28 April 2021, Baku: The Central Bank of the Republic of Azerbaijan has shaped an effective framework for cooperation with international card organizations to expand the coverage of digital payments in the country, increase more convenient, fast and secure payment opportunities using innovative payment tools, instill digital payment habits and increase cashless circulation in the economy.

As part of related efforts, a Memorandum of Understanding was signed between the Central Bank and MasterCard to identify areas of mutual cooperation for the development of digital payments in the country in the next strategic period.

The Cashless Azerbaijan project was implemented jointly with MasterCard, the strategic partner of the Central Bank over the past years, as well as a number of successful projects were realized within the framework of the State Program on Expansion of Digital Payments in the Republic of Azerbaijan in 2018-2020. As part of mutual cooperation, with the support of relevant agencies, for the first time in the country projects like the multifunctional Smart Education Card in education, payment of fares with contactless cards in cities selected as pilots in transport were implemented, numerous campaigns were organized to encourage use of cashless payments, a series of measures were taken to raise awareness on digital payments.

The new strategic agreement, signed for sustainable development of digital payments, aims to expand financial inclusion through technological innovations, support introduction of innovative payment tools for SMEs, organize seminars and trainings for various target groups to increase confidence in cashless payments, covers cyber security, artificial intelligence and continuing cooperation in areas, like exchange of experience on the latest technological trends.

The Central Bank supports initiatives of international organizations in expansion of digital payments in the country and always focuses on bringing the latest related experience to our country.