Central Bank and Visa sign Strategic Cooperation Agreement

08-05-2021

07 May 2021, Baku: The Central Bank and Visa signed a Strategic Cooperation Agreement to determine the directions for mutual cooperation within the frames of implementation of the measures intended for expansion of digital payments in the country.

The Central Bank always cooperates with leading global payment organizations to develop digital payments in the country. Over the past period the Bank has realized several successful projects as part of the implementation of the ‘State Program on expansion of digital payments in the Republic of Azerbaijan. Within the frames of mutual cooperation promo campaigns were held to boost public interest in digital payments, Visa Token Service, an innovative solution that ensures secure payments using mobile devices, was brought to the country and applied in a number of banks, at the same time, the initial stage of the project to pay fares on the country's railways with contactless bank cards was implemented.

The new strategic agreement, signed to continue cooperation with Visa, includes initiatives to support key drivers accelerating the development of the payment market, introduction of innovative payment solutions, increase in mobile payments, as well as expansion of financial literacy and inclusion.

To note, the Central Bank supports initiatives on innovative solutions in expansion of digital payments and always focuses on bringing the latest related experience to our country.