2024-07-02 07:10:53
Supply: Worldwide Info Company Development
Visa is actively working to develop the checklist of Azerbaijani banks related to Apple Pay and Google Pay.
As reported by Day.Az, Nurlan Hajiyev, Senior Director and Regional Supervisor of Visa in Azerbaijan, stated this in an unique interview with Development.
“Tokenization was launched in Azerbaijan solely in 2019. Nevertheless, as we speak the penetration of tokenized funds within the nation is noticeably larger than in lots of different nations, together with those who have applied this expertise earlier. We’re proud to notice that for the time being, each fifth non-cash transaction in Azerbaijan (this contains, for instance, funds utilizing bodily playing cards or on-line funds within the area of e-commerce) is made utilizing probably the most trendy and superior technique – contactless. This can be a exceptional indicator,” stated Nurlan Hajiyev.
The senior director of Visa additionally reminded that at the moment 14 Azerbaijani banks are related to Apple Pay and have handed the corresponding certification, and 15 banks to Google Pay.
“Azerbaijan has made a major leap on this path in a brief time period: Apple Pay got here to the nation in 2021, and Google Pay in 2022,” he emphasised. “After all, we hope that the variety of related banks in Azerbaijan will proceed to develop. We’re happy to cooperate with varied market gamers and are open to new partnerships.”
In keeping with Hajiyev, within the close to future Visa plans to implement a brand new challenge in Azerbaijan as a part of the worldwide initiative to help girls entrepreneurs She’s Subsequent Empowered by Visa.
“The She’s Subsequent Empowered by Visa initiative was launched in Azerbaijan in 2021 and instantly discovered a terrific response amongst Azerbaijani girls. The primary wave of this system was applied that very same 12 months. Greater than a thousand Azerbaijani girls attended instructional webinars on varied matters helpful for doing enterprise. In 2022, we expanded the initiative: we held the Visa Elevator Pitch Day competitors. Greater than 600 girls entrepreneurs and ladies planning to start out their very own enterprise submitted purposes for participation. The ultimate of the competitors was very touching, such feelings are troublesome to explain in phrases: all individuals offered very well-thought-out, vital and galvanizing initiatives. Two winners of the competitors acquired money grants to develop their companies. Within the close to future, we plan to launch the third wave of the She’s Subsequent Empowered by Visa initiative in Azerbaijan,” stated Nurlan Hajiyev.
Visa’s regional supervisor in Azerbaijan additionally shared different alternatives for ladies entrepreneurs that the corporate supplies.
“Immediately, the She’s Subsequent digital neighborhood platform from Visa is out there to girls entrepreneurs from Japanese and South-Japanese Europe, Central Asia and the Caucasus,” he added. “This can be a great platform that unites girls entrepreneurs and ladies leaders and supplies them with instruments for networking, sharing experiences and increasing their enterprise internationally.”
In keeping with Visa’s senior director and regional supervisor, the platform at the moment has greater than a thousand energetic individuals.
Nurlan Gadzhiev famous that Visa is able to help the event of cashless funds in transport in Azerbaijan.
“We’ve already applied a transport challenge within the nation along with Azerbaijan Railways, the Worldwide Financial institution of Azerbaijan and the Central Financial institution: we launched contactless funds on the Absheron Ring Railway, on the Baku-Sumgayit route, which incorporates 14 stations. At every of them, passengers will pay for journey with a cost card, in addition to a telephone, watch and cost ring,” shared the regional supervisor of Visa.
In keeping with Nurlan Gadzhiev, this challenge has grow to be one of the profitable examples of the introduction of cashless funds, which different nations are following.
“For the primary time within the area of South-Japanese Europe, the CIS, Ukraine and Georgia, we have now applied the Mobility & Transit Transaction (MTT) system. Immediately, that is probably the most superior cost resolution within the transport sector. I wish to be aware that globally, cities resembling London and Vancouver are leaders on this space, and we’re happy to implement comparable applied sciences in Azerbaijan,” the senior director stated.
Nurlan Gadzhiev additionally emphasised that transport initiatives require the mix and integration of assorted parts of the ecosystem, and Visa is open to cooperation with all market gamers and is happy to proceed sharing its expertise and achievements on this space.
Visa has invested greater than $500 million in synthetic intelligence and knowledge infrastructure over the previous 5 years, he stated.
“Synthetic intelligence is among the most promising industries and a worldwide pattern as we speak. Visa has been engaged on the event and implementation of synthetic intelligence for 30 years, being one of many pioneers on this area,” stated Visa’s senior director.
In keeping with him, one of many foremost areas of utility of AI is guaranteeing the safety of the cost ecosystem.
“Visa has applied 100 completely different instruments that use AI to make sure safer cash motion and stop fraud, amongst which I wish to spotlight the Visa Superior Authorization resolution. Over the previous 5 years, Visa has invested $10 billion within the growth of anti-fraud programs and monitoring of such transactions, together with $500 million in synthetic intelligence applied sciences. Due to this, in 2023 we managed to stop fraud price greater than $40 billion, which is nearly double in comparison with 2022,” the regional supervisor added.
Hajiyev famous that Visa works not solely with banks, fintechs and monetary establishments, but in addition with regulatory our bodies and authorities businesses of Azerbaijan.
“We’re pleased with the profitable partnerships we have now managed to type, resembling with the Nationwide Olympic Committee of Azerbaijan. In the course of the upcoming Summer time Olympics, Visa shall be one of many foremost companions of our Olympic staff, which we’re very pleased with. We imagine that this 12 months in Paris, our athletes will have the ability to affirm and even surpass their earlier successes, proving that Azerbaijan is a sporting nation,” he shared.
In keeping with Nurlan Hajiyev, Visa additionally cooperates with the Training Growth Fund underneath the Ministry of Training and Science of Azerbaijan.
“In March, throughout our Visa Cashless Discussion board, we first introduced our partnership and are actively collaborating in varied areas, together with throughout the framework of social initiatives,” stated the senior director of Visa.
He additionally burdened that the Central Financial institution of Azerbaijan is certainly one of Visa’s key companions within the native market.
“We’ve many joint initiatives and occasions with the Central Financial institution. Due to our partnership, Visa Token Service was launched. Additionally, with the help of the Central Financial institution, a transport challenge was launched on the railways. Along with them, we labored on the implementation of Faucet to Telephone – a expertise that turns an Android smartphone right into a POS terminal. Lately, we applied a program to enhance monetary literacy amongst schoolchildren. We additionally held seminars for the Central Financial institution in varied areas, together with cost safety. Our partnership with the Central Financial institution is barely getting stronger, and we’re at all times completely happy to help initiatives to develop digital funds in Azerbaijan,” Nurlan Hajiyev emphasised.
In keeping with him, the Azerbaijani market has made a breakthrough within the area of digital funds.
“I’ll title just some figures: over the previous two years, the variety of non-cash transactions utilizing Visa playing cards in Azerbaijan has grown by 3.3 occasions, and their quantity has elevated by 2.6 occasions,” the senior director shared.
He additionally spoke concerning the initiatives that Visa has applied within the nation along with its companions.
“Among the many initiatives we have now not too long ago applied in Azerbaijan is the replace and relaunch of the Visa Pay Metropolis 2.0 platform. This platform gives privileges, reductions and automatic bonuses from over 100 companions. It is usually centered on token transactions, which inspires using non-cash funds,” the senior director stated.
In keeping with him, Visa additionally pays nice consideration to the event of the journey sector.
“Visa premium card holders have entry to a wide range of providers and privileges that they will use whereas touring. In the summertime, which has already grow to be a superb custom, our partnership with Sea Breeze, the most important resort in Azerbaijan, will proceed. Nice surprises, reductions and extra privileges on the territory of the resort await Visa premium card holders,” shared Nurlan Hajiyev.
Visa’s regional supervisor in Azerbaijan additionally added that to be able to help small and medium companies, Visa, along with Kapital Financial institution, has launched Faucet to Telephone expertise for the primary time.
“This expertise lets you flip Android smartphones with an NFC module into POS terminals, which eliminates the necessity to purchase and set up cumbersome money register tools. Serving to small and medium-sized companies uncover the probabilities of digital funds has been and stays our precedence,” he concluded.
Visa (NYSE: V) is the worldwide chief within the digital funds business. Visa processes cost transactions between shoppers, companies, monetary establishments, and governments in additional than 200 nations and territories. Visa’s mission is to attach the world by way of an modern, handy, dependable, and safe cost community to assist shoppers prosper and companies and economies thrive.