Following this announcement, The Central Bank of Azerbaijan (CBA) will continue to optimise the country’s overall financial infrastructure and drive optimisation, security, and modernisation in the payment sector.
The partnership with Visa is set to underscore the commitment to meet the needs, preferences, and demands of customers in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry.
Throughout this strategic deal, the Central Bank of Azerbaijan is expected to leverage Visa’s expertise, suite of solutions, and technological development in order to provide clients with secure and efficient tools. This will give them the possibility to access optimised accessibility of payment methods in the region of Azerbaijan.
The partnership represents an important step in the process of driving forward-looking initiatives that align with Azerbaijan’s overall vision for a modern, safe, and inclusive financial ecosystem. By using Visa’s global network and improved practices, the Central Bank of Azerbaijan is expected to accelerate the development of digital payment innovation, as well as allow businesses and clients to access convenient payment experiences. In addition, the companies will foster financial inclusion and the overall transition towards cashless transactions, as well as driving economic growth.
At the same time, the exchange of ideas that took place between the CBA and Visa was focused on the financial institution’s commitment to collaborate in order to design new avenues and solutions in the financial technology landscape. The partnership is set to unlock new opportunities and drive sustainable growth in the country’s overall financial sector, while also focusing on identifying emerging trends, exploring technological advancements, as well as implementing new services that improve the security and efficiency of the payment systems.
The companies will prioritise the inclusion of contactless payment technologies, mobile payment applications, as well as secure authentication methods. These are aimed at providing clients and businesses with convenient and safe payment methods. The CBA will also focus on developing and implementing policies and regulations that foster a conducive environment, while ensuring client protection and financial stability at the same time.
Both Visa and the CBA will engage in capacity-building initiatives and training programs, all aimed at optimising the skills and knowledge of FIs, merchants, and customers in the country.
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