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United Payment secures e-money licence in Azerbaijan

Tuesday 28 May 2024 12:05 CET | News

Fintech company United Payment has announced that it secured an e-money licence from the Central Bank of Azerbaijan, allowing it to provide additional capabilities. 

At the time of the announcement, United Payment became the first Turkish company to receive an e-money licence from the Central Bank of Azerbaijan. By securing the licence, the fintech, which has been offering its services in the region since 2021, received the ability to open an account, electronic money, and virtual POS solutions, as well as national and international money transactions within the legal framework.

Fintech company United Payment has announced that it secured an e-money licence from the Central Bank of Azerbaijan, allowing it to provide additional capabilities.

In addition to Azerbaijan, United Payment currently operates in Georgia, Romania, England, and Turkey, and the current news allows it to continue to expand the region’s financial inclusion, increase digital payment channels, and develop cashless payments. By finishing the e-money licence procedures, United Payment is set to begin offering the payment service of the Turan mobile application.

United Payment’s development strategy

Providing solutions for companies of all sizes, including banks, multinational firms, small and medium-sized enterprises (SMEs), municipalities, and other fintechs, United Payment is committed to allowing everyone to have access to financial instruments and increasing financial inclusion across the regions it operates in.

According to United Payment’s officials, the e-money licence enables the company to continue its work in Azerbaijan, while also expanding its capabilities. Considering the attachment between Turkey and Azerbaijan in social and economic areas, United Payment aims to further solidify its position in the country. The firm plans to provide several services to its customers within the framework of regulation, including opening a payment account, electronic and cash collection, credit collection, performing transactions with payment cards and similar payment systems, payment with QR, money transfer, and opening an e-money account.

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Keywords: banking license, payments , financial inclusion, financial services, regulation
Categories: Payments & Commerce
Companies: United Payment
Countries: Azerbaijan
This article is part of category

Payments & Commerce

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United Payment

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