Azerbaijan and Visa plan to cooperate in developing digital payment ecosystem, supporting SMEs

BAKU. Sept 9 (Interfax) - The Azerbaijani Economy Ministry and Visa Inc. , the operator of the largest payment system in the United States, have signed a memorandum of understanding to expand the use of the company's financial solutions in the country.

The signing of the document was announced by Economy Minister Mikayil Jabbarov on social media.

"The signed memorandum will contribute to the expansion of modern financial solutions in Azerbaijan and the promotion of financial inclusion," Jabbarov said.

Jabbarov held a meeting with Visa's Senior Vice President for the CIS, Eastern and Southeastern Europe, Kristina Dorosh, during which they exchanged views on cooperation opportunities, the development of the digital payment ecosystem and mechanisms for supporting small and medium-sized businesses (SMEs).

Visa has been implementing various projects in Azerbaijan's public and private sectors since 1998. In recent years, Visa launched the Visa Token Service technology in the country, which created the infrastructure for launching Apple Pay and Google Pay, the B2B Connect solution, contactless payments on railways and a number of other projects.