Central Bank of Azerbaijan intends to expand cooperation with UnionPay

BAKU. Jan 30 (Interfax) - The Central Bank of Azerbaijan and China's UnionPay payment system have signed a memorandum of cooperation.

According to the Central Bank, the document was signed during a video conference meeting between Deputy Chairman of the Central Bank Vusal Khalilov and Chairman of UnionPay Wang Lixin.

"The memorandum contributes to creating the legal framework for cooperation between the Central Bank and UnionPay, strengthening partnerships and expanding mutual activities in the area of issuing and processing UnionPay cards, integrating cross-border money transfer systems, and applying QR code and token technologies," according to the statement.

The memorandum envisages developing cashless payments, ensuring more stable and secure use of cards, issuing payment products and services, developing new products, and defining the technical architecture and mechanisms to ensure transitioning to a cashless economy.