Azerbaijan to create national payment system

/By AzerNews/

By Nigar Orujova

Azerbaijan plans to create its first national payment system this summer, said Jalal Orujov, executive director of the processing center "Millikart Group".

Several companies are working towards creating an electronic payment system in Azerbaijan now, he said.

"These companies have chosen different form factors. One company is developing through the Internet site, the other - through the mobile app. However, until the end of 2015 there will be, at least two payment systems that will allow make payments on the expenses of the money that customers will be uploaded to their accounts,” Orujov explains.

“That is, payment will be made not with a card or a bank account, but an account with electronic money. In fact, it will be the Azerbaijani analogue of PayPal or WebMoney,” he said adding that one of them will be launched by the summer.

Today, Paypal electronic payment system operates in 203 countries, has more than 137 million registered users, and works with 26 national currencies. However, in some countries it provide not all range of services, and Azerbaijan is in this list.

The new system will allow the client to make payments from anywhere in the world online or via a mobile application.

"This can be done from your account on the website of the system or through a mobile application identified by entering a password or PIN-code. Moreover, in addition to service payment, the system will be integrated with online shopping. As a result, now when you select a payment method, the option of payment through the payment system will be available along with the card payment option," he added.

Earlier it was reported, that in the future, it is possible that the system will be transferred to all social security cards that perform payment of pensions, scholarships, grants and others.

This measure will allow to reduce the cost of issuing and servicing of these cards, which are currently available on the platforms of international payment systems Visa and MasterCard.

In addition, the Azerbaijani Transport Ministry is now working on the installation of the card payment system in public transport. Furthermore, these cards will be available for usage in subway, catering and taxi.