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Visa concerned in advancing subsequent section of Azerbaijan’s int’l cost system – VP (Interview) (PHOTO/VIDEO)



BAKU, Azerbaijan, February 21. Visa is actively
engaged on the subsequent stage of improvement of the worldwide
funds system in Azerbaijan, Cristina Doros, Vice President and
Regional Supervisor for Visa in Central Asia and Azerbaijan, informed
Pattern in an
unique interview.

”The B2B Join challenge has grow to be vital for the nation
because it was the primary launch within the areas of Central and Jap
Europe, Center East and Africa. The expertise of Kapital Financial institution,
which launched the product first, turned out to be very attention-grabbing
for the remainder of the contributors of the banking system in
Azerbaijan. Now we have seven banks in Azerbaijan alone which have
launched this platform, and extra banks are engaged on it. Moreover
the present cost options, we’re actively engaged on the subsequent
stage of improvement of the worldwide cost system,” she
stated.

In response to Christina Doros, Visa has already carried out the
first half – introducing the B2B Join platform, which serves
funds for authorized entities, primarily for medium and huge
firms.

”As a rule, firms make these funds for comparatively giant
quantities. Nevertheless, we perceive that there’s a big want for
worldwide funds not just for authorized entities but additionally for
people. People also can switch cash to buddies,
colleagues, acquaintances, kids, and household overseas, in addition to
do enterprise,” she emphasised.

Cristina Doros additionally famous that to make the answer for
cross-border transfers complete and full, Visa is working
on the implementation of the Visa Direct to Account (VDA)
resolution.

”This is a chance to switch funds to accounts overseas,
even not essentially to a card, however simply to accounts. Visa supplies
a handy, safe, and quick resolution for nearly any objective of
transferring cash overseas. There may be B2B Join for authorized entities,
and for individuals who switch from card to card, there’s a Visa
Direct platform, which lets you make transfers to the cardboard
quantity. The third course is switch from card to accounts. The
fourth course – from playing cards to wallets – can be in improvement.
All these providers collectively create a full-fledged platform of
worldwide transfers, satisfying all wants,” she concluded.

In response to Cristina Doros, Visa’s relations with Azerbaijani
banks are strengthening and increasing.

”In fact, banks are our principal companions within the improvement and
implementation of modern options. We cooperate with all banks
in Azerbaijan and we’re very completely happy that yr by yr this
cooperation solely strengthens and expands. Earlier, maybe, we
centered on narrower areas – playing cards, card merchandise, applied sciences –
however now Visa cooperates with banks a lot wider, in numerous areas.
This contains advertising, consulting providers, and what we name
”managed providers” – work that we do virtually on behalf of the
financial institution. We develop a challenge collectively, after which the Visa staff
implements a sure a part of the work for a selected accomplice. The
cooperation will solely develop, and we’re sincerely completely happy about it,”
she stated.

Cristina Doros additionally famous that in 2013-2014 Visa first
carried out contactless funds within the nation.

”Throughout these years it involved buying, after which it expanded
to issuing. Now the terminals can settle for contactless funds and
in flip, playing cards can be used to pay contactless. Later, in 2019,
we collectively with the Worldwide Financial institution of Azerbaijan for the primary
time launched
tokenization know-how – Visa Token Service. This led to the
look of one thing we name a banking or issuer pockets. Thus,
for the primary time in Azerbaijan, it was attainable to hyperlink a card to
a cell software on a smartphone and pay for purchases with it.
Kapital Financial institution later joined this service, adopted by different banks.
Tokenization created the inspiration for the emergence of Apple Pay
and Google Pay within the nation, which works on its foundation. These
applied sciences at the moment are broadly utilized in Azerbaijan and have gotten
an increasing number of common as a result of it has grow to be quicker, extra
handy, and safer to pay for purchases with them. At current it
is feasible to hyperlink Visa card to Apple Pay in 14 banks, and Google
Pay – in 15 banks,” she stated.

In response to Cristina Doros, one other attention-grabbing space of
cooperation is so-called ’non-card’ funds.

”I’m really proud that Azerbaijan Kapital Financial institution has grow to be the
first financial institution within the huge area of Central and Jap Europe, Center
East, and Africa, comprising 88 international locations, to implement B2B
Join. This can be a non-card resolution that permits firms serviced
by the financial institution and engaged in energetic export-import actions to make
worldwide cross-border funds conveniently, securely, and in
a managed method. Those that work on this area understand how
troublesome it could actually generally be to trace down which correspondent
financial institution your cost is with. B2B Join permits the sender to at all times
know the place his cash is. This resolution is now carried out in seven
banks in Azerbaijan,” she stated.

Persevering with the theme of cooperation with banks, the Vice
President famous a number of socially vital tasks.

”For instance, transportation options, corresponding to the likelihood
to pay for transportation fares contactless with an everyday financial institution
card, with out the necessity to buy extra transportation playing cards
and replenish them. Now we have carried out a contactless fare cost
system on the Baku-Sumgayit department line in partnership with the
Central Financial institution of Azerbaijan (CBA), the Worldwide Financial institution of
Azerbaijan (ABB), and Azerbaijan Railways. Validators (terminals
for accepting card funds) have been put in at 14 stations.
Now it’s attainable to pay fares by contactless card when touring
on the Baku-Sumgayit ring and again. We see how individuals who could not
have beforehand used playing cards for cost and most popular money, after
the primary try to pay for transportation by card perceive how
simple it’s, and uncover the world of digital funds,” she
commented.

Cristina Doros additionally emphasised that many passengers then begin
utilizing digital cost means in different areas of life, for instance, in
supermarkets, fuel stations, pharmacies, and so forth.

”Thus, transportation is turning into a big space of digital
funds improvement, and we’re sincerely happy with the work carried out.
We launched a brand new know-how of transportation funds in our
area, particularly in Baku, on the railroads. We name it MTT – Mobility
& Transit Transaction. Now we’ve launched this technique on the
railroads, however our aim is to proceed integrating totally different modes
of transportation. The know-how permits us to mix [subway,
bus, and rail] funds for the entire day into one transaction,
making an allowance for the fares of every mode of transportation and
their fare schedules. It really works effectively. Completely different fares rely
on zones and in addition in your standing – whether or not you’re a pensioner, a
pupil, or a schoolchild. The system can account for all these
elements. And this has additionally been launched in Baku and our area,”
she concluded.

In response to Doros, the know-how rolled out by Visa on railway
routes is only the start by way of transportation system
improvement.

”We’re open to discussing the probabilities of implementing
contactless cost on the Baku metro, floor transportation, and
so on. Our Mobility & Transit Transaction (MTT) know-how permits
consolidating all funds in public transportation,” she stated.
”This can be a vital prospect – for instance, parking cost can
even be built-in right here. These points are a part of the method aimed
at creating a sensible metropolis.”

Doros stated that the areas of Central Asia and Azerbaijan are
within the vary of champions by way of innovation improvement.

The Vice President additionally talked about that the Visa staff is actively
working to make sure the continual development of digital funds,
fostering innovation and know-how in each Central Asia and
Azerbaijan.

”Digitalization improvement varies throughout international locations in our
area resulting from numerous elements. Nonetheless, our area is rightly
acknowledged as a frontrunner in innovation and improvement. Nearly
each cost know-how is current in Central Asia and Azerbaijan.
A notable instance is the introduction of the Request to Pay service
in Kazakhstan utilizing Visa Direct. This marked the world’s first
implementation of such a service, enabling customers to request cash
transfers from different financial institution purchasers or break up payments,” she stated.

”As an illustration, I may generate a request by the
cell software, prompting you with a message like, ’Cristina is
requesting a $10 switch. Affirm: Sure or No?’ Upon deciding on
’Sure, switch,’ a Visa Direct-based transaction is initiated,
transferring the cash out of your account to mine,” Doros added.

In response to her perspective, this represents a captivating
software of know-how, notably within the context of
particular person transfers, corresponding to dividing shared bills amongst
buddies. The speaker additionally highlights that the corporate supplies
options tailor-made for personal entrepreneurs.

”Taking a bigger view of this know-how, its applicability can
prolong to the customer-to-business (C2B) mannequin. This permits for the
unrestricted improvement of micro- and nano-companies. This
contains individuals who promote materials, weblog, provide issues on social
media, or run different small companies. Entrepreneurs with a Visa
Enterprise card can now take digital funds, increasing the present
acceptance channels through POS terminals. The Visa Enterprise card
serves as a cost acceptance level with out the usage of any
extra gear. This supplies large prospects for the
quite a few people presently creating their small enterprises,
permitting them to take action digitally,” added Visa VP.

Doros talked about that the Nationwide Financial institution of Kazakhstan is actively
engaged on the introduction of digital forex (digital
tenge).

”In partnership with the Nationwide Financial institution of Kazakhstan, the
Nationwide Cost Company, and three main banks within the
nation, we’ve issued the world’s first Visa playing cards linked to the
digital tenge. There are money and non-cash funds, and now there
is a 3rd type of forex referred to as CBDC (Central Financial institution Digital
Forex). The world’s first CBDC-linked card was launched by us
in Kazakhstan,” she defined.

In response to Doros, Visa actively collaborates with numerous
stakeholders out there, together with commerce and repair
enterprises, fintech firms, and regulators.

”Partnership with all market contributors, based mostly on innovation
and know-how, permits us to ease the lives of people that use
cost providers often, giving them extra monetary choices.
This contributes to enhancing prosperity because the capability to make use of
monetary devices permits for more practical administration of
small corporations, boosts household revenue, and helps common financial
improvement,” she added.

In response to the VP, relating to the general enchancment of
transport methods, it is price emphasizing with satisfaction that Visa
occupies a big international place within the evolution of cost
options for transportation.

”Residents in quite a few cities worldwide have already embraced
the comfort, pace, and safety of cashless funds in
transportation, facilitated by Visa applied sciences. This information,
expertise, and know-how are constantly utilized in Central Asia
and different areas the place we function. As an illustration, in Tashkent,
Uzbekistan, we have enabled contactless cost throughout all modes of
public transportation, with validators at each metro station.
Equally, we launched contactless cost on public
transportation in Bishkek, Kyrgyzstan. In Azerbaijan, residents can
use contactless playing cards for funds on the Baku-Sumgayit ring practice
route. Moreover, contactless cost is out there in Almaty’s
metro and buses throughout seven different cities in Kazakhstan,” she
stated.

”Within the metropolis of Tbilisi, Georgia, we’ve carried out
contactless cost choices for each metro and surface-level public
transportation. Furthermore, in six extra cities throughout Georgia,
this comfort is out there for bus passengers. Consequently,
practically all of the capitals within the international locations the place we function,
together with Ukraine’s Kyiv, Moldova’s Chisinau, and Balarus’ Minsk,
in addition to over 50 smaller cities, at the moment are geared up with the
functionality for contactless funds. We stay ready to additional
introduce these applied sciences in Baku,” stated Visa VP.

In response to her, there’s presently an intriguing phenomenon in
the realm of cost improvements, and every of us is actively
engaged in it.

”Cost improvements had their origins within the US, notably with
the founding of Visa 65 years in the past. It may be asserted that the
firm was the world’s pioneering fintech entity to seamlessly
combine monetary info and know-how. Presently, we
observe an rising variety of cost improvements rising in our
area. The eagerness of banks to undertake modern applied sciences and
the willingness of the inhabitants to embrace them each play pivotal
roles on this improvement,” she added.

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