Central Bank of Azerbaijan, Visa sign memorandum of understanding

The Central Bank of Azerbaijan (CBA) and the Visa International Service Association signed a memorandum of understanding in order to determine the areas of cooperation as part of Azerbaijan’s State Program for the Expansion of Electronic Payments in Azerbaijan for 2018-2020, Trend reports referring to the CBA.

According to the memorandum, the parties agreed on cooperation in e-commerce, mobile payments, access to modern payment instruments in various sectors of the economy, and financial literacy.

At the same time, both organizations are planning to hold joint lotteries and other activities in Baku and other regions of Azerbaijan by the end of 2020 to promote cashless payments, encourage modern payment solutions and analyze the current situation regarding online payments.