“Visa Token Service” will enable cashless payments to be done via mobile phones in Azerbaijan along with payment cards, Tamerlan Rustamov, Head of Financial Markets Infrastructure Supervision Division at Financial Market Supervisory Authority (FIMSA), said at a press conference on presentation of ‘Visa Token Service’ system.

“Under the Visa Token Service, the payments will be done via mobile phones, and the security level on data during the transactions will be increased and innovative solutions will be applied,” Rustamov said.

According to him, rules were prepared to get bank cards in distance and these rules are being agreed with the relevant bodies: “A law on ‘Payment systems and payment services’ has been elaborated and already agreed with the relevant bodies. This will play a great role in formation and extension of cashless operations.”

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At the end, FIMSA and Visa signed a memorandum of understanding. The memorandum was signed by Tamerlan Rustamov and Cristina Doros, VISA Country Manager for Caucasus region.