The Central Bank of Azerbaijan (CBA) and Visa have signed a Strategic Cooperation Agreement to determine areas of cooperation within the implementation of measures intended for expansion of digital payments in the country, Report informs, citing the Bank.

The CBA is constantly cooperating with leading organizations in global payments in order to develop digital payments in the country. Over the past period, many successful projects have been signed within the implementation of the “State Program for the expansion of digital payments in 2018-2020” together with Visa, which has acted as a strategic partner of the Bank. Within the framework of cooperation, incentive campaigns were held in order to increase public interest in digital payments in the country, Visa Token Service, an innovative solution that ensures secure payments using mobile devices, was introduced in the country and implemented in some banks. At the same time, the initial stage of the project to pay the railway fares by contactless bank cards has been completed.

The new strategic agreement, signed to continue cooperation with Visa, includes the realization of initiatives to support key drivers that accelerate the development of the payment market, introduce innovative payment solutions, increase mobile payments, as well as expand financial literacy and inclusion.