BAKU, Azerbaijan, July 12
By Sadraddin Aghjayev - Trend:
Azerbaijan's PayRiff payment system creates favorable conditions for business in the field of e-commerce, founder and director of the company Turkan Farzaliyeva told Trend.
“The actual turnover of funds is expected to increase in connection with the expansion of the use of non-cash payments in Azerbaijan and the reduction of cash turnover,” Farzaliyeva added.
The "Strategic Roadmap for Development of Telecommunications and Information Technologies in Azerbaijan", approved upon the decree of the president of Azerbaijan #1138 dated December 6, 2016 and the "State Program for the Expansion of Digital Payments in Azerbaijan in 2018-2020" was developed to implement the measures envisaged to expand the use of non-cash payments.
Moreover, a new digital partnership agreement was signed between MasterCard and the Central Bank of Azerbaijan until 2025.
"The goal of the program is to expand the use of non-cash payments in the country and reduce the volume of cash turnover,” the founder of the company said. “The main spheres of the program that we are implementing are to improve the institutional environment for digital payments, revitalize the banking sector, create a digital ecosystem and raise public awareness about digital payments."
“PayRiff project has aroused great interest among investors, who continue to invest in its development both in the local market and in the context of the plans to enter the foreign markets,” the founder of the company said.
PayRiff renders its payment services in Azerbaijan and they will be presented in the markets of the nearest regions, namely, in Georgia and Turkey, in the future.
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