BAKU, Azerbaijan, December 6. The global payment system Mastercard is actively working activating money transfers via mobile number in Azerbaijan, Mastercard General Director for Azerbaijan and Türkiye Avsar Gurdal said, Trend reports.
Mastercard is currently collaborating with the International Bank of Azerbaijan on this issue.
“Masterpass is a service that allows customers to transfer money to a mobile phone number by reinventing the traditional technique. For example, you can transfer payments by immediately inputting a recipient's cell phone number from your smartphone rather than typing the person's 16-digit bank card code. The money will be deposited into the recipients' bank accounts using simply their phone number. This substantially facilitates the mutual comfort process. We've made it feasible to transfer money using already-existing information - a mobile phone number. Bank card information is encrypted in the background, and transactions are processed via 'Masterpass'. Here, safety comes first," he said.
"In reality, we launched 'Masterpass' to make e-commerce easier in Azerbaijan. However, this approach will not only be suitable for e-commerce but also for money transfers. 'Masterpass' will be utilized not only for money transfers between Azerbaijani banks but also for sending money to bank accounts in Turkey and other countries via cellphone number. What advantages may you anticipate? Domestic and international remittances will be processed in the same way, making life easier for consumers. We are currently working on this issue."Gurdal added.
Mastercard is a global technology leader with over 2.3 billion account holders in 210 countries. Kantar 2023 ranks the company among the top ten most valuable global brands in the world, with a market worth of more than $390 billion.
