BAKU, Azerbaijan, April 18. Both the banking and fintech sectors of Azerbaijan are developing at high rates, Senior Director and Head of Visa Direct in Ukraine, Georgia, CIS, and South-Eastern Europe Sanjar Suleymanov said, Trend reports.
Suleymanov emphasized that Visa has been a long-term economic partner of this country, helping to increase the number of payment cards issued and used.
"The company's approach has changed over time. Rather than only offering cashless payment options, we now prioritize receiving payments, such as foreign transfers made possible via Visa Direct. Nowadays, we consider cards as a means of both receiving and making payments," Suleymanov noted.
He emphasized that the convenience of using a payment card and various bonuses, such as cashback and special offers offered by banks, encourage consumers to pay by card more often.
"This not only stimulates the use of cards in everyday life but also promotes the growth of financial activity and inclusion," he added.
Sanjar Suleymanov also drew attention to the importance of supporting diverse financial market players without bias.
"Our goal is to collaborate with both large and small banks in an equally efficient manner, in order to support the market's diversity of participants. For instance, the unexpected demand for Visa Direct international transfers indicates that minor banks, who had not previously been as apparent, are also interested in the service. Our goal is to establish a competitive atmosphere where banks are incentivized to provide their clients with the finest services possible, hence stimulating customer usage. Because of the robust rivalry, geopolitical issues such as the needs of international workers and students and the growth of the travel industry are also receiving attention. Consequently, payments become even more accessible and convenient both domestically and internationally," Senior Director and Head of Visa Direct concluded.
To note, Visa (NYSE: V) is a global leader in the digital payment industry. Visa processes payment transactions between consumers, businesses, and financial and government institutions in more than 200 countries and territories. Visa's mission is to unite the world through an innovative, convenient, reliable, and secure payment network to promote consumer well-being and business and economic prosperity.
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