Baku, FinanceTime. According to the "Strategic Roadmap on the development of telecommunications and information technologies in Azerbaijan" affirmed by the 6 December 2016 decree of the President of Azerbaijan Republic one of the milestones for Central Bank is carrying out promotion, stimulation and building awareness for expanding the use of digital payments.

To fulfill this task Central Bank carries out different activities for expanding non-cash payments in the country, to raise awareness on modern bank technologies among the society and entities, especially in the regions. One of these activities is the campaign for consumers and entities jointly organized with global payment technologies company Mastercard to stimulate the usage of digital payments in Nakhchivan Autonomous Republic (NAR) selected as a pilot region.

The Minister of Finance of NAR Sabuhi Mammadov delivered a brief speech on the work done to expand the use of digital payments in last years under the instructions of the Autonomous Republic leadership. According to him, based on the approved program in last several years government has shown great support to promote non-cash payments among society.

Alim Guliyev, Deputy Chairman of Central Bank informed participants about the executed steps to expand the use of digital payments in frames of the "Strategic Roadmap on the development of telecommunications and information technologies in Azerbaijan". He briefed on the “Cashless Azerbaijan" project implemented last year together with Mastercard, global payment technologies company for development of digital payments in the country, advancing the institutional environment, reducing cash turnover and expanding cashless payments. According to his words "Cashless Azerbaijan" project reflects the detailed roadmap on the transformation of the country to a cashless society and the“State Program on Expansion of Digital Payments in the Republic of Azerbaijan in 2018-2020" prepared as the conclusion of the project combines all the activities to be done in this direction.

Meanwhile, A. Guliyev informed the participants about the work carried out by the Central Bank on Instant Payment Systems which is being created in frames of the strategic roadmap and allows the settlement operations to be completed in 5 to 10 seconds between the payer and the recipient. Creating this system will help individuals and legal entities to access payment services everywhere and every time and to complete operations on 24/7/365 regime instantly. He also briefed participants about the countrywide planned activities to increase the use of digital payments.

Erdem Çakar, Mastercard Country Manager in Azerbaijan stated that they are honored to hold this campaign in Nakhichevan to reinforce the long-term commitment to Azerbaijan market. He also noted that they want to see Azerbaijan as the leader of the region in the area of non-cash payment, the first country to implement the most advanced technologies of Mastercard and stressed the special position of the joint project with Central Bank of Azerbaijan “Roadmap to Cashless Azerbaijan” aimed to create a cashless transformation strategy for Azerbaijan. He informed that following the successful campaigns , which are already being held in Baku with initiative of CBAR, Mastercard is happy to extend geography to Nakhichevan brining there company’s global vision of a “world beyond cash” and proud to be cooperating with government bodies having a strategic vision to turn Azerbaijan into a regional leader in digital transformation and a cashless society.

Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.