Tokyo, 15 March, /AJMEDIA/
Azerbaijan stands out as one of Visa Direct’s largest and fastest-evolving markets, said Director of Visa Direct Services in Central Asia and Azerbaijan Sanjar Suleymanov during the Visa Cashless Forum – Digital Azerbaijan in Baku, AJMEDIA reports.
He suggests that within the context of financial transaction evolution, particular focus should be placed on the transfer of funds between private individuals (P2P).
“While this technique is considered necessary for many business models, it has limitations. Nonetheless, the development and adoption of platforms such as Visa Direct demonstrate the growing worldwide capability and accessibility of immediate transactions. Azerbaijan, for example, emerges as a significant leader in this arena, demonstrating quick growth and prominence as a result of partner and counterpart collaboration. The advent of new finance channels and the rise of transactions, both domestically and globally, serve as witnesses to the constant pursuit of innovation,” he said.
Suleymanov stated that the company’s goal is to ensure that every bank in Azerbaijan can provide its customers with immediate transfers via Visa Card, making it easier and more economical to move funds throughout the world.
“This development path not only supports current trends in the sphere of payroll and financial transfers but also opens new frontiers to suit consumers’ expectations for rapid and convenient access to their funds,” he emphasized.
Suleymanov believes that in today’s world, the trend of payroll is undergoing a significant change.
“An increasing number of workers worldwide, including in our region, are voicing a preference for payment frequencies beyond the traditional monthly schedule, opting instead for more frequent disbursements such as weekly or even on-demand payments. Recent research indicates that the implementation of an on-demand payment system can boost employee satisfaction and loyalty by over 50 percent, substantially enhancing their allegiance to both the company and its brand,” he added.
To note, the Visa Cashless Forum is one of the main events of Visa, covering markets in Ukraine, Georgia, the CIS, and Southeastern Europe. It involves experts in digital payments and financial technologies.
Meanwhile, Visa (NYSE: V) is a global leader in the electronic payments industry. Visa processes payment transactions between consumers, businesses, and financial and government institutions in more than 200 countries and territories. Its 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.
