Tokyo, 06 September, /AJMEDIA/
Payment organizations and operators functioning in Azerbaijan (banks, payment systems, VISA, MasterCard, etc.) will be given time within the next 6 months to pass the procedure for obtaining a license in accordance with the law “On Payment Systems and Services”, said Director of the Payment Systems and Settlements Department of the Central Bank of Azerbaijan Kamala Gurbanova during the Azerbaijani-Turkish Fintex Forum, AJMEDIA reports.
The draft law “On Payment Systems and Services” was approved in August this year, which is expected to enter into force in November.
According to Gurbanova, the adoption of this law will create conditions for modernization of the country’s payment market.
“The biggest advantage of this law is that by creating equal market conditions between payment service providers, they ensure that they operate solely on the principles of cooperation and healthy competition,” she said.
“The adoption of this law will allow the formation of a completely new ecosystem in the country. Conditions will be created to improve the efficiency of payment services, increase inclusiveness and provide consumers with more innovative and affordable payment products. The law creates two opportunities for foreign payment service providers to operate in our country. They will be able to operate both with opening branches in our country and without opening branches, concluding contracts with banks. The law also reflects the requirements for cooperation between banks and foreign providers of payment services,” she added.
She also noted that it is planned to license payment and electronic money organizations operating in Azerbaijan until the first of May next year.