The Central Bank of Azerbaijan (CBA) keeps the application of NFC solutions in instant payments on the agenda, Ramil Mahmudov, deputy director of the Payment Systems and Payment Product Inclusivity Department at the CBA, said at the 10th International Banking and Finance Summit in Baku, Report informs.
According to him, following the widespread use of international NFC-based payment solutions such as Apple Pay and Google Pay, QR payments and P2P transfers have increasingly begun to be seen by users as more time-consuming.
"In international practice, there are various models integrated into instant payment systems through NFC technology, cloud infrastructure and tokenization solutions. However, one of the main reasons these technologies have not become fully widespread globally is the technical and ecosystem restrictions imposed by smartphone manufacturers," he said.
The CBA official noted that one of the main goals of the institution he represents is to make payments as convenient and fast as possible.
"The goal is to make it possible to carry out the same simple payment experience that users currently have with Apple Pay through the instant payment system as well. A dedicated UX/UI team is operating in this area within the CBA. After the infrastructure stage is completed and a certain level of market penetration is achieved, the application of tokenization solutions, as well as NFC technology through the Intrabank Payment System and instant payments, will be considered," he said.