The world is going through a chip crisis, and even with the supply of plastic cards, there are problems, head of the MasterCard representative office in Azerbaijan Erdem Cakar said at the 5th International Banking Forum “Cashless Economy: Reliable, Safe and Sustainable” in Baku, Report informs.
“The digitalization process, which should be completed in 10-15 years, entered our life very quickly. I see that people are adapting very quickly to the new era, especially in countries such as Azerbaijan, where digital infrastructure is strong. MasterCard supported the Cashless Azerbaijan project, which was implemented in 2018 under the leadership of the Central Bank of Azerbaijan (CBA). Without this project, the country wouldn’t have been able to quickly overcome the negative consequences of the pandemic.
"This year, a new five-year agreement was signed between MasterCard and the CBA. Thus, we will digitalize Azerbaijan. This is one of three agreements signed by MasterCard. This project has already brought and will bring a number of innovations to payment systems in 2021,” he said.