Against the backdrop of rapid technological development and the active digitalization of Azerbaijan’s economy, the introduction of advanced payment solutions, support for small businesses, and cybersecurity are gaining particular importance. Visa, as one of the global leaders in digital payments, plays a key role in transforming the country’s financial landscape by accelerating the transition to a cashless society and expanding access to payment solutions for all segments of the population.
In an exclusive interview with Report, Kristina Dorosh, Senior Vice President and Regional Manager of Visa in Ukraine, Georgia, CIS countries, and Southeastern Europe, spoke about Visa’s strategic priorities in Azerbaijan through 2030, the company’s key initiatives and innovative products, as well as the use of artificial intelligence, the development of transport infrastructure, and support for fintech startups.
Below is the full text of the interview:
– There has been a global increase in fraudulent activity. What solutions does Visa offer to protect customers and enhance cybersecurity? Are there also discussions with banks and regulators regarding anti-fraud measures?
– Absolutely, this is an extremely relevant question. With the development of technology, unfortunately, these same technologies can be used by fraudsters to gain unauthorized access to payment tools.
Understanding this, Visa has been ensuring the full security of its own network (VisaNet) for 65 years and helps partner banks effectively deal with emerging threats. Our statistics show that thousands of attacks occur on the network every day, and we successfully repel them. To enable our partners to handle these challenges as effectively, we develop and offer banks new solutions to ensure payment security. We do this because customer security and trust have been the cornerstone of our work from the very beginning.
One of the most important tools today is Artificial Intelligence (AI). Visa has been using AI-based technologies to combat fraud and manage risks for over 30 years. Initially, these were machine learning and big data analysis technologies. With the advent of generative AI, we now have even more opportunities to build models capable of analyzing massive chains of data in real time and detecting potential fraud indicators.
One of the key risk management solutions is Visa Protect. Recently, it was enhanced with Visa Advanced Authorization and Visa Risk Manager technologies for non-Visa card payments. These solutions make it possible to detect potentially fraudulent transactions in real time based on a vast amount of anonymized data (such as card number, transaction amount, and transaction date). Each transaction is assigned a specific risk score, and the bank then decides whether to approve the transaction based on its risk policy.
Over the past five years, Visa has invested $12 billion in the development and implementation of anti-fraud and risk management tools. In 2024 alone, we prevented potential fraud amounting to more than $40 billion. Visa continues to actively develop this area and work to ensure that our partners and users are as protected as possible from fraudulent attempts.
Additionally, tokenization plays a huge role in reducing fraud levels. This technology replaces actual card data during a transaction with a unique digital identifier—a token. Even if the token falls into the wrong hands, it cannot be used. This is why contactless payments via services like Apple Pay or Google Pay, built on Visa Token Service, are highly secure. Essentially, a bank card can be digitized and added to a smartphone or another device, enabling its use for contactless payments for everyday purchases.
Our next challenge is to bring the same high security standards to e-commerce. One solution that successfully addresses this is Click to Pay. Combined with Passkey technology, it enables the use of biometric authentication and tokenization for online purchases. This makes online shopping as secure as paying in a physical store. We are actively developing this technology now and are confident that solutions like Click to Pay will be a game-changer for the entire industry—not only increasing security but also enhancing the user experience.
- What are Visa’s strategic priorities in Azerbaijan?
– Overall, our strategy has remained consistent throughout our years of operation in Azerbaijan. We focus on developing cooperation with partners: banks, fintech companies, and the Central Bank of Azerbaijan. The regulator, by the way, in addition to its traditional role, also acts as a promoter of digital initiatives and is open to new ideas and the implementation of innovative solutions.
Our main goal is the development of innovative payment solutions that contribute to strengthening the country’s cashless economy and its digitalization.
Here’s a specific example: on my way to the Fintex Summit 2025 venue in Baku, I took a taxi from the hotel. Since I didn’t have any cash, I needed to pay by card. The driver, who didn’t have a POS terminal, used his phone with a special app supporting Visa Tap to Phone technology to accept my card payment. Essentially, this technology turns an Android smartphone with an NFC chip into a payment terminal for accepting contactless payments. Previously, I would have had to withdraw cash from an ATM and pay the driver, but now everything happens within the banking system—transparent and secure. In Azerbaijan, 9 banks already support this technology. This is an excellent example of how Visa’s technologies work in real life.
– During your speech at Fintex Summit 2025, you mentioned the development of Visa’s new “Strategy 2030.” What are its key directions? How does it differ from the previous strategy? Does it include provisions related to Azerbaijan?
– Naturally, each stage in the company’s development reflects new realities. The world, economy, and digital environment are changing rapidly, and our strategy must align with these challenges. Considering global trends, Visa has defined three strategic priorities for the period up to 2030:
Development of consumer payments – our core business. We continue improving traditional payment solutions and infrastructure, making them more efficient, convenient, and secure.
Active development of what we call “movement of money.” This goes beyond classic purchases to include a wide range of scenarios: person-to-person transfers, settlements between small businesses, social payments from the government, and vice versa—fees and charges paid through e-government platforms. Our goal is to digitize these flows as much as possible, making them convenient, transparent, and secure.
Development of value-added services. These are solutions that expand the capabilities of our ecosystem beyond basic payments. They include risk management tools, fraud prevention solutions, consulting, marketing services, and AI-driven solutions. All of these help our clients and partners derive greater value from working with Visa.
As for Azerbaijan, we certainly see the country as an important market and will adapt elements of our global strategy to local realities and needs. Even now, we see strong interest in digitalization from both the private and public sectors. This creates opportunities for us to apply the approaches of our 2030 strategy in Azerbaijan.
– Could you share successful examples of developing payment infrastructure in the transport sector—both globally and in Azerbaijan? Are there any new transport solutions expected in the country in the near future?
– First of all, it’s important to emphasize: Visa is not just a global company—we see ourselves as part of Azerbaijan’s digital ecosystem. The success of our efforts for digital transformation in the country largely depends on how effectively we can adapt global solutions to local realities. We are confident that we have been successful, as the key areas of Visa’s global strategy are already being implemented in Azerbaijan.
When it comes to developing our core business and consumer payments, technologies such as Tap to Phone, which I mentioned earlier, and tokenization-based payments through Apple Pay and Google Pay are already available in Azerbaijan.
Another key element of our strategy is the Visa Direct platform, which enables various types of money transfers: card-to-card, card-to-bank-account, and even business-to-business payments via B2B Connect. These solutions have already been introduced by several banks in Azerbaijan and are actively used.
Moving to the transport sector, I want to highlight that digital payments here are particularly important. This is something millions of people encounter every day, and the efficiency of payment directly affects convenience and travel speed. Implementing contactless payments in transport solves several issues at once: it minimizes cash handling, speeds up passenger flow, ensures transparent accounting, and reduces costs. That’s why introducing contactless payment systems in this area is crucial.
Visa has already implemented projects to launch contactless payments in over 750 transportation systems worldwide, and we have extensive practical experience in this field.
Visa offers a wide range of urban mobility products and services, designed using deep technical knowledge and many years of expertise. One of the most promising directions is the Mobility as a Service (MaaS) concept, which integrates different modes of transportation—metro, bus, scooter, taxi—into a single payment and logistics system. For example, in the morning you take a scooter to the metro, then ride the metro, and finally transfer to a bus—the cost of all these rides is aggregated into one bill and paid in a single transaction at the end of the day. This greatly simplifies the user experience and improves the efficiency of processing a large volume of transport transactions.
In Azerbaijan, we also have a successful case. In 2021, Visa, in partnership with ABB, the Central Bank, technology vendor IBA Group, and Azerbaijan Railways, introduced contactless payments on the Baku–Sumgayit circular railway line. This was the first project to digitize passenger rail transport in the country. The solution significantly simplified the payment process and improved passenger convenience.
I’m confident that many Baku residents have already appreciated the benefits of this system. We continue to work closely with key players in the transport sector to expand the acceptance of contactless payments not only in railways but also in the metro and other urban transport segments. The potential in this area in Azerbaijan is very high.
– What products and initiatives for small and medium-sized businesses (SMEs) will Visa focus on in the coming years?
– SMEs make up the backbone of any country’s economy. It is critically important that entrepreneurs have access to modern digital solutions, including payment tools. These not only simplify day-to-day operations but also open up new growth opportunities.
For example, by accepting digital payments, small businesses gain the ability to sell online. This means an entrepreneur is no longer limited to their neighborhood or city—they can reach the entire country and, if they choose, even international markets. Moreover, using digital payments helps build a credit history, making access to financing easier and fostering business growth.
Visa is actively working on expanding its range of solutions for SMEs. One such tool is the Visa Business Card, which has already become a standard product for small businesses. It allows easy and secure payment of business expenses and simplifies financial management.
Another innovative solution we are developing is Request to Pay. Here’s an example: you’re a small business owner selling Azerbaijani souvenirs via social media. You don’t have a website, an online store, or an IT team. But with Request to Pay, you don’t need one. You simply send a payment request to the buyer’s phone number through a banking app. The buyer receives a notification and can either confirm or reject the payment. If they confirm, funds are debited from their card via Visa Direct and credited to your business card. If they reject, the order is not processed. It’s convenient, secure, and helps reduce unpaid orders.
Solutions like this allow microbusinesses and freelancers to participate in the digital economy without significant investment or complex infrastructure. We plan to continue developing such initiatives in Azerbaijan to give SMEs more opportunities for growth, digitalization, and integration into the global ecosystem.
– You also introduced the “Bill Splitting” feature. Can this be linked to this direction?
– Absolutely. This is another scenario for Request to Pay. For example, when you’ve had lunch with friends, this feature helps split the bill easily and conveniently. Another common use case is group chats for school expenses. Instead of long discussions and multiple transfers, the organizer can simply send payment requests to participants via their phone numbers. Each person confirms the payment instantly, saving time and effort.
Speaking of SMEs, I can’t fail to mention our global initiative She’s Next Empowered by Visa, aimed at supporting women entrepreneurs worldwide.
Of course, we understand that all entrepreneurs need support. But for objective reasons, women often face additional challenges—balancing business and family, limited access to expertise, and lack of confidence or support.
The She’s Next initiative helps women gain expert knowledge, access educational programs, and find motivation and support within a community of like-minded individuals. It’s extremely valuable to know you’re not alone on this journey.
We’re proud that She’s Next has been running globally for more than five years and in Azerbaijan since 2021. This year, we’re especially pleased that the initiative in Azerbaijan is being implemented with the support of Kapital Bank and Birbank Biznes. Together, we will continue to develop this important program and support women on their entrepreneurial path.
– Does Visa plan to support startups or fintech companies in Azerbaijan through accelerators, investments, or tech partnerships?
– Absolutely. In fact, this is something we’ve been actively doing for at least seven years. One of our key initiatives is the global Visa Everywhere Initiative, a competition for fintech companies and startups in the field of digital finance and technology. Participants present their solutions and gain access to valuable resources. During the preparation stage, they can test their solutions using our platforms, receive mentorship, and learn how to build partnerships with banks—an essential step for small teams with great tech ideas but limited experience with banking infrastructure.
The program is structured in stages: regional rounds first, followed by a global final in San Francisco. Winners receive expert support and development grants. We’re especially proud to see startups from our region participate and succeed. For example, in 2021, Georgian startup Payze won the regional finals, competing with representatives from nearly 90 countries across Central and Eastern Europe, the Middle East, and Africa.
– What payment trends and innovations can we expect to see locally? Will Azerbaijan see active adoption of AI-based technologies or biometric payments?
– The short answer: yes, absolutely. We’ve already achieved a lot in Azerbaijan with our partners, and we’re moving forward.
We are particularly excited about how AI is reshaping the way people buy and sell. On April 30, 2025, we hosted our global Visa Product Drop event, streamed online for everyone. We announced six new innovative products and solutions. It was a packed 90-minute session about the future of financial technology—and it’s truly exciting.
Looking ahead, we’re working on integrating generative AI agents—which many of us already use for productivity—into payment technologies. Imagine your AI assistant not only finding the perfect gift for your child based on preferences and social data but also paying for it quickly, safely, and seamlessly using Visa. This will redefine online shopping and unlock new opportunities for AI-driven commerce.