Azerbaijan's Central Bank, UnionPay sign MoU

The Central Bank of Azerbaijan has signed a memorandum of understanding on cooperation with China's payment system UnionPay, according to the regulator.

Report informs that the agreement followed a video conference between Vusal Khalilov, Deputy Chairman of the Central Bank of Azerbaijan, and Wang Lixin, a representative of UnionPay.

During the talks, the sides discussed expanding cooperation in payment card issuance and enhancing interoperability of QR-code technologies. The memorandum was signed upon conclusion of the meeting.

The document establishes a legal framework for developing cooperation between the Central Bank and UnionPay and is aimed at strengthening partnerships and expanding collaboration in card issuance and processing, integration of cross-border money transfer systems, and the implementation of QR and token technologies.

The memorandum also outlines initiatives to promote cashless payments, provide cardholders with more stable, secure, and convenient services, launch new innovative products, and develop the technical architecture and mechanisms required to support the transition to a cashless economy.