Vusal Gasimli, Executive Director of the Center for Analysis of Economic Reforms and Communications (CAERC) of the Republic of Azerbaijan, met with representatives of VISA. He noted that under the leadership of President İlham Əliyev, the state program for digital payments in Azerbaijan is designed to respond to global trends in the sector, including card-to-cloud migration, point-of-sale everywhere, news-based payments, borderless transactions via ledgers, and the API economy:

“Currently, the world is transitioning from security-based, customer-centered card payment systems to cardless or digital ecosystems. Consumers increasingly value control and convenience in payments while being open to innovations. The future of digital payments is closely linked to the development of the Internet of Things. At the same time, technology companies are expected to play an increasingly significant role in digital payments alongside—or even surpassing—banks and fintechs.”

V.Gasimli also emphasized that under the President’s leadership, Azerbaijan’s transformation into a Fourth Industrial Revolution hub will strongly support the development of the digital payments ecosystem in the region: “The development of an innovative economy in Azerbaijan is a priority defined by President İlham Əliyev and First Vice President Mehriban Aliyeva.”

The meeting also included discussions on the “Visa Cashless Forum,” to be held in Baku on February 12 with the support of CAERC. It was noted that this will be the first forum of its kind in the country and the Caucasus, under the theme “Driving the Future.”

The “Visa Cashless Forum,” VISA’s flagship event in the CIS and Southeast Europe, is a platform for experts in digital payments, as well as representatives from banking, finance, trade, and service sectors, to discuss the broader adoption of cashless payments and innovations in the field. Key topics on the agenda include factors shaping modern payment systems, their impact on businesses and consumers, innovative payment methods, digital transformation, smart nation initiatives, emotionally intelligent banking for modern customers, the future of the banking sector including traditional and new banks, diverse paths for digital banking, and regulations promoting cashless payments.

VISA representatives Salvador Perez Galindo, Kristina Doros, Yuliya Verbova, and Nurlan Hajiyev participated in the meeting with Vusal Gasimli.