BAKU, Azerbaijan, June 9. The implementation of
NFC (Near Field Communication) technology and tokenization in the
instant payment system (IPS) is on the agenda, Deputy Director of
the Payment Systems and Products Development Department of the
Central Bank of Azerbaijan (CBA) Ramil Mahmudov said at the 10th
International Finance and Banking Summit taking place in Baku,
Trend reports.
Mahmudov noted that after the introduction of NFC technology,
especially after the activation of "Apple Pay" and similar
solutions, "P2P" (person-to-person) transfers via QR technology
already seem to be a waste of time to some extent. According to
him, although in international practice there is integration of
NFC, "Bluetooth" or token solutions into instant payment systems,
this approach hasn't yet been globalized due to certain
restrictions imposed by smartphone manufacturers.
Nevertheless, the CBA official emphasized that this issue is
included in the institution's action plan (scope).
"One of the main goals set by the Central Bank leadership is
precisely to ensure the convenience of payments. Our goal is that
users who can easily pay through Apple Pay today can perform
similar transactions through the instant payment system by taking
the same steps. Our internal UX/UI team is also working in this
direction," he explained.
Noting that the main focus is currently on building the
infrastructure, the official added that after achieving a certain
level of penetration in the market, the issue of implementing NFC
technology and tokenizing transactions through both the Interbank
Card Center (ICC) and the instant payment system will be
addressed.
