Visa to launch tokenization system in Azerbaijan

By Trend

Visa will launch Visa Token Services, a system for tokenization, in Azerbaijan this summer, said Cristina Doros, Senior Director, Head of Products for CIS & South-Eastern Europe at Visa, Trend reports.

She was speaking at the FINTEX (Finance and Technology) Summit titled “New Trends in the Banking and Payment Ecosystem: Innovative Solutions, Financial Technologies and Security” in Baku.

Tokenization, according to Doros, is an essential element of digital cashless payments. She noted that the tokenization system will allow digitizing payment cards.

Tokenization technology allows for securing electronic payments using a reliable data encryption system (details of the customer are not transmitted to the seller when paying by card).

Tokens are stored in the customer base of stores where the user makes the payment. Further purchases are just a click away. The advantage of using this method lies not only in convenience, as it also eliminates the probability of a customer card number being stolen in a digital space.

The Financial Technology Summit is conducted within the "Week of financial and digital technologies" in Baku. About 100 representatives of international organizations and leading companies from the US, CIS, Europe, Japan, India and many other countries are taking part in the event.