OREANDA-NEWS.  December 10, 2013. The International Bank of Azerbaijan (IBA) became the first bank in Azerbaijan to be certified with the Visa payment system for  acquiring a card equipped with Visa payWave contactless payment technology.

The Visa payWave technology is applied in more than 40 countries, and it allows carrying out payments almost instantly, by a single act, in all commercial establishments equipped with contactless computing devices. And there is no need to run the credit card through the machine or insert it into the terminal, sign a cheque or enter a PIN code while making transactions up to 20 Manats. Moreover, a customer may simply bring the card to a contactless computing machine, without taking it out of a wallet – is said in IBA’s message.

Each Visa payWave card is equipped with a built-in chip and antenna allowing to transmit through a radio channel information about the payment to the contactless terminal. Visa payWave  meets high-level safety standards of Visa due to the availability of a code, which is transmitted together with the information of payment, and is unique for each transaction. Moreover, while effecting payment, a card holder independently brings the card to a contactless terminal, without handing it over to an employee of a sales outlet.

The Visa payWave technology creates a range of advantages also for trade and service businesses. It simplifies the payment process, allowing quick service of customers, reducing turns at commercial halls and expenditures of enterprises for operations with cash.

IBA keeps on to provide its customers with possibility of using advanced technologies, and is planning to embark on the issue of Visa payWave cards in a short span of time.

“The industry of noncash payments of Azerbaijan shows a positive development trends in terms of number of cards issued, volume of payments, diversity of card products and services”, - said regional manager of Visa in the Caucasian region Irina Kamkhadze. No doubt, a tremendous part in further successful development of the noncash payments sector plays the card accepting infrastructure.”