AzeriCard is an Azerbaijani bank card processing company.“AzeriCard and OpenWay bring cardless ATM withdrawals to Azerbaijan", Finextra Research website, Printed August 9, 2013 (Retrieved August 20, 2013) The International Bank of Azerbaijan owns 100 percent of AzeriCard.J. Nasibova, “Level of non-cash payments use increases in Azerbaijan", Trend News Agency, November 20, 2012 (Retrieved via Nexis on August 20, 2013)
Products
Mobile Wallet AzeriCard offers customers what is known as a “mobile wallet." Customers can use their smartphone to pull out cash from ATMs without using an actual bank card during the transaction. The technology is named “Way4 Cash By Code."Elliott Holley, “Azerbaijan mobile wallet makes debut" , Banking Technology, August 8, 2013 (Retrieved August 20, 2013) AzeriCard worked with technology company OpenWay to produce the mobile wallet service. By 2011, 15 banks in Azerbaijan were using mobile banking technology provided by AzeriCard.N. Ismayilova, “Azerbaijani processing centre to introduce new version of mobile banking", Trend Daily Economic News, November 20, 2012 (Retrieved via Nexis on August 20, 2013)
Market share As of 2016 November-end, 35% of plastic cards, 65% of ATMs and 62% of point-of-sale terminals in Azerbaijan are served by AzeriCard.H. Valiyev, “BRIEF: Azericard introduces cash transfer service to cards using ATMs," Trend News Agency, December 10, 2012 (Retrieved via Nexis on August 20, 2013) Currently, more than twenty banks locally and internationally use the services of AzeriCard.
Competitors As of the beginning of 2017, there are two other companies in addition to AzeriCard that provide card processing services: MilliKart and KapitalBank.A. Hasanov, “Non-cash payments in Azerbaijan to create a breakthrough in card market", Trend Daily Economic News, February 29, 2012 (Retrieved via Nexis on August 20, 2013)
History
First bank card In 1997 AzeriCard was credited with creating the very first bank card in the country of Azerbaijan; the card was issued by the International Bank of Azerbaijan."First Bank Card in Azerbaijan Marks 15 Years from Date of Issue", Economic News (Information Agency Oreanda), November 14, 2012 (Retrieved via Nexis on August 20, 2013) AzeriCard’s systems work with MasterCard, Visa, American Express, Diners Club, UnionPay and JCB International.
Ownership AzeriCard is one of several subsidiaries of the International Bank of Azerbaijan. Other subsidiaries are:.“Audit of MBA trusted to Deloitte & Touche", Turan Information Agency, August 14, 2013 (Retrieved via Nexis on August 20, 2013) IBA-Moscow International Bank of Azerbaijan-Georgia International Insurance Company In addition to the International Bank of Azerbaijan, AzeriCard works directly with IBA-Moscow and IBA-Georgia.
Customers Banks that use AzeriCard’s services are: AGBank Amrahbank AtaBank Bank Respublika International Bank of Azerbaijan PASHA Bank Yelo Bank Ziraat Bank Azerbaijan Silk Way Bank TuranBank Xalq Bank AFB Bank Azer-Turk Bank Bank Avrasiya Bank BTB NBC Bank Caspian Development Bank MuganBank Rabitabank VTB Bank Azerbaijan KDB Bank Uzbekistan
See also Banking in Azerbaijan Credit card International Bank of Azerbaijan List of companies of Azerbaijan
References
External links AzeriCard company website International Bank of Azerbaijan website