New e-wallet system on the way for Azerbaijan

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • The government of Azerbaijan has announced that it will launch “PostPay” system designed to offer integrated, fast money transfers through the country’s network of regional post offices
  • As well as transferring cash, customers can pay bills for various services including utilities and mobile phone charges
  • App for the new system only available to Android users in the country, which has a population of almost 11 million

 

The Central Asian country of Azerbaijan looks set to receive its own new e-wallet system thanks to investment from the government.

Consumers in the country will be able to use the new “PostPay” e-wallet system when it is launched, and experience a new range of ways to make an online money transfer – as well as hybrid transactions where one part is carried out online and the other is carried out in a physical location.

According to an announcement from Azerpoct, which is the country’s postal system, the new project has been designed in tandem with the Ministry of Transport, Communications and High Technologies.

This is a government entity which looks after the oversight of the country’s communications networks and ensures that any technological development is working well.

The new system will be innovative and will include integration with the post office network. Users will be able to take out cash in post offices, while they can also use these locations to add more cash to their e-wallets.

For a country like Azerbaijan, which has a population of just higher than 10 million and an area of over 86,000 square kilometres, this is a vital service. Azerpoct post offices are available all over the nation, meaning that uptake of the new service is expected to be high.

In addition to using post offices, customers who sign up to the new service will be able to use their bank cards, such as credit or debit cards, to maintain their e-wallet.

Payment terminals, such as those in stores, can also be used to access these money transfer services. It will be possible for users to transfer cash from e-wallets operated by other providers.

Both sending and receiving options will be available with the new service.

In addition to the basic money transfer services on offer, there will also be an option to pay bills through the new system. Bills for services such as utilities, customs charges and mobile phone fees can all be settled using PostPay.

With an integrated QR code system also available, fast and convenient payment times will be achievable. This is likely to be a boon for the country, where economic development has sometimes been slow in the past.

However, the application is only available on Android devices – meaning that users who have phones from Apple or other manufacturers may struggle to use it.

When it comes to payments, countries around the world are beginning to experience the benefits of innovations like this. To learn more about the latest developments in this industry, click here.


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