Business consultancy project

Millikart

Another widely used payment system in Azerbaijan is “Millikart” LLC. The processing center “Millikart” was established by the Central Bank of Azerbaijan with the financial support of the World Bank as a result of state Tender announced in 2003. It performed as one of the departments within the Central Bank and fulfilled its activities based on the State Program adopted by the Government “State Program for the Development of the National Payment System in the Republic of Azerbaijan for 2005-2007”. It was officially registered as the separate legal entity in 2006. The processing center was initiated by 18 Banks aimed at the stimulation of cashless payments and improvement of the business environment and “payment ecosystem” in Azerbaijan with the charter capital of AZN 4 000 000. Nowadays, Millikart provides services to 13 banks with 300 ATMs, 3 000 Pos-terminals and issued 170 000 plastic cards. (Millikart. Payment systems in Azerbaijan., 2018)
“Millikart” focuses on the provision of an array of the financial supporting services to Banks and other players of the financial market, such as non-bank credit entities, aggregators requiring assistance in terms of processing technologies. Moreover, the performance of one of the largest processing centers in Azerbaijan is realized in close cooperation with the National bank of Azerbaijan and Regulator of financial markets (FIMSA). (Millikart LLC. News, 2019)

3. “Goldenpay”

Goldenpay Azerbaijan was the first provider of online payment services in Azerbaijan. It was launched upon obtaining the online security certifications of Visa and MasterCard in 2008. Consequently, the impact of Goldenpay on the evolvement of E-commerce in Azerbaijan cannot be ignored. (GoldenPay. About us., 2019)
The Mission of GoldenPay is to create the most contemporary and developed companies by using the innovative breakthrough technologies. Services of GoldenPay involve: website development, as nowadays, website plays crucial role in the brand image and performance of the company and its expansion on the global arena; consultations on e-life TM – as currently banking transforms to e-banking, insurance to e- insurance and shopping to e-shopping, so entities have to adapt to the global digitalization trend to satisfy the customers’ needs. GoldenPay assists companies in this transformation. E-shops development is also one of the types of services provided by GoldenPay.
E-commerce is fastly developing in Azerbaijan. This way of doing business, online sales, prevails over the traditional one. GoldenPay can provide professional assistance in the stimulation of e-commerce and adaptation to the new generation of trade.
Moreover, software solutions can be suggested by GoldenPay to improve the presence of the Client on the internet and to provide the program which will make the processes automated in the Company (Golden Pay. Payment systems in Azerbaijan., 2018)
Figure.15 E-Commerce payment process

The process of E-commerce presented in the Figure No 15. can be depicted as follows:

Potential client willing to make a purchase online visits to the merchant’s website and makes a choice of the product or service. After that, redirection to the payment website occurs, while it should be noted that websites look similar for the Client’s convenience. After entering all the necessary card information for the execution of the transaction, it is securely forwarded to the processing center, and the total amount payable is deducted from the account of the client’s card to the merchant’s account. The duration of the whole

process takes no more than three seconds. After the completion of the payment, the seller’s duty is to deliver the purchased product or service to the customer. Millikart Processing center serves GoldenPay in Azerbaijan for the payment process. The clients can use any credit card – Visa Electron/Maestro or MasterCard from any bank around the globe. (Golden Pay. How it works., 2019)

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