Business consultancy project

MFS Participants in Azerbaijan

Although the MFS development is on the modest level in Azerbaijan and the advanced MFS features, such as contactless payment tools have not well established, the steady expansion is going with the involvement of the MFS service participants.
Mobile Network Operators.
Due to the fact, the banking structure has developed in Azerbaijan, and mobile operators are considering the MFS service as a new revenue stream and loyalty service for customer retention. Mobile operators are implementing the Collaborative centric model through collaboration with banks. All mobile operators have launched mobile online payment services. The access to Hesab.az, Azericard, HOP, and other online payment portals are available from the website and from mobile devices through mobile applications.
Azercell has also launched Mobilbank service within the cooperation of International bank of Azerbaijan. Azercell subscribers can install the indispensable application through Azericard’ s website and make the following actions:

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  Payment for mobile operators, Internet providers and utility services
  
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  Account details
  
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  Card-to-card transfer
  
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  Lost card blocking
  
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  Balance checking
  
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  Latest transactions, cash flow, bank account status including when you are abroad (Azercell.com, 2019), (Technical Assistance Consultant’s Report, 2014)
  

Bank and Financial Institutions.

Azerbaijan Financial system has passed significant changes, and now most of the banks have mobile banking systems and provide the mobile applications for the simplification of payment methods. The banks' applications implemented required mobile banking software within an extensive list of highly secure features.

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  Personal account management
  
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  Payments
  
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  Money transfer
  
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  Online loan repayment and top-ups of deposits
  
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  Multicurrency converter
  

However, Azerbaijan is still considered a country with the traditional banking system, and it is expected that traditional banking system will be overcome by mobile banking and rule the whole market by Y 2030. (Orujova, 2014)
Online Payment tools.
Most of the global online payments like Google Wallet, Apple Pay, Google Pay, and Samsung pay are not functioning in Azerbaijan. Azerbaijani customers are able to make international transactions through Pay- Pal only. (paypal.com, 2019)
At the same time, CBAR and FIMSA are proceeding negotiations for the implementation of NFC payment tools in the country in the nearest future. However, several local online payment systems are valid within the country.

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