United Payment Makes History as First Turkish Company to Secure E-Money License in Azerbaijan

United Payment, a prominent financial technology firm in the region, has achieved a groundbreaking milestone by becoming the first and only Turkish company to obtain an e-money license from the Central Bank of Azerbaijan.

Operating in Azerbaijan since 2021, United Payment now holds the authority to conduct both national and international money transfer transactions, along with offering account opening, electronic money (wallet), and Virtual POS services, all under the purview of this prestigious license.

Renowned as a leading figure in Turkiye’s financial technology sector, United Payment celebrates yet another triumph on the international stage. With successful operations spanning Turkiye, Azerbaijan, Georgia, Romania, and England, the company has etched its name in history by securing this groundbreaking achievement in payment systems.

Establishing its presence in Azerbaijan in 2020 and commencing operations in 2023 after securing registration in 2021, United Payment now spearheads the largest payment systems operation in the country. The company is committed to enhancing financial inclusion, expanding digital payment channels, and fostering cashless payment habits in Azerbaijan. With the finalization of e-money license procedures, United Payment aims to introduce its mobile application payment services to users as a primary initiative.

CEO of United Payment, İlker Sözdinler, underscores the company’s innovative ethos, stating, “At United Payment, we thrive on breaking new ground. Having embarked on numerous pioneering projects since our inception as the first fintech firm to receive an e-money license in Turkiye, we take immense pride in shaping the electronic money systems of our sister nation, Azerbaijan. The license we’ve secured is not just a milestone for us but for the entire industry and country.”

Echoing this sentiment, United Payment’s Azerbaijan Country Manager, Edgar Abdullayev, highlights the strong economic and social ties between Turkiye and Azerbaijan. “As one of the few companies authorized to provide services within the legal framework, we are poised to strengthen our foothold in the country,” Abdullayev notes. “United Payment will lead Azerbaijan’s innovative financial ecosystem, offering an array of services such as payment account opening, electronic and cash money collection, credit collection, payment cards, QR payments, money transfers, and e-money accounts, all in alignment with regulatory standards.”

Source: Egirisim / Prepared by Irem Yildiz

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