United Payment Became the First and Only Turkish Company to Receive the E-Money License in Azerbaijan

  • Payments
  • 27.05.2024 08:35 am

United Payment, the leading fintech company in the region acting with the intention of paving the way for other Turkish companies in the international arena, became the first and only Turkish company to receive the e-money license from the Central Bank of Azerbaijan, the most comprehensive license accoding to banking regulations. With this licence, United Payment which as been operating in Azerbaijan since 2021, has gained the right to open an account, electronic money (wallet) and Virtual POS services, as well as national and international money transactions within the legal framework.

United Payment, Turkey's leading fintech company, added a new success to its pioneering work abroad. Operating in Azerbaijan, Georgia, Romania and England as well as in Turkey, United Payment has made Turkey proud by implementing another international first in the field of payment systems. While United Payment became one of the first two companies in Azerbaijan to receive the Electronic Money Organization license in accordance with the regulations of the Payment Services and Payment Systems Law of the Central Bank of Azerbaijan, it also managed to become the only Turkish fintech company to ever receive this license.

Azerbaijan's largest payment systems operation

United Payment established its Azerbaijan office in 2020, received its registration in 2021 and started its operations in the country in 2023. United Payment, which leads the country's largest payment systems operation, continues to work to increase Azerbaijan's financial inclusion, expand digital payment channels and develop cashless payment habits. With the completion of the e-money license procedures, United Payment will start offering the payment service of the Turan mobile application.

We will continue to break new grounds in Azerbaijan 

United Payment CEO İlker Sözdinler said, “As United Payment, we are a company that loves to implement firsts. About 10 years ago, we made our name as the first fintech company to receive the e-money license in Turkey. We have carried out dozens of pioneering work in this time. Now, we are proud and happy to be the company that directs the electronic money systems regulations of our sister country Azerbaijan, which is in a very strategic position for both us and Turkey. The license we received is the most comprehensive license in the country and was given to only 2 companies. One of them is a very important and powerful telecommunications company in Azerbaijan, and the other is a Turkish company. As we always say, fintech is a springboard for Turkey, the most important sector contributing to technology exports along with the gaming industry. In this sense, the license we received concerns not only us but the entire sector and the country. We have carried out very important work in Azerbaijan in the last 4 years. After all this, we are starting a new era in Azerbaijan as of 2024. As we have always done, we will continue to make a difference in the region with our extraordinary innovations by saying "why not?" In summary, if we consider that this is a game of chess, the license we received is a masterful opening move," he said.

United Payment Azerbaijan Country Manager Edgar Abdullayev said: “There is a very strong bond between Turkey and Azerbaijan in economic and social areas. We have become one of the two companies in the country that can provide the services we have been providing for the last two and half years. This will further enhance our stance in the country. As United Payment, we will offer many services to our customers within the framework of the regulation, such as opening a payment account, electronic and cash money collection, credit collection, performing transactions with payment cards and similar payment systems, payment with QR, money transfer, opening an e-money account. We will be the company to lead the transformation of Azerbaijan in the innovative finance ecosystem.”

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