The Central Bank of the Republic of Azerbaijan has signed a memorandum of understanding with the People’s Republic of China’s UnionPay payment system, creating a cooperation framework focused on payment card issuance and strengthening interoperability, including QR code technologies. The memorandum is intended to establish a legal basis for cooperation and deepen operational links across the issuance and processing of UnionPay cards, integration of cross-border money transfer systems, and the rollout of QR and token technologies. It also envisages initiatives to develop cashless payments, deliver a more stable, secure and convenient card experience for local cardholders, broaden card-based products and services including new innovative products, and define the technical architecture and mechanisms to support a transition to a cashless economy.
Central Bank of the Republic of Azerbaijan 2026-01-30
Central Bank of the Republic of Azerbaijan signs memorandum with China’s UnionPay to expand card issuance and QR and token interoperability
The Central Bank of the Republic of Azerbaijan has signed a memorandum of understanding with China's UnionPay to enhance cooperation in payment card issuance and interoperability, including QR code technologies. The agreement aims to establish a legal framework for collaboration, improve cross-border money transfers, and support the transition to a cashless economy.