CBA seeks full introduction of PayPal system

The Central Bank of Azerbaijan (CBA) has submitted a proposal to the Azerbaijan Banks Association on provision of services of the PayPal system in the country.

Market participants have already expressed their interest in the project, mentioning that one of the main issues is determination of terms of the services, Day.Az reported.

The system enables individuals and businesses to send and receive electronic money online as well as provides other financial and related services.

For businesses, PayPal has turned into the industry standard for accepting digital payments from customers. One can send or receive a payment in a variety of currencies.

PayPal has over 137 million active accounts in 193 markets and 26 currencies around the world, which makes it easy to transfer and request payments.

Nevertheless not all of the countries have a full access to the system. In Azerbaijan, customers may only send money while the service of payments receiving is not available. Citizens of Azerbaijan are not eligible to sell goods abroad and get payments to their PayPal accounts.

Previously economist Vugar Bayramov told Echo.az that the problem is that the CBA and PayPal have not yet reached an agreement on a technical part of the issue.

The citizens of Azerbaijan will get a right to receive payments should the relevant infrastructure be adjusted and the issue of financial control by the Bank be decided, according to him.

Being one of the world’s largest online payment companies the PayPal system is also considered to be one of the most useful and fast among the other systems of e-payment. One of the other advantages of the system is law tariffs, which makes the system very attractive for the customers.

The system provides a guarantee of security to both sellers and purchasers. Online money transfers which serve as an electronic alternative to the traditional paper methods like checks, cash payments are widely used in a whole world. The system has introduced a PayPal.me service that allows creation of private pages for the payment reception.

Full deployment of the system will allow Azerbaijanis to sell goods in international internet shopping services such as Amazon, E-bay, Etsy.