The Central Bank of the Republic of Azerbaijan has granted a license to "A-Solutions" LLC to operate as an electronic money issuer, Paralel.Az-Economics reports.

It should be noted that majority shareholder of the institution is Azercell Telecom LLC. Thus, akart which combines banking operations with mobile connectivity capabilities for the first time in the country's telecommunications sector became the first fintech solution to receive this license.

It should be noted that this unique product enables customers to conveniently perform cashless transactions and payments, facilitating quick money transfers from card to card, payment of utility bills, and other operations. Additionally, “akart” offers advantages such as contactless payment via Apple Pay and Google Pay, cashback up to 100 AZN per month, up to 10 GB bonus data per month, an expanding partner network with special offers, and a host of other benefits.

Overall, the virtual card serves as a convenient and cost-effective solution for online banking for customers with limited access to traditional banking services. The aim of the solution is to promote cashless payments among the population through “akart”, simplifying access to financial services in Azerbaijan and fostering the development of the digital ecosystem.