16:25 - 9.06.2026
June 9, Fineko/abc.az. The payment architecture of the future will be built on three main components.
ABC.AZ informs that this was stated by Sergiy Frantsishko is the Head of Digital Solutions for the CIS and Southeastern Europe (CISSEE) region of international card organization Visa, made the above-said statement at the X International Finance and Banking Summit in Baku.
He listed the three main components in question, noting that they are tokenization, Passkey, and artificial intelligence.
"Tokenization is aimed at protecting payment details, not card numbers. Passkey provides user authentication, while AI is no longer limited to fraud prevention or the development of personalized offers. AI already initiates payments, optimizes them and makes certain decisions. To do this, the user's consent is achieved through biometric confirmation," he stressed.
Frantsishko noted that e-commerce is rapidly developing in the region and a "Mobile First" behavior model is being formed:
"People are increasingly using smartphones, smart watches and other portable devices to pay bills. Despite the fact that the volume of non-cash payments has increased, there is still a great potential for reducing the share of cash transactions in the region. A properly built payment infrastructure can allow countries to move directly to more modern solutions, going through some stages of development. Market participants investing in tokenization, Passkey technologies, and AI infrastructure will take a leading position in the financial services sector of the future."
By Elmir Muradov
