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Mobile Phones Will Also Be Considered POS Terminals in Azerbaijan – Law to Change
Mobile Phones and Other Electronic Devices May Also Be Recognized as POS Terminals in Azerbaijan
Azerbaijan is planning to recognize mobile phones and other electronic devices as POS terminals.
According to Kamran Ahmadov, Deputy Head of the Apparatus of the Ministry of Economy, the proposed amendments to the Law “On Electronic Commerce” aim to bring the definition of a POS terminal into line with modern payment technologies. He made the statement at a meeting of the Milli Majlis Committee on Economic Policy, Industry and Entrepreneurship held today.
Under the current legislation, a POS terminal is primarily defined as specialized equipment used to process payment card transactions. The proposed new approach would broaden the definition of a POS terminal to encompass a wider range of technological capabilities.
“Under the current law, a POS terminal is mainly defined as equipment used to conduct transactions with payment cards. The new approach covers cashless payments, including contactless payments,” the ministry official said.
As a result of the proposed amendments, not only dedicated POS terminal devices but also mobile phones and other end-user devices equipped with the appropriate software could be recognized as POS terminals.
This approach could enable businesses to accept cashless payments through compatible mobile devices and software without the need for a separate physical POS terminal.
One of the main objectives of the amendments is to bring legislation governing electronic commerce and cashless payments into line with modern technological capabilities, as well as to eliminate inconsistencies between existing legal provisions.
It should be noted that mobile phones must meet the relevant technical requirements and software standards to be used as POS terminals. The proposed amendments do not mean that all mobile phones will automatically acquire POS terminal functionality.
If the bill is adopted, the legal framework for using mobile devices as a means of accepting payments will be expanded.
Mobile Phones and Other Electronic Devices May Also Be Recognized as POS Terminals in Azerbaijan
Azerbaijan is planning to recognize mobile phones and other electronic devices as POS terminals.
According to Kamran Ahmadov, Deputy Head of the Apparatus of the Ministry of Economy, the proposed amendments to the Law “On Electronic Commerce” aim to bring the definition of a POS terminal into line with modern payment technologies. He made the statement at a meeting of the Milli Majlis Committee on Economic Policy, Industry and Entrepreneurship held today.
Under the current legislation, a POS terminal is primarily defined as specialized equipment used to process payment card transactions. The proposed new approach would broaden the definition of a POS terminal to encompass a wider range of technological capabilities.
“Under the current law, a POS terminal is mainly defined as equipment used to conduct transactions with payment cards. The new approach covers cashless payments, including contactless payments,” the ministry official said.
As a result of the proposed amendments, not only dedicated POS terminal devices but also mobile phones and other end-user devices equipped with the appropriate software could be recognized as POS terminals.
This approach could enable businesses to accept cashless payments through compatible mobile devices and software without the need for a separate physical POS terminal.
One of the main objectives of the amendments is to bring legislation governing electronic commerce and cashless payments into line with modern technological capabilities, as well as to eliminate inconsistencies between existing legal provisions.
It should be noted that mobile phones must meet the relevant technical requirements and software standards to be used as POS terminals. The proposed amendments do not mean that all mobile phones will automatically acquire POS terminal functionality.
If the bill is adopted, the legal framework for using mobile devices as a means of accepting payments will be expanded.