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Friday, August 23, 2019

Turkmenistan to modernize electronic payment system

Turkmenistan is modernizing its electronic payment system in order to help optimize banking, strengthen the Turkmenistan manat, increase lending and deposit volume and to broaden the range of services.

The country is working to introduce MasterCard payment systems, including MasterCard Maestro, MasterCard Standard, MasterCard Business and MasterCard Gold.

An increase in cashless payments in Turkmenistan could help increase financial resource flows of economic entities. It will also give Turkmen banks the ability to grant low interest loans and, in general, allow citizens to more easily make purchases at sales outlets.

The country will begin with the issue of MasterCard Maestro cards, which will feature an image of the Ahalteke horse, which represents the pride of the Turkmen people.

MasterCard Standard cards will feature the emblem of the fifth Asian Indoor Games and Martial Arts, which will take place in Ashgabat in 2017.

MasterCard Business cards will feature in image of a globe, and MasterCard Gold cards will be emblazoned with an image of the Karakum desert.