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May 16, 2023 462

Azerbaijani startup Recepta is the first Azerbaijani startup selected for Visa Innovation Programme!

#Local

"Recepta, which received an investment of 700 thousand dollars in the past months, is the first Azerbaijani startup that was selected for the Visa Innovation Programme. Previously, the startup was selected as the winner of the Teknofest TakeOFF Baku summit held in Baku. The core of the Recepta initiative is digital receipts. Thus, this startup, which is aimed at protecting the environment, has managed to reach agreements with many companies in the international arena."

Recepta startup's innovative concept suggests that the adoption of digital receipts can lead to substantial environmental and economic benefits in the United States. By replacing traditional paper receipts, digital receipts have the potential to save an estimated 12 million trees, conserve 21 billion gallons (1 gallon ≈ 3.7 liters) of water, preserve 250 million gallons of oil, and prevent the wastage of approximately $3 billion worth of resources annually.

This transition to digital receipts, which are widely utilized worldwide, offers a dual advantage of environmental protection and fiscal savings. Recepta startup has already initiated negotiations with various banks and state authorities in our country, underscoring its potential for growth and impact.

Being selected for the Visa Innovation Program represents an exceptional opportunity for our local startup. Collaborating with Visa experts and Hackquaters in the program will enable Recepta to develop new solutions and leverage the latest technologies in the field. This partnership holds great promise for Recepta's continued success and contribution to the advancement of sustainable practices.

Recepta is diligently working on transforming its startup concept into a tangible reality through the development of the Recepta app. This innovative mobile application serves as a comprehensive digital receipt management platform, streamlining the process of generating and organizing digital receipts for all card transactions, thereby eliminating the requirement for traditional paper receipts. Expressing his vision, Fuad Heydarli, the executive director of Recepta, highlighted the initial target of entering the Turkish market through collaboration within the Visa innovation program. By participating in this program, Recepta aims to leverage the expertise and resources provided by Visa to facilitate its entry into the Turkish market and drive the adoption of its revolutionary digital receipt solution.