“MasterCard does not have any activities in Iran, as sanctions have remained in place for US-based companies for some time,” Seth Eisen told Azerbaijan's Trend news agency on Monday.

His remarks came after Iran’s Minister of Communications and Information Technology Mahmoud Vaezi announced on Sunday that financial branches of the country’s Post Company will offer credit card services in late August.

Credit and debit cards will be distributed at financial branches of the Iran Post Company from August 23, Vaezi said at a ceremony in Tehran.

Stressing that Iranians can use the cards in over 210 countries where MasterCard is valid, he added that payment transactions of up to $10,000 are possible with each card which is rechargeable.

Back in December 2015, the financial corporation launched a channel in the Telegram instant messaging service, sending posts in Farsi to encourage Iranians to use MasterCard.

The Telegram channel introduced different services customers can receive in Iran. The corporation also advertised on its channel a 24-hour voicemail which responds to customers in Farsi.

International interest in ties with Iran has been growing since Tehran and the Group 5+1 on July 14, 2015 finalized the comprehensive nuclear deal and started implementing it on January 16, 2016.

The agreement terminated all nuclear-related sanctions imposed on Iran.