Tuesday, June 22 2010 17:48
In July 2010 Visa Int. to consider possibility of cooperation with Armeconombank
ArmInfo. Armeconombank is going to become a principal member of Visa International.
Head of the Plastic Card Department of Armeconombank Vardan Yeghiazaryan says that the bank has already submitted all necessary documents and in mid July 2010 Visa Int. will consider its application.
As soon as the bank joins the system, it is going to issue its first Visa cards. "We are planning to issue Gold, Standard and Electron Visas," says Yeghiazaryan.
Armeconombank is a member of the MasterCard system and issues chip MasterCards.
Yeghiazaryan says that there are two reasons why the number of MasterCards in Armenia is growing more quickly than that of Visas. First, the number of Visas is twice as big and, second, MasterCard has been very active in Armenia's commercial networks of later and has spent 20,000 EUR on relevant activities.
According to Armenian Card, in Jan-May 2010 the number of MasterCards issued by the ArCa member banks grew by 32.5% to 79,040, the number of Visas - by 9.4% to 122,139, the number of ArCas - by 5.2% to 294,478.
As of June 1 2010 Armeconombank had 95,965 active cards (21% growth in Jan-May 2010), of which 74,194 were ArCas (8.2% growth), 21,371 - MasterCards (99% growth). 80% of the cards were salary cards. As of today, Armeconombank has 54 bancomats and 230 POS-termials.
Armeconombank is the leader of Armenia's plastic card business and holds almost 20% of this market.
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