Wednesday, March 14 2012 16:34
HSBC Bank Armenia introduces a new service - card insurance
ArmInfo. HSBC Bank Armenia cjsc introduced a new card insurance service to the market today. The service is aimed at protecting ATM and MasterCard international card users from certain risks, HSBC Bank Armenia press-service told ArmInfo.
Card Insurance covers losses that occur as a result of cards being lost, stolen or skimmed and subsequently being used for transactions not authorised by the customer.
"The usage of ATM and credit cards is very widespread and provides great convenience to customers, but as usage has increased so has the incidence of fraud, particularly for customers travelling outside Armenia. For this reason we decided to introduce card insurance, so that customers can protect themselves from such risks", - HSBC Bank Armenia Chief Executive Officer Astrid Clifford said.
The bank told ArmInfo that the service is provided in cooperation with one of the local insurance companies. The insurance policy costs 7,500-15,000 AMD depending on the type of the card and amount on the card account.
In 2011 HSBC Bank Armenia cjsc has issued 17800 ATM and 2400 credit and payment cards, an increase of 38% compared with 2010. Utilisation volume of ATM and credit card in 2011 were AMD21 billion and AMD61billion respectively.
The review "Armenian Banks in Card Market" prepared by ArmInfo Agency says HSBC Bank Armenia is among top ten banks by the number of active plastic cards and among top three banks by the volume of transactions. As of Oct 1 2011 the bank served 332 POS-terminals and 52 ATMs. The minimum payment for annual service of MasterCard at HSBC Bank Armenia is 12,000 drams.
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