Tuesday, August 14 2012 14:27
E-money – for the first time in Armenia
ArmInfo. ArmInfo’s interview with Gayane Stepanyan, Director of Idram Company
Idram is the leading online payment system in Armenia allowing e-payment through e-money equivalent to the Armenian dram. The company officially presented e-money in Armenia on March 6 2012. To get access to e-money system, a user needs to register in the Idram system and accumulate e-drams equivalent to the national currency. The system has nearly 50,000 users now, with a year over year growth being 110%.
Ms. Stepanyan, e-money is a relatively new term in Armenia. Please, tell about the peculiarities of Idram system and what makes Idram differ from the term “non-cash”? What opportunities does Idram open for users?
By means of Idram users can effect various transactions with e-money, such as online payment for communal services, redemption of loans, payment of fines and taxes, as well as exchange of e-currency, e-shopping, betting, etc.
E-money is the electronically stored cash of users. What does it mean to accumulate e-money? Does it imply account replenishment or calculation of interests from deals?
Electronic money is electronically (including magnetically) stored monetary value, represented by a claim on the issuer, which is issued on receipt of funds for the purpose of making payment transactions, and which is accepted by a person other than the electronic money issuer, she said. Types of e-money include pre-paid cards and electronic pre-paid accounts for use online. Users of Idram system can replenish their accounts via terminals, through cash-in terminals of partners-banks or branches of Idram company, and through bank transfers via plastic card ArCa, Visa and MasterCard and others.
Idram online payment system has already announced issue of e-money in Armenia. What bank has come out as an issuer? How are e-money regulated in Armenia, generally?
The company received the license to issue e-money and officially presented e-money in Armenia on March 6 2012. Activity of Idram Company is regulated by the regulatory acts of the Armenian Central Bank. Any company licensed by the Armenian Central Bank to effect money transfers and having relevant permission can issue e-money.
You have declared earlier that risk of machinations using e-money is minimized. Are there any guarantees? What kind of the e-money fraud is there in the world? Are Armenians users protected against only fraud?
Reliability of the system is guaranteed by the eight-level security system: SSL, VeriSign and Thawte certificates; PIN-code (an e-signature of a user providing access to its account and personal data); virtual keyboard ensure safe typing of PIN-code; restriction of requests and transferring possibilities by robots through generation of digital images, which guarantees presence of a real user; data secrecy; permanent automatic data archivating that allows restoring the lost data at any time; verification of rights; registration and data storing (ID, IP, time. date, request and others) and 24-hour control.
Idrams can be converted into Webmoney or Yandex Money. What are the conversion terms?
Idrams can be converted into Webmoney or Yandex Money at www.uchange.net. No commission fee is charged for the service. The money is exchanged on the most favorable terms for both the parties. The terms are determined by the service provider.
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