Thursday, February 27 2014 20:50
Areximbank and Visa introduce contactless payments in Armenia
ArmInfo. Areximbank-Gazprombank Group and Visa Company have launched contactless payments in Armenia introducing Visa payWave card. Areximbank has become the first Armenian bank to introduce contactless payments in the country. The first contacless transaction with Visa payWave card was made on 27 February at one of the stores of the Moskvichka chain in Yerevan. Manager of Visa Payment System for Caucasus Irina Kamkhadze made the contacless payment for a purchase.
Talking to reporters, Kamkhadze said that non-cash payments in the country entered a new phase of development in Armenia.
"Launching the first project of contacless payments with Visa payWave in Armenia offers consumers a unique experience of momentary payments, while banks will get new opportunities for development of card business," Kamkhadze said. Visa payWave technology, she went on, meets the contactless EMV chip technology standards. This makes cards and payment terminals compatible worldwide. All Visa payWave cards can be accepted at Areximbank-GPB Group's contactless terminals irrespective of the emitter-bank and the country of emission.
"Thanks to our partner Areximbank, Armenia has joined the list of 50 countries, including CIS countries and Georgia, where consumers have an opportunity to enjoy the advantages of Visa payWave contactless technology," she said. Deputy Head of Areximbank-GPB Group Ruben Khachatryan, in turn, said that the bank plans to install the first contactless terminals at various trade points already this summer. The first Visa payWave cards will be issued in late May 2014.
"We plan not only acquiring of contactless cards but also issue of Visa payWave cards and further development of the infrastrucuree," Khachatryan said recalling that AreximbankGPB Group was the first bank in Armenia to become a principal member of Visa, issue the first Visa cards and launch the first project of internet acquiring.
Visa payWave technology Visa contactless payments are the easiest way to pay for low-value, everyday purchases in less than a second. There's no need to insert the card into a terminal, sign your name or enter a PIN. Instead, you simply hold your card in front of a special contactless card reader and made transactions for up to 10,000 drams in less than a second. You can make a contactless payment at any retailers that display the contactless acceptance symbol. Transactions are made using a new type of Visa debit or credit card. A tiny antenna is embedded in the card, which communicates with the payment terminal, and completes a payment in less than a second.
By data of Areximbank-Gazprombank Group, the bank has issued nearly 101.7 thousand Visa international payment cards. The number of Visa active cards for late 2013 made up 22,000. The bank issued 12,000 Visa cards in 2013. The non-cash payments with the bank's cards at trade points of other banks grew 25% versus 2012 and 23% at the bank's trade points. As of Jan 1 2014, the bank served 78 ATMs, cash- dispensing offices - 39, trade terminals - 249, and virtual terminals - 26.
Gazprombank acquired 80% of shares in Armenian Areximbank in Nov 2007 and increased its stake to 94.15% in July 2008. In September 2008, Gazprombank bought the last 5.85% of shares from Raiffaisenbank becoming the sole owner of Armeximbank-GPB Group. Visa - Payment card used by people around the world, Visa cards offer convenience and reliability. Use Visa cards to pay for purchases in more than 200 countries. VisaNet processing system capacity is 24,000 transactions per second.
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