Armenian Telcell Company to put e-money into circulation

ArmInfo. Telcell received Central Bank's permission on emission of e-money. As the press service of the Central Bank of Armenia informed ArmInfo, the decision was made on February 19 during the session of CBA Board.

Telcell Company informed ArmInfo that e-money will be put into virtual circulation since Q2, 2016. At the moment the name of the money is being discussed. According to Telcell's forecast share of e-wallets in total amount of non-cash payments in Armenia will reach 20% from the current 6-7%.

Telcell will announce about detailed steps for further technological development of the market of e-money in September. As the press-service of Telcell informed ArmInfo, yet in 2015 the company was allowed to apply one of two products: momentary money transfers or e-money. It received permission from the CBA on conducting momentary money transfers via Telcell system in December 2015.

To note, TelCell, set up in 2007, is the first and biggest payment terminal network in Armenia. The system provides for a high speed processing of transactions - the Telcell processing center receives signals from all terminals of the network in the true time regime, processes and links to the payment gateways of the operators.  Currently via 1000 payment terminals of Telcell payments of over 100 networks operators and providers of various services are received. 

According to the latest published financial report, in 2014 total income of the company made up 2.025 bln AMD, net profit totaled 777.9 mln AMD. The names of the shareholders of the company are not publicized.