On November 8, Armenian Card introduced another innovative product, ArCa Pay. ArCa Pay is a simple, fast, easy and safe platform for making instant transfers between clients of Armenian banks and payment settlement companies.
Ameriabank, Evocabank and Converse Bank have already joined the system. From now on, customers of these banks can transfer money instantly to each other using their banking applications, specifying only the recipient’s phone number.
Clients of banks connected to ArCa Pay choose the main financial organization for receiving money through the ArCa Pay system in their banking application. By the way, the transfer can be received on a current, card or account account.
During the presentation of the new system, the first ArCa Pay transfer was shown, signaling the launch of the system. Funds were withdrawn from the sender’s current bank account and instantly deposited into the recipient’s current bank account. It was also noted that instant transfers of funds through the ArCa Pay system will be provided to banks and settlement organizations at a significantly lower rate than card-to-card transfers, which will also result in a lower rate for the final consumer.
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In the near future, almost all banks and settlement organizations of Armenia will start working with the ArCa Pay system.
Executive Director of Armenian Card, Chairman of the Board Vardan Khachatryan noted. “As a national payment system, ArCa’s goal is to develop such platforms and tools, through which our partner banks and settlement organizations will be able to provide constantly improved, state-of-the-art services to their customers. ArCa Pay is one of them. Soon, ArCa will present several more interesting and popular services to the market.”
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Artak Hanesyan, Chairman of Ameriabank Directorate – General Director, stated in his speech. “We constantly emphasize expanding the range of services and providing the best digital experience for our customers. I am glad that we were among the first to join the new system, giving our customers the opportunity to make interbank transfers using a phone number. I congratulate all of us on the launch of ArCa Pay and thank all our partners involved in the development of the system.”
Karen Yeghiazaryan, Chairman of the Board of Evocabank, said: “Evoca is one of the first 3 banks to join the ArCa Pay system. From now on, users of the EvocaTOUCH application will be able to transfer money instantly to other banks, as well as receive money from these banks, without the need to fill in the bank details of the other party. This will make banking easier for our customers will make it simpler and more convenient in line with international best practices. I congratulate everyone on the launch of ArCa Pay.”
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Andranik Grigoryan, Chief Executive Officer of Converse Bank, Chairman of the Directorate said: “Along with the development of banking services, the financial needs and expectations of Bank customers are changing. they are looking for the best financial experience, including simple, fast and secure transfers. For several years now, Converse Bank customers have been able to make transfers by phone make phone transfers to customers of other banks connected to the system.”
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Armenian Card is the national payment system of Armenia, which continuously presents modern solutions to its partners – banks and settlement organizations, ensuring the development of the payment system of Armenia.
Time.news Interview: Unveiling the Future of Instant Payments with ArCa Pay
Editor (E): Welcome to Time.news, where we dive into the latest innovations shaping our world. Today, I’m excited to chat with Vardan Khachatryan, the Executive Director of Armenian Card and Chairman of the Board, about their recent launch of ArCa Pay. Vardan, thank you for joining us.
Vardan Khachatryan (VK): Thank you for having me. I’m excited to share more about ArCa Pay and how it’s set to transform payments in Armenia.
E: Let’s get straight to the point—what exactly is ArCa Pay, and what sets it apart from other payment platforms?
VK: ArCa Pay is an innovative platform that enables simple, fast, and secure instant transfers between clients of Armenian banks and payment settlement companies. Unlike traditional methods that often require lengthy processes, with ArCa Pay, users can transfer money using just the recipient’s phone number through their banking app. This ease of use is what we believe will truly set ArCa Pay apart.
E: That sounds incredibly user-friendly! I understand that Ameriabank, Evocabank, and Converse Bank were the first to join this system. What feedback have you received from these banks about the initial rollout?
VK: The response has been overwhelmingly positive. Banking leaders, like Artak Hanesyan from Ameriabank, have highlighted their commitment to enhancing customer experience through digital solutions. With ArCa Pay, they appreciate the ability to facilitate interbank transfers seamlessly, allowing their customers to enjoy a modernized service with just a click or tap.
E: It certainly seems like a game-changer for consumers. Can you explain how the transfer process works for users?
VK: Absolutely. Once a client of a bank connected to ArCa Pay decides to make a transfer, they simply select their main financial organization within their bank’s app. They specify the recipient’s phone number, and the funds are transferred almost instantaneously from their current account to the recipient’s account. Importantly, transfers can be received on various types of accounts, whether it’s a current, card, or account account.
E: Instant transfers are a huge convenience. Are there any cost benefits to using ArCa Pay compared to traditional methods?
VK: Yes, indeed! One of the notable advantages of ArCa Pay is that it offers transfers at significantly lower rates compared to conventional card-to-card transactions. This will ultimately lead to lower costs for the final consumers, which is one of our goals—to make financial services more accessible and affordable.
E: It looks like ArCa Pay is just the beginning. What future developments can we expect from Armenian Card?
VK: We’re actively working on introducing several more innovative services that will enhance the customer experience even further. As a national payment system, our aim is to consistently develop tools and platforms that empower banks and settlement organizations to provide top-tier service to their clients.
E: Exciting times ahead! Before we wrap up, what message do you have for the consumers and banking community in Armenia regarding ArCa Pay?
VK: I encourage everyone to explore ArCa Pay and experience the ease of making instant transfers. It’s a significant step towards modernizing our banking system, and with the support of our partner banks, we aim to continue evolving the financial landscape in Armenia. This is just the start!
E: Thank you for these insights, Vardan. We look forward to seeing how ArCa Pay evolves and impacts the financial sector. This has been an enlightening discussion!
VK: Thank you! It’s been a pleasure to share our vision with you and your audience.