On November 8, Armenian Card introduced ArCa Pay, an innovative platform designed to facilitate fast, secure, and seamless instant transfers between clients of Armenian banks and payment companies.

Ameriabank, Evocabank, and Converse Bank have already integrated with the system. As of now, customers of these banks can make instant transfers to one another using their banking applications, requiring only the recipient's phone number.

Clients of banks connected to ArCa Pay will designate their preferred financial institution for receiving funds through the platform via their banking apps. The transfers can be received either into a current account, card, or other designated account.

During the launch event, the first ArCa Pay transfer was showcased, highlighting the system's immediate functionality. Funds were withdrawn from the sender's current account and were instantly credited to the recipient's current account. It was also emphasized that ArCa Pay will offer significantly lower transaction fees compared to traditional card-to-card transfers, ultimately benefiting the end consumer with reduced costs.

In the near future, it is expected that nearly all banks and payment companies in Armenia will adopt the ArCa Pay system.

Vardan Khachatryan, the CEO and Chairman of the Management Board of Armenian Card, commented, “As the national payment system, ArCa’s mission is to develop platforms and solutions that empower our partner banks and payment companies to provide continually enhanced, cutting-edge services to their customers. ArCa Pay is one such platform, and we look forward to introducing more innovative and widely adopted services to the market."

Artak Hanesyan, Ameriabank CEO and Chairman of Management Board, commented: “We consistently focus on expanding the range of our service offerings and delivering an exceptional digital experience for our customers. I'm pleased that we were among pioneers in joining the new system, enabling our customers to make transfers to other banks simply by a phone number. I extend my congratulations to everyone on the launch of ArCa Pay and express my gratitude to all our partners who contributed to the development of the system”.

 Karen Yeghiazaryan, Chairman of the Management Board of Evocabank, stated: "Evocabank is among the first three banks to integrate with the ArCa Pay system. This integration allows users of the EvocaTOUCH app to instantly transfer and receive funds from other banks without requiring the recipient's bank details. This innovation simplifies banking for our customers, making transactions more seamless and convenient, in alignment with international best practices. I congratulate everyone on the successful launch of ArCa Pay."

Andranik Grigoryan, CEO of Converse Bank, remarked, " As banking services advance, the financial needs and expectations of our customers continue to grow. They now seek an exceptional financial experience, one that offers simple, fast, and secure transfer options. For several years, Converse Bank customers have been able to make transfers using phone numbers through the Converse Mobile app. With the introduction of ArCa Pay, we are expanding our service offerings, allowing Converse Mobile users to send transfers by phone number to clients of other banks connected to the system."

Armenian Card, as Armenia's national payment system, remains committed to delivering modern, effective payment solutions that drive the growth and development of the nation's payment infrastructure.

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