Armenian Card has introduced an innovative instant money transfer platform, ArCa Pay, allowing clients of Armenian banks and payment organizations to make transfers using only the recipient’s phone number. In the initial phase, three major banks - Ameriabank, Evocabank, and Converse Bank - have already joined the system.
The key feature of ArCa Pay is the significant simplification of transfers between clients of different banks. Users no longer need to know the recipient's banking details—just their phone number. Clients of banks connected to ArCa Pay can also choose the account type (current, card, or other) to which funds will be directed.
“As a national payment system, ArCa aims to develop platforms and tools that empower our partner banks and payment organizations to offer their customers continuously enhanced, state-of-the-art services. ArCa Pay is one such innovation,” noted Armenian Card CEO Vardan Khachatryan.
A major advantage of the new system is its lower transfer fees compared to inter-card transactions, making the service even more attractive to end users. The first demonstration transaction was successfully completed during the launch, showcasing the instant transfer of funds to the recipient’s account.
The participating banks’ executives praised the new system’s potential. Artak Hanesyan, Chairman of Ameriabank, emphasized the importance of expanding service options and delivering a superior digital experience for clients.
Evocabank’s Chairman Karen Egiazaryan highlighted that the new system simplifies banking, aligning with the best international practices. Converse Bank’s CEO Andranik Grigoryan pointed to clients' growing need for simple, fast, and secure transfer solutions.
Most banks and payment organizations in Armenia are expected to join the ArCa Pay system soon, making the service even more popular with users. Armenian Card has also announced the upcoming release of several other exciting and in-demand services.
