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ACBA TO BECOME FIRST BANK TO SERVICE CHIP CARDS IN ARMENIA
YEREVAN, MAY 26, NOYAN TAPAN. ACBA Bank will be the first one to
service international microprocessor (chip) cards in Armenia. Director
General of the bank Stepan Gishian stated at the May 25 press
conference that it is envisaged to service these cards only at POS
terminals of the bank, while cash dispensers will later be used as
well. Starting 2006-2007, the bank will issue chip cards. According
to S. Gishian, the use of chip cards instead of magnetic tape ones is
conditioned by the requirements made by the Visa International payment
system. It was indicated that chip cards are better protected, can
contain more information, which allows to receive pensions by these
cards as well. Director General of ACBA announced that from June 1, a
Festival of Summer Purchases will be held, during which each customer
will get a certain number of scores for paying with ACBA's Visa Cards
at a trade outlet or service center that services Visa Cards. The bank
will pay the customer 5 thousand drams (about 11.5 USD) for each 100
scores gained in a month. During the festival, the bank is going to
offer Visa Cards at a 50% discount. Starting mid July, ACBA will also
issue a new type of Visa Card - Gift Card to be valid for 3 years. The
card does not bear the name of its holder, which allows to give it to
the customer within 3 minites. The customer may enter more money in
addition to the amount which is given as a gift and has already been
entered into the card. According to Regional Director of the Visa
International System on CIS countries Svetlana Georbelidze, such
events will promote non-cash payments. She said that in Armenia, trade
outlets account for 40% of circulation by cards, which is a high index
compared with other CIS countries.
YEREVAN, MAY 26, NOYAN TAPAN. ACBA Bank will be the first one to
service international microprocessor (chip) cards in Armenia. Director
General of the bank Stepan Gishian stated at the May 25 press
conference that it is envisaged to service these cards only at POS
terminals of the bank, while cash dispensers will later be used as
well. Starting 2006-2007, the bank will issue chip cards. According
to S. Gishian, the use of chip cards instead of magnetic tape ones is
conditioned by the requirements made by the Visa International payment
system. It was indicated that chip cards are better protected, can
contain more information, which allows to receive pensions by these
cards as well. Director General of ACBA announced that from June 1, a
Festival of Summer Purchases will be held, during which each customer
will get a certain number of scores for paying with ACBA's Visa Cards
at a trade outlet or service center that services Visa Cards. The bank
will pay the customer 5 thousand drams (about 11.5 USD) for each 100
scores gained in a month. During the festival, the bank is going to
offer Visa Cards at a 50% discount. Starting mid July, ACBA will also
issue a new type of Visa Card - Gift Card to be valid for 3 years. The
card does not bear the name of its holder, which allows to give it to
the customer within 3 minites. The customer may enter more money in
addition to the amount which is given as a gift and has already been
entered into the card. According to Regional Director of the Visa
International System on CIS countries Svetlana Georbelidze, such
events will promote non-cash payments. She said that in Armenia, trade
outlets account for 40% of circulation by cards, which is a high index
compared with other CIS countries.