Telcell CJSC and Armeconombank (AEB) users can order and receive a Visa digital co-branded card for free as part of joint cooperation.
The strategic cooperation between the parties aims to develop innovative technologies in the fintech sector. In the first stage of collaboration, with the support of AEB, the Telcell Wallet application users will be able to create a bank account and replenish their wallets.
Artyom Baghdasaryan Head of Cards Department of "Armeconombank" noted: "Armeconombank's cooperation with Telcell CJSC has a long-term mutually beneficial nature. Based on the successful experience of collaboration and aiming to make banking services available to users of the Telcell Wallet application, the idea of a co-brand card was born, the platform of which will be the basis for the introduction and development of other financial services (for example, credit products, access to new solutions for transfers, etc.)
Arman Grigoryan, head of the Telcell CJSC Financial Partnership Department of CJSC, noted that the motive for issuing digital cards was the demand of customers as well as the desire to combine all financial transactions in one application.
Now, the application allows issuing Visa digital cards.
“We at Visa are proud to contribute to the digitalization of the financial sector in Armenia. Our collaboration with Telcell and AEB demonstrates Visa’s commitment to providing our partner financial institutions with innovative products and solutions. We are confident that our customers will enjoy all the benefits of co-branded cards offer as we continue to shape the future of digital payments in Armenia,” Diana Kiguradze, Visa Regional Manager for the Caucasus Region, said.
Digital cards are more secure
They are bank cards without a physical carrier, the information available only to the cardholder. They allow the cardholder to perform all transactions more securely.
The card will be issued and serviced free of charge, and top-up from Telcell terminals will be carried out without a service fee.
Digital cards are suitable for online shopping and contactless payments
With a digital card, the cardholder can make financial transactions online via Google Pay or Apple Pay.
Visa digital cards have free service in the Telcell Wallet application
Cards issued through the Telcell Wallet app have 3% positive balance earnings, worldwide transaction capability, replenishment from all RA Telcell Terminals without commission, and 5 unique design concept options (4 of them are artworks).
The card will be issued and serviced free of charge and has a validity period of 5 years.
The acting CEO of Telcell CJSC Artyom Ghazaryan noted: "In the context of open banking, we have decided to take our first step towards creating an application that will serve as an all-in-one solution for individuals engaged in everyday financial tasks. This initiative is aimed at providing a better and more convenient financial platform for our users, allowing them to utilize an international digital card. Our ultimate goal is to further enhance this format and establish partnerships with additional fintech institutions, which will bring us closer to the company's primary objective of creating a more convenient and user-friendly financial platform for everyone."