Acba bank, MobiDram and Future Payments Systems launch innovative payment system (video)

YEREVAN, September 3, /ARKA/. Acba bank, MobiDram, which is the financial subsidiary of the leading mobile operator of Armenia Viva-MTS and the Future Payments Systems have launched Just QR innovative financial system of contactless payments, Acba bank said in a press release.

‘Acba bank continues introducing advanced technologies that drive the development of financial instruments and contactless payments in Armenia,’ it said.

From now on, trade and service points cooperating with the bank can join the Just QR network, generate QR code through the bank’s POS payment terminals and accept payments. The Just QR payment tool will simplify and make payment processes more convenient.

“We are introducing a new system of payments with a QR code. This is different from the existing systems. The system is called Just QR and we are confident that it will be welcomed,” said Hakob Andreasyan, CEO of Acba bank.

“Anyone who has a MobiDram application can enter the store and after shopping scan the QR code on their phone and the payment will be made from their e-wallet, which is attached to their phone. Digital transformation requires being innovative, being on the list of pioneers, so that innovations always enter the market,” said Viva-MTS General Manager Ralph Yirikian.

“There are several features. The use of the common EMV standard, the use of dynamic QR, as well as the fact that there is no change in business processes at points of sale, that is, the same POS terminals with which card transactions are carried out continue to be used. That is, no additional costs are assumed by the bank or point of sale. Another advantage is ease of distribution and affordability, as QR can be applied to any smartphone. One of the important features is that the JustQR system fully complies with the highest security standards and in this respect is not inferior to card transactions,” said Konstantin Saroyan, the designer of the Just QR system.

Details are in the video.

Acba bank is supervised by the Central Bank of Armenia. -0-

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