Contactless Visa payWave from IDBank: No fee charged for cash  withdrawal or card to card transfers

ArmInfo. IDBank offers its clients contactless cards payWave - Visa Classic and Visa Gold, through which cashing out of funds in ATMs of all member banks of the  ArCa system is carried out with a zero commission. Moreover, for  transfers from card to card in ATMs and through virtual ArCa cards,  there is also a zero fee. At the same time, a positive balance of the  card account is charged up to 4% per annum.

As the press service of the Bank informs, through the cards of the  Visa payWave system it is possible to make transactions in all  shopping centers where there are special POS-terminals. Moreover, if  the amount of payment does not exceed 10 thousand drams, the card can  only be tapped to  the post-card, which means that there is no need  to transfer the card to the cashier, there is also no need to sign,  use the passport and enter the PIN code.

"Today, a bank card is the safest and most convenient way of making  payments or withdrawing cash anywhere in the world. We studied the  needs of our customers and introduced a convenient and profitable  product. Transactions through the Visa payWave system are quick, easy  and convenient. And one more advantage of this proposal is that  during transactions on cards the client can also use the SMS service  free of charge, which implies receiving information regarding the  transaction, " IDBank's Retail Business Director Vardan Gevorgyan  noted.

According to the 17th issue of the analytical survey "Armenian Banks  in the Card Business" prepared by ArmInfo, the number of active  IDBank cards exceeded 45 thousand  by April 1, 2018, about 18  thousand of which - ArCa and more than 22 thousand - Visa, and the  rest  5 thousand - MasterCard. The Bank increased the total number of  active cards by 35% y-o-y due to a significant increase in the number  of Visa and MasterCard (by 71-61%). During the reported period the  bank issued about 12 thousand cards, of which 9 thousand are Visa  cards. The total volume of plastic transactions of IDBank exceeded 31  billion drams by the end of 2017, of which over 17 billion - is ATM  transactions. The bank has 155 own POS-terminals and 52 ATMs, mostly  located in the capital. IDBank (former name Anelik Bank) was the  first among Armenian banks to issue and service international Visa  and Mastercard along with local cards.

To note IDBank (until May 31, 2018, called Anelik Bank) has been  operating in the Armenian market since October 1996. The shareholders  of the Bank are: Cyprus company FISTOCO LTD with a stake of 59.68%  and Lebanese Bank CreditBank S.A.L - 40.32%. Indirect majority  shareholders are physical persons: Tarek J. Khalefe (CreditBank  S.A.L) and Vartan Dilanyan (FISTOCO LTD).