YEREVAN (combined sources)–Armenian President Robert Kocharian–US Ambassador to Yerevan Michael Lemmon–and senior officials of 10 Armenia’s banks representing the Armenian Card (ArCa) were present at the inauguration of the new credit card payment system on May 30.
The new unified payment system was created by Armenian banks and USAID. The Armenian Card system member banks will have the right to issue and serve both local and Visa–Master Card/EuroCard–and American Express cards. Armenian Card has also been enrolled in the Europay International payment system. Accession to the Europay International system on December 7–2000 enabled Armenian Card member countries to release and serve Europay/Master Card international cards.
According to information from the Central Bank of Armenia–release of a limited number of cards and installation of POS terminals and ATM machines are foreseen. When the beginning experimental stage is over in August-September 2001–large-scale spread of local cards and development of the network of their servicing will begin.
The memorandum on the establishment of the Armenian Card system was signed between the Central Bank of Armenia and the United States Agency for International Development (USAID) in 1999.