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The world's leading digital payment company VISA, and Armenia's leading digital and financial fintech platform Idram, signed a Memorandum of Understanding on Wednesday in Yerevan, envisaging cooperation on the markets of Central Europe, Middle East, and Africa (CEMEA) for the introduction of cutting-edge financial technology solutions. The Memorandum was signed by Arsene Kdenian, Idram's director, and Diana Kiguradze, manager of the Caucasus region of VISA.
The Memorandum contemplates strategic cooperation and joint development of Idram technological solutions in the mentioned markets.
Arsene Kdenian, the director of Idram company said that Idram has a successful experience of strategic cooperation with IDBank in Armenia.
“We are excited by the opportunity of a joint promotion with VISA on CEMEA markets of Idram products and solutions, which are successfully implemented in the Armenian market. Among those solutions are contactless payments, digital trust systems, BNPL (buy now, pay later), and others. I think that VISA has appreciated Idram's potential and opportunities. I congratulate and wish success in further long-term cooperation," he said.
Diana Kiguradze said that for VISA Company it is important to expand cooperation in Armenia not only with banks but also with financial technology companies. According to her, the company's agenda includes the expansion of digital payments and the introduction of innovative solutions in the countries where it operates. The company representative expressed confidence that cooperation with Idram company will create a good opportunity for developing a cashless society in Armenia.
Head of CEMEA strategic partnership department of VISA Eugene Lisnyak, the offers from Idram may be interesting for their partners in the other 98 CEMEA countries. He expressed his willingness to share his knowledge and information with Idram about the state of each market and its fintech landscape so that the company could make a strategic decision to enter that market.
According to him, if their partners in other markets show interest in Idram's technology, they will facilitate its adoption.
Lisnyak added that this Memorandum does not undertake any financial obligations, and the matter is about combining efforts to promote Idram's Armenian technologies in other markets.
Idram Commercial Director Grigori Yolyan said that Idram is the first and the only Armenian company to sign the Memorandum with VISA.
"We are glad that there is interest in our products in international markets, and we are glad that together with VISA we can think and talk about the entry of these products into these markets," he said.
Grigori Yolyan presented the figures for cooperation between Idram and VISA:
During the last two years, more than 100.000 VISA cards and over 40.000 VISA DIGITAL cards have been ordered online through Idram.
In Armenia, transfers from card to card are made through the Idram platform in 40% of cases.
"I think these figures speak for themselves, and among other things, it promotes a relationship that will lead to new developments. The signing of the Memorandum will be a new milestone for Idram in terms of entering international markets," he said.
Answering the journalists' question on why VISA is expanding its activity in Armenia, Diana Kiguradze noted that VISA constantly looks for new opportunities for expansion in various markets and their strategy is to support fintech where they see such potential.
Eugene Lisnyak, in turn, noted that when Idram representatives showed him how Idram works, his first reaction was: ‘Wow!’
"I was impressed that there are already 13,000 points of sale where you can pay with Idram," he said. And asked a counter question to Idram's representatives: "And why did Idram choose VISA as a partner?"
Arsene Kdenian once again reminded about the figures of cooperation between VISA and Idram and noted that during the four years of work, Idram permanently got positive responses from the customers about the VISA system.
Idram is Armenia's leading fintech company, which provides both digital wallet services and banking through Idram&IDBank's digital financial platform.
The app features:
- Online payments for 400+ services;
- Online ordering of digital and plastic payment cards;
- QR and NFC payments at points of sale, online web and mobile payments;
- "Buy now, pay later" digital installment plan;
- Digital banking;
- Complete Remote Digital Identification.
VISA is the world's leading digital payments company, facilitating transactions between consumers, businesses, financial institutions, and governments in over 200 countries and regions each year. Its mission is to connect the world through the most innovative, convenient, secure, and reliable payment network, enabling people, businesses, and economies to thrive.
