Payment Card System
The ArCa payment card unified system (hereinafter ArCa system) was introduced by the Armenian commercial banks and the Central Bank in 2001. The owner and operator of the system is ‘Armenian Card’ CJSC.
The settlements in the system are executed according to the principle of multilateral netting while the final settlement is done via correspondent accounts of participant banks with the Central Bank.
Members of the ArCa system are the parties which have acceded to and qualified as member of the ArCa system under the charter, rules and normative regulations of the system.
Financial organizations operating in or outside the Republic of Armenia and/or other organizations specialized in the area of banking/payment cards can be members of the ArCa system.
‘Armenian Card’ CJSC is a MasterCard Europe Member and Processing Centre (Member Service Provider) and Third Party Processor for VISA, American Express and Diners Club International.
‘Armenian Card’ CJSC presents service package which gives an opportunity to banks to issue and acquire not only ArCa, but also MasterCard, VISA, American Express and Diners Club International cards using the modern technics, technologies and software of the processing centre. Since 2017, as a result of cooperation between ArCa and russian “MIR” payment systems, cardholders of ArCa cards can do transactions in the Russian Federation and cardholders of “MIR” cards can do transactions in the infrastructure of ArCa system.
There is a number of services presented by ArCa payment system: cash advance, payments in sale points for purchasing goods and services, utility payments, e-commerce, card to card money transfer, etc.