Inecobank launches Inecopay payment system: smartphones can be used to pay for purchases

YEREVAN, October 5. /ARKA/. Inecobank CJSC, launching InecoPay innovative payment system, has created the first in Armenia full-featured digital banking, Inecobank Development and Marketing Director Aren Naltakyantold journalists on Thursday. 

The new InecoPay system allows making contactless payments from smartphones. 

To enjoy the system it is necessary to install the application in the smartphone, connect to internet and after scanning QR code in a trade center insert a sum necessary for payment. 

The money is written off the account immediately. Entering InecoPay system, users can look through the list of the bank’s partners and to see their account balances.  
“Thanks to the new InecoPay service, the first in Armenia full-featured digital banking is formed in Armenia, which allows clients, having only smartphones and internet, to enjoy banking and financial services at any place,” Naltakyan said, stressing that financing instruments and the opportunity of depositing money and making payments are available to clients.  

Payments can be made not only from accounts in Inecobank – it is also possible to connect up to ten MasterCard, ArCa and Visa cards of different banks, and this is an exceptional opportunity for carrying out payments from the account the client chooses. 

If clients have unexpected expenses, they can receive additional financial means, formalize loans and carry out any payment by just one click. 
In fact, InecoPay allows making payments via smartphone without the necessity of having cash money or many bank cards. 

Inecobank Corporate Business Director Artem CHichyan, on his side, said that over 1,000 partners from many areas are already connected to the system, which covers Yerevan’s entire territory. 

He said that the network will be expanding to assure InecoPay clients tat they can make shopping at any place - from a small shop in their yard to large supermarkets and malls. 

”Those companies wanting to join the system do not need to be Inecobank clients,” Chichyan said. “They just have to submit an online application, and the bank officers will visit their companies, provide them a QR code and instruct employees.”

Narek Bejanyan, head of Inecobank IT service, said that the introduction of the 1 Click system speeds up all procedures significantly and ensure availability of banking functionality with a high degree of security, since smartphones already have several degrees of data protection. 

In his words, the security of the system is very high. In case of a problem, online clocking is available with deactivation of the account. 
Bejanyan, however, advised clients not to omit cyber hygiene rules. 

Today Inecobabnk is the only digital bank in Armenia which provides the full range of digital services to individuals. 

More than 150,000 clients enjoy the bank’s digital solutions. Along with that, Inecobank continues introducing and developing convenient and safe digital bank services.
The bank wants to unite all the financial instruments in a single safe environment, which will allow operating transfers, formalizing deposits, receiving loans and making payments and bills for various services directly from smartphones. 

Inecobank CJSC, being one of the leading banks in the South Caucasus, provides commercial and digital banking services to individuals, SMEs and large corporate organizations. For about 22 years, the bank has been providing high-quality banking services, servicing more than 400,000 customers, including 150,000 online.
Throughout its activity, the bank developed and provided progressive banking digital solutions, with the goal of introducing completely new banking services. In particular, in 2009 the bank was the first in Armenia to introduce the fully automated and digital program "Installments on Spot", cutting the process of buying goods on installment from three -four days to several minutes. 

In 2012, thanks to the InecoOnline system, the bank became one of the first to provide transactions in the 24/7 mode. In 2014, it introduced the InecoMobile application, which, due to the ease of use, enabled Inecobank to par with banks with the largest number of customers. 

In 2017, the bank was the first to introduce a fully automated lending process through its online and mobile applications, as a result loans are available now to customers in 24/7 mode. -0--