AraratMobile application introduces a new money transfer tool - Flight. The choice of the name was not made by chance. Flight is a blend of the words - fly and light. This new lightspeed money transfer tool is simple, fast and affordable.

Gayane Stepanyan, Head of Digital Banking Department of AraratBank, spoke about the new tool going into details.

- Ms. Stepanyan, a digital tool in the form of a bird - Flight - could be seen in AraratMobile app for quite some time. What does the Flight service actually entail and what are its benefits to users?  

- Flight is a system designed for transferring funds between individuals. We can say that it’s a new concept in P2P transfers, more enhanced both in terms of security and speed of transfers.   

- What is the advantage of this service compared to other transfer systems? Why choose Flight?

- Taking into account the evolutionary pathway of money transfer system between individuals, from postal remittances to card transfers, Flight is a new mobile app solution, more enhanced both in the context of security and speed of transfers. There are a number of advantages in using Flight.

It is very secure

It is not limited only to AraratBank cardholders

It has a very simple interface

It provides a highly competitive commission fee

First and foremost is the high level of transfer security. When making transfers with Flight, individuals do not exchange any information containing personal data, such as characters embossed on the card, CVV code or any other data. In recent times, we have often witnessed cases of online fraud.  People exchange banking data, particularly through social networks, taking photo of the card and sending it to the remitter or transmitting characters embossed on the card, which often becomes a cause of fraud. The remitter generates a link and sends it to the remittee via any messenger (Telegram, WhatsApp, Viber, SMS, Mail, Skype, etc.). The remittee clicks on the link, entering the numbers embossed on his/her own card in the respective field, and the amount is credited to the card in seconds. The remittee can also scan the card numbers by clicking the "Take photo" button or simply copy and paste the numbers. Note that the link expires in three days and, if the remittee fails to activate the link within three days, the amount is automatically credited to the remitter’s card.   

The second advantage of Flight is that it is not limited to AraratBank cardholders and does not require the remittee to belong to the same system. That is to say, the remittee does not have to be a customer of AraratBank and can be a cardholder of any ArCa-member bank to receive remittances via Flight.

The third advantage of Flight will especially appeal to representatives of the older generation, as this payment tool has a very simple interface. The entry requirement of card data is restricted to necessary minimum: the user, in this case the remitter, simply generates the link and shares it with the remittee via Viber, WhatsApp, Telegram, SMS, Mail, Skype or other messengers.     

Equally important is another major advantage of Flight, the competitive commission fee. A commission of 0.3% works for transfers via Flight, while other similar systems charge up to 1% for transfers. In view of all of the advantages listed above, we may state that Flight is unique in its kind.

- Ms. Stepanyan, to what extent does this digital system fit into the context of ongoing global challenges? For instance, can a cardholder of a sanctioned bank in Russia send or receive money through this service?

- At the moment, Flight is effective only in the domestic market and can be used with cards issued by Armenian banks; however, it doesn’t have any technical restrictions and in the future, in light of further developments, may envisage the possibility of processing international cards as well.
It is noteworthy that we will soon start cooperating with the Russian TKB bank, which will create an opportunity for making fast remittances from Russia to Armenia through AraratMobile app. We also consider opportunities to integrate AraratMobile into Visa and MasterCard international payment systems, so that our customers are able to make online money transfers outside Armenia.   

- In this age of digitalization, with easy public access to gadgets and online services and banking products, what other innovations have been introduced in AraratMobile app to make users' lives easier?

- Flight is not the only novelty or the only advantage of AraratMobile. Our mobile app users can pay movable and immovable property tax with just one click, without visiting the Bank or community administration, as AraratMobile app is integrated into the updated property tax database.

Besides, AraratMobile app users can apply for a fast loan without any need to visit the Bank.

Furthermore, our digital team has created a big "gift package" for drivers. Once you register your vehicle in "My Cars" section, you are updated about the fines and make the respective payments. Users can also make payments for insurance, traffic fines, parking, etc. In short, drivers are offered a complete package of services.  

- Remote registration is widely used abroad. If my memory does not fail me, this tool is used by three banks within the Armenian banking sector. Does AraratMobile app provide the possibility of remote registration and identification?

- Over two years, AraratMobile has been providing remote identification and registration tools that allow to open an account and get access to the mobile app services. The only requirement for registration through remote identification is that the user should be a resident citizen of the Republic of Armenia.

Non-residents also have the opportunity to register in the AraratMobile app, if they meet the requirements of the legal procedures in place in AraratBank and become a customer through the branch network of the Bank.  

By the way, AraratBank will soon join Apple Pay and Google Pay contactless payment systems, the benefits of which will be available for AraratMobile app users in the near future.

Sara Galstyan talked to Gayane Stepanyan