IDBank together with “Universal payment technologies” (“UPT” LLC, Russia) has announced the launch of IDpay initiative.

IDpay is a mobile application which allows to attach cards of any Russian bank of VISA, Mastercard, MIR systems and make instant replenishments of IDBank clients’ cards/accounts via phone number. At this moment, transfers are made with ruble.

“To make instant money transfers to an IDBank client via IDpay mobile application, it is necessary to choose from contacts or enter by hand the phone number of the recipient which is attached to IDBank card or account. Transfer is made in a few seconds: faster than you could call the recipient,” said Tatevik Hovhannisyan, the head of Marketing Unit of IDBank.

According to Tatevik Vardevanyan, the head of Communication Unit of IDBank IDpay is one the most profitable options for transfers from Russia to Armenia.

“Taking into consideration the martial law announced in Armenia and Artsakh and the special demand for the transfers from Russia with minimal commission fees, we have reached an agreement partners that in the frames of a special campaign, by the end of 2020, the transfers via IDpay application will charge 0.5% commission. This makes the product not only very easy and convenient, but also beneficial,” explained Tatevik Vardevanyan.

“We are happy to provide the most technological and convenient means for our clients to receive money from Russia, with minimal commission. By receiving money directly on card or account, the client can manage funds flexibly, including wide opportunities of IDBanking.am online platform and Idram application. Funds will be credited to the account in appropriate currency with automatic exchange, in accordance with the current exchange rate of the digital platform of the Bank, which is one of the most profitable in the banking system of Armenia,” commented Sergey Arakelyan, the director of Digital banking of IDBank. He has added that to receive money via phone number, IDBank clients can attach or change the card or account attached to their phone number any time, from “Accounts” department on IDBanking.am website.

“For now, only Russian citizens can pass identification and consequently, make transfers in IDpay application, but soon the service will become available for Armenian citizens too. Besides developments mentioned, we are also working to expand the functionality of the app,” said Felix Khachatryan, the chief operating officer of “Universal payment technologies” (“UPT” LLC).

The representatives of the companies have also told that in the frames of the cooperation, transfers from Armenia to Russia also will become available soon.

IDpay operates on the platform of “Sovkombank” CJSC.

The bank is controlled by CBA.