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As one of the leading banks in the region, Inecobank introduces the new cutting –edge and innovative payment solution in Armenia, InecoPay.

The new solution allows to make contactless payments from smartphones. To make payments with InecoPay., the users only have to install InecoMobile application and scan the QR codes in points of sales with their smartphone.

InecoPay introduces a new culture of payments and comes to reshape the traditional approach of contactless payments. Payments with InecoPay. are accepted in many different sectors – food, shopping, recreation and leisure, health and beauty, household appliances, and etc.

It is also possible to attach credit cards issued by other banks (MasterCard, ArCa and Visa) to InecoMobile and make payments with InecoPay.

InecoPay. is a unique solution in the Armenian market. It is a modern, fast and convenient payment solution. Today, with the launch of InecoPay, we can state that Inecobank is the first fully digital bank in Armenia. Now we are able to provide digital services to our customers: from payment solutions to savings and financing”, said the Development and Marketing Director of Inecobank, Mr. Aren Naltakyan.

InecoPay. allows customers to make contactless payments having only smartphone with internet at hand. Furthermore, if during the shopping clients encounter unexpected expenses, with Inecobank’s mobile application – InecoMobile, they can apply for additional funding and formalize loans, receive the requested sum immediately on their account and make payments with InecoPay solution,” – added Mr. Naltakyan.

Customers can make InecoPay payments in over 1000 sales and service points, which covers Yerevan’s entire territory. As informed by the bank, the solution is to expand and allow customers to make payments at any place – from a small shop to the large supermarkets.

Mr. Artyom Chichyan, Corporate Business Director of Inecobank mentioned that InecoPay also offers efficient and convenient solutions to the merchants who accept contactless payments.

“It is easy to join InecoPay. In fact, even those companies that do not have accounts at Inecobank, can join InecoPay merchant’s pool. They just have to submit an online application, and the bank specialists will visit their companies, provide them the QR codes and instruct employees. I would also like to highlight another advantage of the solution, which is the speed: the payment duration is optimized to minimum”, – said Mr. Chichyan.

He emphasized that merchants get an additional opportunity to add unlimited number of location accepting payments, when needed, without applying to the bank. They just need to print out the payment QR code and present it to the customers.

“Inecobank has introduced solutions that allow the customers to borrow money as fast as paying utility bills. Today, the Bank has brought all distance banking solutions under one secure and safe umbrella”, – highlights Mr. Narek Bezhanyan, Head of IT Department at Inecobank.

Referring to the security issues, Mr. Bezhanyan mentioned that current smartphones provide security means to users, such as Touch ID, Face ID and etc. Moreover, in case of problems, the customers can lock the cards and application from InecoOnline.

Today Inecobank is the first digital bank in Armenia that provides fully digital solutions to its customers and 15% of the active population use digital solutions of the bank. At the same time, the bank continues to introduce and develop convenient and secure digital banking tools and systems to ensure provision of more customer-oriented services.

Summarizing his speech Mr. Naltakyan mentioned:

“The purpose of Inecobank in not just being a digital bank. In fact since its foundation the bank has had a big IT team, has continually used various technological solutions to optimize various processes. Today there are numerous successful examples that have been introduced as innovative services in Armenia.
Our goal is simple: constantly improve the service quality for our customers by providing them financial services in any place and in any time. Obviously, digital technologies will be used for achieving this goal as they have always been. This is an ongoing process for us so look forward for more interesting and innovative solutions from us in near future.”

Inecobank CJSC is a leading bank in the South Caucasus region, focused on individual customers, small and middle market businesses and large corporations offering a full range of commercial banking services including break through and innovative digital banking solutions. For over 22 years the bank has been providing unmatched convenience in Armenia serving more than 400 000 customers and over 150 000 online users.

Inecobank developed and delivered industry-leading digital banking solutions with the purpose of introducing an entirely new culture of banking services.

  • In 2009 the Bank digitalized and fully automated the “Point of Sale Loan” product, reducing the loan generation time from 3-4 days to a few minutes.
  • In 2012, with the introduction of InecoOnline, the Bank was one of the first to provide 24/7 banking services to its customers.
  • In 2014 the Bank launched InecoMobile, its Mobile banking application, which is the most popular banking application in Armenia with over 150,000 users.
  • In 2017, the Bank was the first to introduce a fully automated consumer lending solution through its mobile and online applications, which generates consumer loans 24 hours a day, 7 days a week.
  • In 2018 the bank was the first in the banking system to launch InecoPay innovative and modern payment system enabling to make payments from smartphones.

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