MICROCAPITAL BRIEF: Evocabank of Armenia Launches Money Transfers via Mobile Phone Number

Evocabank, an Armenian bank, recently partnered with Armenian Card (ArCa), a network of 15 Armenian and international banks, to launch a service that allows Evocabank bank customers to send money transfers using recipients’ mobile numbers, without the need for their bank details. The service is part of Evocabank’s mobile app, EvocaTouch. Transfers are free of charge when sending funds from one Evocabank customer to another, although there is a fee if the recipient’s account is with a different bank.

Established in 1990, Evocabank is a commercial bank offering loans and deposits in a “mobile-first format.” As of December 2021, the bank reported 369 employees operating 14 branches and total assets of approximately AMD 245 billion (USD 551 million). The bank is 96-percent held by Ms Mareta Gevorkyan, with the remaining shares owned by 12 other individuals.

Established in 2000 by the Central Bank of Armenia and a group of commercial banks, ArCa maintains the ArCa National Payment System as well as technology connecting the country’s banking system with international payment card networks such as American Express, Diners Club International (DCI), Japan Credit Bureau (JCB), MasterCard, Mir and Visa.

By Sheen Gupta, Research Associate

Sources and Additional Resources

Evocabank press release
https://www.evoca.am/en/news/products/contact-number-transfer/

Evocabank homepage
https://www.evoca.am/

Apple App Store listing of EvocaTouch
https://apps.apple.com/in/app/evocatouch/id970309076

Google Play Store listing of EvocaTouch
https://play.google.com/store/apps/details?id=am.prometeybank.mobilebank&hl=en_IN&gl=US

ArCa homepage
https://www.arca.am/

Previous MicroCapital article on Evocabank
https://www.microcapital.org/microcapital-brief-symbiotics-invests-7-5m-in-evocabank-of-armenia-for-msmes/

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