YEREVAN, December 6. /ARKA/. Armenia is the second country in the world after Singapore to have launched the Payment Express (PayX) system with the assistance of Visa International, PayX co-founder Smbat Nasibyan told reporters today. He said PayX is a single payment system that uses QR codes.

In his words, the PayX is a unique system because it provides the opportunity to all banks and payment systems to cooperate and provide services to their customers to make payment transactions via QR codes.

He said the system works by using its own application, which can be downloaded to a smartphone. The customer needs to attach his/her credit card to it and pay for purchases through the contactless system, as well as online. It can also be used in already existing mobile applications of partner banks, in which a special integrated button will appear for making payments via PayX.

"In fact, users may not download additional applications, but use the new feature y from the mobile application of their bank," said Nasibyan.

According to another PayX co-founder, Benyamin Tadevosyan, to make a payment one just needs to click on the corresponding button in the mobile application on his/her smartphone, scan the QR code at the payment center and pay.

He said the company's plans also to offer another feature that will enable to connect terminals for making cashless online payments. Besides, he said, one can generate his/her own QR code to make money transfers, including at cash registers and in cooperation with vending companies, even at coffee machines, as well as pay for online purchases using QR push notifications.

He said PayX cooperates now with 10 payment systems, including seven Armenian banks - VTB, Ameriabank, Araratbank, Evocabank, Ardshinbank, IdBank, Unibank, as well as Armenian Card (ArCa), EasyPay, MobiPay and Visa International systems.

Armenian Central Bank Board member Vakhtang Abrahamyan said new startups and financial and technical companies are entering the market, giving additional flexibility to the financial sector for active work with customers.

PayX is an IT start-up. Its goal is to create a unified infrastructure of mobile payments in Armenia. The infrastructure will include sale and delivery services points and online stores. - 0—