VISA and ACBA offer consumers safe and convenient mobile payments with Visa Token Service

08.12.2020 22:28
VISA and ACBA offer consumers safe and convenient mobile payments with Visa Token Service

YEREVAN, December 8. /ARKA/. Visa and ACBA have launched the first mobile payment program in Armenia based on Visa Token Service, an innovative technology that provides a secure environment for the further development of the payment ecosystem, the press service of ACBA-CREDIT AGRICOLE BANK said in a press release today.

"The launch of tokenization is an important event for the entire payment industry in Armenia, since tokenization will help accelerate innovations in the field of e-commerce and make payments even more secure and convenient for consumers," the press release says.

Visa Token Service replaces confidential information about a payment card with a unique digital identifier - a token. Because "tokens" do not contain the consumer's payment account details such as the  16-digit account number, they can be safely stored in online stores or on mobile devices, greatly simplifying e-commerce and mobile payments.

In order to try the new service, Visa cardholders must be using NFC-enabled mobile devices running Android operating system (version 4.4 or higher).

The bank's press service explained that the new technology will enable cashing out or non-cash transactions via mobile phones simply by tapping them to the NFC icon on the bank's ATM or POS terminal. Currently, the system is available only for mobile phones with the Android operating system and the bank's Visa cardholders.

To access the system, one should have the ACBA Digital application, a Visa card of ACBA-CREDIT AGRICOLE BANK, as well as a digital (tokenized) version of the card in the ACBA Digital system. The ACBA Digital app can be downloaded from here.

In connection with the launch of this system in Armenia, the bank is announcing a competition until February 3, 2021, 10 winners of which will receive  SAMSUNG GALAXY S20 ULTRA phones.

Competition terms: make at least 10 NFC payments; the minimum amount of one payment is 1000 AMD. Winners will be randomly selected through an online program. All the terms  of the competition can be found here.

“Today we are presenting tokenization in Armenia, one of the key technologies, without which further full development of the country's payment ecosystem is impossible. The launch of the country's first Visa Token Service program is evidence of our commitment to innovation and contribution to the promotion of contactless payments in Armenia,” said Kristina Dorosh, Visa Regional Manager for the Caucasus Region.

Today's consumers are relying more than ever on secure, fast and convenient contactless payments, she said.

“Every second transaction by Visa cards in Armenia now in a physical outlet is contactless. During the quarantine period, the number of contactless transactions in Armenia almost doubled. I am confident that the launch of the first Visa Token Service program will strengthen the trend towards contactless payments, as mobile contactless payments greatly simplify the payment process and offer consumers a better consumer experience,” added Dorosh.

CEO of ACBA Bank Hakob Andreasyan stated that tokenization is another innovative step in the development of the payment system in Armenia.

“Many years of fruitful work with our colleagues from Visa and the local payment system ArCa opens up new perspectives in the development of modern banking system. Visa Token Service is a reality and it has been incorporated into a new mobile application launched by ACBA bank,” he said.

The Visa Token Service provides consumers with a seamless mobile or internet shopping experience while maintaining the integrity of the Visa payment transaction. Among the main advantages of Visa Token Service:

Consumer Protection: tokens replace the 16-digit account information on payment cards with a set of numbers. This new identifier is called the digital account number (token). Its mission is to simplify payment transactions without providing confidential personal account information.

Usage customization: tokens can be assigned to specific merchants, mobile devices, or purchase types, bringing new levels of innovation and security.

Convenience and minimization of costs: tokens that are tied to lost or stolen mobile devices can be instantly renewed without changing the account number or re-issuing a payment card.

Simplified data processing: tokens are developed based on  International Standardization Organization's (ISO) standards and therefore can be processed and transferred by merchants, acquirers and issuers like traditional payment cards.

About Visa

Visa Inc. (NYSE: V) is a global leader in digital payments̆. Its mission is to connect the world through the most innovative, reliable and secure payment network, which allows consumers, businesses and the economy to develop systematically. Its newest global technology network, VisaNet, provides secure and reliable payments around the world, and can process more than 65,000 transactions per second. Visa has a strong focus on innovation, which is a catalyst for the rapid growth of “connected commerce,” in which virtually any connected device can make payments, thus moving towards a cash-free future - for everyone and  everywhere. As the transition from analog to digital continues, Visa is leveraging its brand, products, experts, network and scale to transform commerce. For more information, visit About Visa,, and @VisaNews.


ACBA-CREDIT AGRICOLE BANK CJSC was founded in 1995 within the framework of the EU TACIS program. In September 2006, the French Banking Group Credit Agricole became the bank's largest shareholder, making significant capital investments. Now it is considered one of the leading banks in Armenia. The bank is represented throughout Armenia running 62 branches. -0-

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