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 mobile numbers of the recipients, without needing their bank details. The service is part of Evocabank’s mobile application, EvocaTouch. Transfers are free when sending funds from one Evocabank customer to another, although there is a fee if the recipient’s account is with another bank.
Established in 1990, Evocabank is a commercial bank that offers loans and deposits in a “mobile-first format”. As of December 2021, the bank had 369 employees operating 14 branches and total assets of around 245 billion AMD (551 million USD). The bank is 96% owned by Mrs. Mareta Gevorkyan, with the remaining shares held by 12 other people.
Established in 2000 by the Central Bank of Armenia and a group of commercial banks, ArCa manages the national payment system ArCa as well as the technology connecting the country’s banking system to 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
EvocaTouch Apple App Store List
EvocaTouch Google Play Store Listing
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