Armenian banks to have Visa International e-commerce license by yearend

PanARMENIAN.Net - There Armenian banks are in talks with Visa Company on acquisition of Visa International e-commerce license. The issue will be resolved by yearend, according to RA Deputy Minister of Economy Vahe Danielyan.

One of the key problems of Armenian electronic trade is the impossibility to online trade through Visa cards issued outside of Armenia as Armenian banks don’t have Visa International e-commerce license. All transactions with Armenia are rejected due to lack of license. As a result Armenian companies are forced to open accounts in international banks to pursue business activity.

Interdepartmental Committee on study of online trade key problems has stressed the need to introduce 3D Secure system to ensure transaction safety besides acquisition of Visa International e-commerce license.