Armenian fintech startup PayX presents app for mobile payments

Armenian fintech startup PayX has held an official presentation in Yerevan. The PayX innovative solutions enable users to make fast and secure one-touch cashless payments with mobile phone.

The presentation on December 4 was attended by representatives from VISA International, Armenian Central Bank, ArCa payment system, various Armenian banks and large IT organizations.

PayX is developing a single infrastructure for over-the-phone payments, which features QR code payments as well. You can make them via PayX app or mobile apps of partner companies and banks.

According to PayX co-founder Smbat Nasibyan, the main advantage of their product is that it creates the possibilities for cooperation instead of simply making a local QR payment point.

“We provide additional free services to all partners to enable their customers to use opportunities from other partners without having to switch apps,” he said.

Nasobyan hopes that PayX will expand and allow foreign clients to add their cards and use the startup’s services.

“We are a local fintech startup and we do everything on our own, with what means we have. Our team does all programming and organizing. We have also been cooperating with ArCa and Visa Internaitonal,” said Beniamin Tadevosyan.

PayX already has 6 partners in the banking sector, which are Evocabank, Araratbank, VTB Bank (Armenia), Unibank, Ameriabank and Ardshinbank, and 3 payment system partners – MobiDram, Easy Pay and Armenian Card.

The app allows digitization of club and discount cards, which frees users from the necessity to carry their wallet everywhere.

In the near future PayX will introduce card-to-card transactions, credit installment and utility payments.

The startup has a specific offer for the Armenian market - MerchantX, an app designed for shops, restaurants and servicing companies. It can accept cashless payments on the sport or remotely.

The project is supported by VISA International.