Mutual service of Russian plastic cards ‘The World’ and Armenian ‘ArCa’ to be launched in 2017

In summer 2016, Armenia’s ArCa and Russia’s The World signed a memorandum of understanding to serve each other’s cards. The roadmap was signed in November 2016, with pilot implementation of the program expected to begin in August or September 2017. Moreover, Russia, Kazakhstan, Belarus and Armenia have signed an important international agreement in 2016 to cooperate  with payment systems. Specifically, the parties agreed to: (1) cooperate with national payment card systems, (2) develop each country’s national payment system, (3) implement common standards for all parties and (4) develop financial technologies.