Idram is for all: commercial director Grigori Yolyan

• Summer is coming to an end, but the travel period is not: as long as the weather permits, we try to enjoy outdoor recreation almost every weekend. Of course, when traveling around the marzes, we use shops, cafes or entertainment venues, and it is very nice to see that in a number of marzes it is already possible to pay with Idram. Could you indicate in which regions your team mainly develops QR payments?

• You are absolutely right. Using the Idram&IDBank application, you can already make payments at about 17․500 points of sale: these are shops, service points, including restaurants, hotels, beauty salons, medical centers, gas stations, entertainment venues and a number of other establishments. I think our users will confirm that today it is already possible to use almost all the services available in Armenia, make the necessary purchases both in grocery and clothing stores, use restaurants and even leave electronic tips without having a penny in your pocket or wallet. First of all, this is the result of the possibility of payment in approximately 17․500 points of sale, and this is not only related to our work. We are also increasing the number of merchants with Idram payment option also thanks to the active support of our users, as they prompt both us and those merchants that do not yet have Idram payment option to provide this opportunity.

This circumstance makes us very happy, because it really means that Idram not only has the largest coverage in Armenia, but is also the most popular payment method. Basically, there are reasons for this:

• convenience,
• speed,
• variety of financial instruments.

As for the extent of distribution in the marzes, it should be noted that Idram is already widespread in almost all marzes: the largest coverage is in Shirak, then in Lori, but we continue to work towards all marzes so that our citizens have even more diverse payment points according to Idram even in the most remote marzes.

• In fact, you continue to develop non-cash payments in Armenia. Back in 2020, Idram came up with an interesting campaign - “No cash”. What was the purpose of the campaign and what do you think are the results of your efforts?

• We launched the "No cash" campaign in 2020, but in fact, much earlier, we talked about the fact that cash is no longer modern if there is a payment method like Idram. Of course, saying “no cash” when you still have about 2,000 points of sale where you can pay for Idram, and saying when the number of these points is already about 17․500, you see, these are completely different things (smiles - ed.). Yes, we were sure that the future belongs to cashless and contactless payments, where QR payments play their irreplaceable role, and indeed, contactless payment is more convenient than cash and even cards. Our users remember well the catchphrases of our campaign, which, frankly, sound very good in Armenian and are difficult to translate into other languages, but I will still try to translate: “Cash is the dirt of hands”, “Are you ancient?” etc. It seems that these are just expressions, but at first our society fell in love with these labels, stickers, and then, yes, our campaign gave an impressive result. Proof of this is also the number of daily QR payments, which has increased by almost several dozen times compared to 2020.

And the action was more than relevant in 2020, when COVID-19 spread, and it was necessary to exclude contact with cash as much as possible, which in turn are the cause of the spread of microbes. Therefore, Idram not only began to actively increase the number of partners, but also expanded the tipping functionality at all possible food points of sale so that our citizens do not even have to touch cash to leave a tip.

• As you mentioned, there are about 17.5 thousand partners who accept payments via Idram. This is a really impressive figure, and in this respect Idram is the undisputed leader. What are the benefits for partners?

• Now there are about 17.5 thousand points, but their number is growing every day. Let's start with the fact that Idram's cooperation with any point of sale is mutually beneficial. Since Idram is the most popular financial app in Armenia, we have over a few hundred thousand active users and it is only natural that most of them prefer to make payments with Idram. If a few years ago the Idram sales department tried to attract new points of sale, now this process is two-way. That is, in many cases, retail points of sale themselves turn to us with a request to “install Idram”, and often the motive for this is the desire of buyers. In this regard, I also want to thank our customers and partners, who, like us, are guided by the idea of providing customers with the best experience and comfort. At the same time, from the point of view of points of sale, the possibility of paying by Idram is not only a tool for loyalty to its customers, but also aimed at increasing sales. As you know, in 2020, Idram and IDBank were the first in Armenia to introduce Rocket Line digital installment plan, which is a financial instrument that works on the principle of “Buy now, pay later” and is gaining wide popularity in the world. On the one hand, this frees our users from unnecessary trouble, because the Bank approves a certain limit for them in advance, and there is no need to submit documents and wait a long time for loan approval. On the other hand, it is a revolutionary tool for merchants, because paying with Rocket Line is technically no different from a regular payment with Idram, and the buyer takes only two or three additional steps and makes an instant purchase.

The Rocket Line digital installment itself is available at all 17․500 points where Idram payment is available. And if the point of sale chooses the Rocket Line 0% cooperation option, then this is an additional big incentive for sales, because buyers get the opportunity to buy goods at this very moment, paying exactly the same price and not a penny more, up to 12 months. Currently, the number of such points of sale is about 6,000.

Glad to share another exciting news! For 2-3 months now, our users have been able to use the Rocket Line payment option for up to 36 months. To be more precise, for non-cash payments up to 30,000 AMD, the maximum period for Rocket Line is 12 months, for payments from 130,000 AMD to 500,000 AMD - 24 months, and for payments exceeding 500,000 AMD, the maximum period is 36 months. In this case, at the time of purchase, the buyer simply chooses the term that suits him and makes payments in the manner prescribed by the contract in the form of equal payments, which does not require any further action on the part of the point of sale or the buyer.

• Since you talked about Rocket Line's digital installment plan, let's also touch on how easily this tool has been adopted by our society. Most users were probably not familiar with the Buy Now, Pay Later payment method. What image do you have today, to what extent is Rocket Line used?

• As I already mentioned, IDBank and Idram were the first in Armenia to introduce the “Buy Now, Pay Later” format. Of course, at first this was perceived by our society rather hard, and for comparison, it must be said that in the next year Rocket Line contracts were signed 7 times more than in the first 6 months of the product launch. That is, from the moment our users accepted the product, or rather, got a clear idea of its benefits, we have experienced a sharp increase in the use of Rocket Line digital installment plan. Today, Rocket Line has become a daily tool for our users: many use it when they need to make an urgent purchase, but there are still a few days before payday, after which they repay it, paying interest for just these few days, or pay no interest at all with Rocket Line 0%, many choose to sell with Rocket Line 0% and then repay on their own schedule within up to 12 months. Everyone uses Rocket Line according to the needs of the moment, adapted to their lifestyle. It should be noted that since the launch of the product, about 2.2 million contracts have already been concluded, that is, over the past 3 years this tool has been useful to our clients as many times. This is a serious indicator that our users like the product. Of course, we continue to develop the Rocket Line, making it more convenient and profitable for our users.

• You talked about customer loyalty and we can't get around the Idplus loyalty platform. What are the features of the product of the strategic partner Idram and why did you decide to cooperate?

• The Idplus loyalty platform has converted the bonus cards known to all of us into a digital field and gives bonus points at more than 1100 points where it is possible to pay by Idram. They are automatically accumulated on the digital bonus card of this point of sale. What does it mean? If you download the Idplus application, you will see that it combines a number of advantages. At the same time, no additional actions are required on the part of the buyer and the point of sale to issue a bonus. All operations are automated, both in the case of Idram and with all services provided by partners.

So, thanks to the Idplus platform, the client can:

• Receive bonuses and cashbacks by making contactless QR payments with more than 1100 partners,
• Sell accumulated bonuses at a discount at the auction, instantly receiving the proceeds from the sale to the Idram wallet, as well as buy bonuses at a discount from other users at the auction, moreover, the auction is held in the Dutch auction format, and the client can determine the amount of the discount when selling his bonus.
• Give or receive digital gift cards at any time, without visiting the point of sale, regardless of location and without unnecessary paperwork,
• Use gift cards or accumulated bonuses when shopping with partners in the same way as when buying with Idram,
• Make combo payments by combining payment with a gift card, bonuses and Idram in the Idplus application,
• Track accumulated bonus points and the entire history of transactions directly in the application.

For points of sale, Idplus serves as an additional loyalty platform. With Idplus, you can easily manage your own promotions and bonus system, all on one digital platform. Idplus Partner Points can:

• Implement our own mechanism for accrual and provision of bonuses and cashbacks,
• Create digital gift cards,
• Offer customers promotions on special terms, independently determining the day, time, coupon amount, specific type of product, etc. promotions.
• Send your customers push notifications about promotions.
• Evaluate the effectiveness of your own programs or loyalty campaigns using reports prepared on the platform.

In a word, Idplus is a universal loyalty platform that is equally useful and beneficial for both partner points of sale and their customers.

By the way, I would like to share some good news: on the Idplus platform, it is already possible to purchase and give away fuel cards, with which you can buy fuel on even more favorable terms, in particular, saving 2-4% of the cost of fuel. Buying a card and paying with it is a matter of seconds. The service is currently available at all RAN Oil points of sale, and we are sure that other partners will join us in the near future.

• In fact, Idram currently offers its users many services on one platform, saving them time and providing a new, modern experience. What are the company's goals for the near future?

• I think both our users and partner organizations are confident that Idram is a growing and constantly evolving company that provides modern and convenient financial instruments.

Proof of this is the recently created Idram Junior app for children and teenagers up to 16 years old. This project shows that Idram is also taking responsibility for raising a financially literate generation. The app, of course, has limited features and allows teens to make payments up to 17․500 points, make transfers to family members and top up their phone balance. This functionality will be further expanded, and will also teach you how to save, manage your own funds, etc. Of course, it should be noted that our young users will perform all these actions exclusively under the supervision of their parents, because each Idram Junior is "attached" to the Idram&IDBank application parent.

To summarize, the ecosystem built with our strategic partners already allows us to assert that Idram is a set of convenient, fast and applicable payment instruments, a platform that solves a number of issues for its users and partners. We are working to expand this great ecosystem, develop functionalities and are open to any cooperation, as well as other players in the market, which I assure you will only work in a win-win format, because we love to say that Idram is for everyone.