What Telcell does

Telcell (Tel-Cell OJSC) is an Armenian licensed payment institution founded in 2007 and headquartered in Yerevan, operating a multi-channel financial ecosystem spanning physical terminals, a mobile wallet, and a B2B merchant platform. Its core offerings include the Telcell Wallet consumer super-app (utility/bill payments, co-branded Visa digital card, PartPay BNPL, online loans aggregated from third-party credit organizations, transport QR tickets, event tickets, and the BON loyalty program), a network of 4,500+ payment terminals enabling cash-in/cash-out and service payments, and the Telcell Business platform serving 8,000+ merchant operators. The company is regulated by the Central Bank of Armenia and serves a reported 900,000+ user base, processing approximately 61 million transactions annually and 400 million AMD in daily transaction volume across 600+ service categories.

The business generates revenue through payment-processing commissions, partner-operator fees, interchange and float on the co-branded Visa card (issued with Armeconombank, paying 3% annual income on positive balance), PartPay BNPL installment economics (5,000–2,000,000 AMD at 0% effective for 1–3 months), and marketplace commissions from the BON loyalty exchange. Distribution is hybrid: product-led self-serve mobile-app downloads via QR codes, channel partnerships with merchant operators, event-driven promotional campaigns (e.g., Summer Fest), and physical branches/showrooms across Yerevan, Gyumri, and Abovyan. Pricing is largely freemium or pay-as-you-go, with BNPL billed monthly.

In September 2024 Telcell transitioned from a closed joint-stock company (CJSC) to an open joint-stock company (OJSC) via an IPO that placed 3,850,000 shares at 400 AMD each, raising 1,540,000,000 AMD through placement agent Armbrok OJSC. Control rests with Landassi Trading LTD (51.0%), with Tigran Sargsyan (15.8%) and Aramayis Badulyan (13.9%) as additional significant shareholders. Post-IPO actions include an employee share distribution program in March 2025, a new organizational structure effective December 1, 2025, the closure of two Yerevan branches in June 2025, and a dividend declaration for the 2024 financial year.

Name

Telcell

Legal name

Tel-Cell OJSC

Website

https://telcell.am

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

101–250 employees

Short description

Telcell (Tel-Cell OJSC) is an Armenian Central Bank-licensed payment institution operating 4,500+ terminals, a Telcell Wallet consumer super-app, and a B2B platform serving 900,000+ users and 8,000+ merchant partners with payments, digital Visa cards, BNPL, and loyalty services.

Ownership category

akta.pro rank

Product category

Digital Payment Services

NAICS

Credit Card Issuing (52221)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Mobile Wallets (NFC Tap-to-Pay / HCE) (FSAMAEAB)

akta.pro secondary industries

QR Code Payments Wallets (FSAMAEAC), Cash-to-Digital Networks (PayNearMe, Barcode/Cash-in) (MPAEALAF), Loyalty Technology Platforms (LMS, Wallets, APIs) (THABAKAH)

Keywords

• Digital payment services
• Mobile payment platform
• Payment processing infrastructure
• Buy now pay later
• Loyalty rewards program

Headquarters

HQ city

Yerevan

HQ country

Armenia

HQ region

Asia

Offices10 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Payment Processing Fees: Commission from processing payments across mobile, utility, government, internet, and other sectors through 600+ services
2. Partner Operator Fees: Revenue from partner operators using Telcell Terminal and Telcell Business platform
3. Digital Card Services: Fees and interchange revenue from digital Visa card transactions with 3% balance income
4. PartPay Financing: Revenue from buy-now-pay-later installment services in partnership with credit organizations
5. BON Market Commissions: Commission from product and service exchanges in the BON marketplace loyalty program

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Telcell operates a regulated instant payment and money transfer platform in Armenia, combining a consumer mobile super-app (Telcell Wallet), a B2B merchant platform (Telcell Business), and an extensive physical terminal network (4,500+ Telcell Terminals). It enables cashless payments across 600+ service categories, issues co-branded digital Visa cards, offers Buy-Now-Pay-Later (PartPay), aggregates online consumer loans from partner credit organizations, runs a BON loyalty points marketplace, and supports QR-based public transport ticketing.

Product overview

Telcell operates as a comprehensive financial ecosystem comprising a consumer mobile app (Telcell Wallet), a B2B business platform (Telcell Business), and an extensive terminal network (4700+ Telcell Terminals) across Armenia. The portfolio includes digital payment tools (Visa digital card, PartPay BNPL, online loans), a loyalty program (BON), and complementary services (100% power bank rentals, transport QR tickets, event ticketing). The company holds a payment institution license from Armenia's Central Bank and serves as a critical payments infrastructure for 900,000+ users.

Differentiator

Problem solved

Functional benefit

Brands

• Telcell Visa Digital Card: Digital Visa card issued in partnership with Armeconombank, offering 3% annual income on positive balance, international acceptance, and integration with Apple Pay and Google Pay.
• PartPay
• BON
• 100% by Telcell
• Online Loans

Products and services

• Telcell Wallet Mobile super-app enabling cashless payments, banking services, transport tickets, online loan applications, loyalty rewards redemption, and digital card management for Armenian consumers. Available on iOS and Android with QR-code based onboarding.
• Telcell Business B2B platform offering payment processing, partner operator onboarding, terminal placement, online payment acceptance, BON marketplace listings, and 100% power bank station placement for merchants reaching 900,000+ Telcell users.
• Telcell Terminal Network Physical payment terminal network (4,700+ terminals) across Armenia enabling cash deposits, withdrawals, utility bill payments, mobile top-ups, internet payments, government service payments, and 600+ other service categories.
• Visa Digital Card by Telcell Free digital Visa card issued in Telcell Wallet with 3% annual income on positive balance, international online acceptance, Apple Pay and Google Pay tokenization, and cash withdrawal at Armeconombank (AEB) branches.
• PartPay by Telcell Buy Now Pay Later installment service allowing Telcell Wallet users to split partner-merchant purchases over 3 months with 0% effective annual interest rate for 1-3 month terms, credit limits from 5,000 to 2,000,000 AMD, in partnership with credit organizations.
• Online Loans Instant online consumer loan aggregation service providing minutes-fast credit approval through partner credit organizations (Global Credit UCO, Universal Credit, Express Credit, CashMe), with cash disbursed directly into Telcell Wallet.
• BON by Telcell Loyalty points program where users earn BON bonus points through transactions (500 BON for app activation, 1000 BON for first payment, 1500 BON for friend referral, 3000 BON for verification, 5000 BON for bank account opening) and exchange them for products and services in the BON Market within Telcell Wallet.
• 100% by Telcell Power bank rental station network installed at partner locations across Armenia, allowing users to rent portable chargers for mobile devices, operated as a Telcell sub-brand at https://100bytelcell.am.
• Transport QR Tickets Yerevan public transport QR tickets purchasable through Telcell Wallet mobile app and Telcell Terminals, integrated with the unified municipal transport ticketing system.
• Event Tickets Event ticket purchasing and management through Telcell Wallet for entertainment venues and attractions, including SUMMER FEST, Dino Park, and seasonal photo tours.

Quantifiable outcome

• 61 million transactions processed in one year
• +3 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature6 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Global Credit UCOcoreStrategic or Co-development PartnerOnline loan issuance partner providing car loans, cashless loans, and credit services through Telcell Wallet platform
• Universal CreditcoreStrategic or Co-development PartnerCash in wallet loan service partner allowing users to receive and repay credit through Telcell
• Express CreditminorStrategic or Co-development PartnerExpress Cash online loan partner providing quick credit access through Telcell Wallet
• ArmeconombankcoreStrategic or Co-development PartnerCo-branded Visa digital card partnership and bank account opening integration in Telcell Wallet
• EvocabankcoreStrategic or Co-development PartnerBank account opening services available in Telcell Wallet
• Yerevan Public Transport SystemcoreTechnology or IntegrationIntegration with unified transport ticketing system providing QR ticket purchasing through app and terminals

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Converse Bank: Converse Bank is an Armenian universal bank with a digital wallet, card, and merchant acquiring business. It competes with Telcell on payments and cards but does not have Telcell's specialist terminal-network distribution.
• Ameriabank: Ameriabank is one of Armenia's largest banks, operating a broad digital wallet and payment platform for consumers and merchants. It competes with Telcell across payments, card issuance, and lending, but as a full-service bank with deposit-taking balance sheet.
• Ardshinbank: Ardshinbank is a major Armenian universal bank offering its own mobile banking app, card products, and merchant acquiring. It overlaps with Telcell's digital wallet, card, and lending services but competes as a diversified incumbent rather than a payments specialist.

Emerging players

• PhonePe: PhonePe is an Indian mobile payments and digital wallet platform with UPI QR payments, bill pay, merchant acceptance, and financial services. Comparable to Telcell in its QR-first, super-app trajectory targeting consumers and small merchants.
• Paytm: Paytm is an Indian mobile wallet and payments super-app combining QR payments, digital cards, BNPL, banking, and merchant services. It is structurally analogous to Telcell's consumer/merchant wallet plus BNPL plus lending aggregation model in a large emerging market.
• M-Pesa (Vodafone/Safaricom): M-Pesa is the original emerging-market mobile money and wallet platform, offering payments, transfers, lending, and merchant acceptance via agent network. It mirrors Telcell's terminal-led, underbanked-population distribution strategy.

Others

• Wise (TransferWise): Wise is a global cross-border payments and multi-currency account platform. It is thematically related to Telcell's money transfer and digital Visa card proposition, particularly for Armenian diaspora remittance flows, but does not directly compete in domestic payments.

Direct peers

• Fast Shift (ARCA payment system): ARCA is an Armenian payment-processing and acquiring network that processes card and electronic payments for merchants. It is a direct infrastructure competitor to Telcell Terminal's offline payment acceptance layer.
• Idram: Idram is Armenia's other leading mobile wallet and instant payment platform, offering QR payments, peer-to-peer transfers, bill pay, and merchant acceptance. It competes head-to-head with Telcell Wallet in essentially the same Armenian consumer and merchant segments.

Regional players

• TBC Bank (Georgia): TBC Bank is the leading Georgian bank with a major digital wallet (TBC Pay), merchant acquiring, and lending platform. It is a regional peer showing how a Caucasus bank-owned wallet can scale digital financial services in a market adjacent to Armenia.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/telcell
• Facebookfacebook.com/telcell.am
• Xx.com/telcell_am
• LinkedInlinkedin.com/company/telcell

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Telcell