The Number and Volume of Cashless Payments Continue to Increase in Armenia
News
In recent years, both the number and the volume of cashless transactions have increased significantly in Armenia. The years 2022–2023 marked a transition period following the entry into force of the new Law on Cashless Payments. This reform led to an increase of more than 50% in cashless transactions, and the upward trend continues. Armenpress discussed the issue with Tigran Hovhannisyan, Head of Everyday Banking Products at Ameriabank.
The situation varies from country to country. Sweden stands out as one of the world’s leaders in the cashless economy, with 98% of payments made electronically. In other countries, although cash transactions still account for a significant share of payments, the use of digital wallets and QR code payments is growing rapidly.
In Armenia, a sharp increase in cashless transactions was recorded in 2022–2023 following the implementation of the new Law on Cashless Payments. However, the share of cashless transactions still remains below 50%. This year, cashless payments in Armenia are expected to grow by approximately 20% compared with the previous year.
To read the full article, click the following link: https://armenpress.am/hy/article/1206635
