Armenia 2026

Market Overview
Payment Organisation	ArmenianCard (ArCa).
Domestic Card Brand	ArCa cards; from 2017, some ArCa cards are co-badged MIR.
Market Structure	VISA is the dominant card brand followed by ArCa and Mastercard. Cards per capita are growing from a small base but have reached 1.43 in 2024. Payment cards account for 67.6% of non-cash payments, with credit transfers accounting for 18.0% in 2024. The Central Bank of Armenia plays a key role in the payment card system as regulator and majority-owner of ArmenianCard.
Notable Market Trends	Rollout of contactless cards and mobile banking apps, POS terminals, cards co-badged MIR, and e-commerce. The pandemic-induced acceleration in payment card usage in Armenia continued in 2024, with a 29% increase in POS transactions, and a 110% increase in internet transactions compared to 2023.
Major Card Issuers	ACBA Bank, Ameriabank, Armeconombank, Ardshinbank, Converse Bank and Bank VTB Armenia.
Major Card Acquirers	ACBA Bank, Armbusinessbank, Ameriabank, HSBC and Ardshinbank.
Major Card Processors	ArmenianCard (ArCa).
Key Statistics 2024
Population	3.033 million, 1.43 cards per capita
Cards	ArCa: 660,739 VISA: 2,219,372 Mastercard: 979,516 Other International: 468,101 Total Cards: 4,327,728
Card Payment	All cards: 373.42 million; value AMD 3,219.58 million ($8.19 billion)
Card Transactions	All cards: 420.40 million; value AMD 6,061.34 billion ($15.43 billion)
POS Terminals	84,686
POS Payments	All cards are 164.65 million; value AMD 1,237.76 billion ($3.15 billion)
ATMs	1,518
ATM Withdrawals	All cards: 46.24 million; value AMD 2,689.58 billion ($6.84 billion)
Digital A2A Payments	Credit transfers: 99.58 million Cheques: 1.8 million
Note: card data of the areas Nagorno Karabakh in Azerbaijan are excerpted from the statistics reported. Source: Central Bank of the Republic of Armenia, individual banks, UN (population).

Introduction – Payments in Armenia

Armenia is a representative parliamentary democratic republic with a unicameral parliament, the National Assembly (Azgayin Zhoghov).

Armenia is a member of the Commonwealth of Independent States (CIS), the Organisation of the Black Sea Economic Cooperation (BSEC), and an observer of the Eurasian Economic Community (EurAsEC).

In recent years, Armenia has made the switch into being a market economy, although political instability and regional tensions have threatened to derail progress in reform and modernisation efforts.

The regional security situation deteriorated during 2014 when skirmishing broke out over Nagorno-Karabakh between Armenia and neighbouring Azerbaijan, which is allied with Turkey and the US. Armenia occupied the disputed enclave, internationally recognised as part of Azerbaijan, after the Soviet Union’s collapse in 1991.

The 2018 Armenian revolution saw a series of anti-government protests against Serzh Sargsyan’s third consecutive term as president, and later against the government in general. In March 2018, Armen Sarksyan was elected as the new president, who undertook a programme of constitutional reform. In September 2020, a war broke out due to the Nagorno-Karabakh conflict, with Armenian and Azerbaijanian forces clashing. A November 2020 ceasefire agreement ended the six-week war, although further skirmishes took place throughout 2021 and 2022, leading to international condemnation and increased monitoring by supranational organisations such as the European Parliament and the Collective Security Treaty Organization. In September 2023, Azerbaijan launched a military offensive in Nagorno-Karabakh, leading to a ceasefire agreement on September 20, 2023. Under this agreement, the self-declared Republic of Artsakh agreed to disband its armed forces and dissolve its government by January 1, 2024. This effectively restored Azerbaijan’s control over the region.

In contrast with regional neighbours like Georgia and Moldova, Armenia has focused on developing relations with Russia and the other countries of the Eurasian Economic Union rather than negotiating a free trade agreement with the EU. Armenia formally joined the Eurasian Economic Union in January 2015. In 2017 Armenia became the first EEU country to ratify an agreement on cooperation with the EU.

In line with the pattern seen in most EU countries, card payments have grown very fast and have captured an increasing proportion of total cashless payments in Armenia. From 29.2% of cashless payments in 2016, cards rose to 54.3% in 2020, a CAGR of 53.82%. By 2024, card payments accounted for 67.6% of cashless payments.

In line with growing card usage, mobile payments and digital banking are gaining traction – in 2020, the active mobile subscriber penetration in Armenia amounted to 147.4% of the population, with 10% of the population having some form of mobile money account. A rapidly expanding POS infrastructure is also helping to drive the acceptance of cards and digital payments across Armenia. By 2024, according to ITU, the mobile subscriber penetration in Armenia stood at 135%.

Banking Sector

Established in 1993, the Central Bank of Armenia (CBA) is an independent institution operating in accordance with Armenian Law in the Central Bank of Armenia. The CBA’s Financial Supervision Department supervises the financial sector within Armenia.

Although there was a long tradition of banking in Armenia before the formation of the Soviet Union in 1922, private banking resumed in 1991 after independence was regained. One of the first acts of the independent republic of Armenia was the establishment of the Central Bank of Armenia (CBA), which among other responsibilities exercises direct supervision of retail banking activities.

In April 2018, the financial regulators of Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan held a Joint Payment Area Working Group meeting to discuss key trends and initiatives related to the use of innovative financial technology to develop and promote today’s services across the Eurasian Economic Union (EEU). Among others, they denote blockchain and instant payments as key priorities.

Armenia’s economy was moving forward in recent years, with annual real GDP growth of 5.2% in 2018 and accelerating to 7.6% in 2019, the largest yearly growth since 2007. In 2020, the Covid-19 pandemic and the 44-day war in Artsakh put the economy under serious pressure, leading to GDP in 2020 falling by 7.6%. In 2021, real GDP growth bounced back by 5.7%, aided by continuous worldwide economic recovery, growth in domestic and external demand, and high commodity prices such as copper. The biggest contributor to 2021 economic growth in GDP was the service sector, followed by the manufacturing and construction sectors. However, amid the backdrop of the Russia-Ukraine conflict, Armenia’s central bank has downgraded its growth forecast for 2022 from 5.3% to 1.6%.

In 2022, contrary to the Central Bank’s forecasts, GDP grew strongly by 12.6%. This positive performance was driven by increased demand in the service sector due to the large influx of Russians alongside the large inflows of their funds into Armenia in 2022. About 2,600 companies, 6,000 individual entrepreneurs and 113,000 non-residents have relocated to Armenia since March 2022, and this contributed to the sharp output growth. In 2023, GDP growth in Armenia remained solid at 8.7% driven by a robust private consumption and investment as well as expansion in the services sector. The World Bank expected growth in 2024 to slow to 5.5% before gradually converging to a potential growth rate of 4.5% in the medium term. However, by 2024, GDP grew by 5.9% due to a rise in private consumption and investment.

Inflation in Armenia rose to 8.6% in 2022 from 7.2% in 2021 fuelled by the effect of geopolitical tensions on food and services’ prices. In 2023, inflation in Armenia eased significantly to 1.98% due to the central bank’s monetary policy tightening, as well as falling global energy and food prices and significant appreciation of the Armenian Dram. In 2024, average inflation decreased to 0.27%, compared to 1.98% in 2023, mainly due to food price deflation.

Remittances from abroad were estimated to account for about 5% of output in 2024, lower than the 6.4% recorded in 2023. In 2022, as a result of geopolitical tensions, the share of remittance inflows from Russia increased to 69.3% from 41.0% in 2021. In 2023, the share of remittance inflows from Russia stood at 69.28% and this reduced to 65.47% in 2024.

Armenians are permitted to hold foreign currency deposits as well as deposits in the domestic currency, the dram. CBA published figures for ‘dollarisation’ in the economy; at March-2024, the share of FX time deposits of resident households as a proportion of the total time deposits of resident households was 51.2%.

Structure

The decision by the Central Bank of Armenia to raise the statutory capital of the banks from AMD 5 billion to AMD 30 billion, effective from January 1, 2017, prompted mergers and acquisitions. As a result, of 21 commercial banks there now remain 17. Also, there is one development bank (Panarmenian Bank) and two representative offices of foreign banks operating in Armenia.

The Armenian banking sector is fully privatised. The last remaining state-owned bank (ArmSavingsBank) was privatised in 2001. There are no restrictions on foreign ownership in the banking sector and foreign banks, including France’s Crédit Agricole, the UK’s HSBC, and Russia’s Bank VTB are active in Armenia.

Most of the capital employed in Armenian banks is foreign-controlled, either by foreign banks or by overseas Armenians; there are no state-owned banks. EBRD and International Finance Corporation (IFC) are among other investors in Armenian banks, along with offshore-based and local private Armenian businessmen.

Only two banks have no foreign capital and of those with foreign equity participation, nine are more than 95% foreign-owned. In 14 banks, according to CBA, a single shareholder owned more than 50% of the shares as at end-2021, while one bank had foreign equity participation of more than 95%.

As of the end of 2022, according to CBA, foreign capital represented 66.7% of total capital employed in the Armenian banking system. This was significantly up from 2021’s 58.8% and matches the record high level of 66.7% in 2014. No update was provided for 2023.

In December 2015, Inecobank acquired ProCredit Bank. The transaction was financed with equity investments by the European Bank for Reconstruction and Development (EBRD) and two of Inecobank’s major local shareholders, supported by a $20 million loan from the International Finance Corporation (IFC). The EBRD has made a $20.3 million equity investment, acquiring 22.7% of shares in the merged group.

As at end-2024, the four largest banks accounted for 55.8% of the total banking sector assets and the ten largest for 83.9%. Of the 496 bank branches in the country, roughly half of all bank branches are located in Yerevan, the capital.

Ameriabank became Armenia’s largest bank by assets during 2013, overtaking ACBA-Crédit Agricole, the long-time market leader. Subsequently, Ardshinbank and Armbusinessbank also overtook ACBA-Crédit Agricole, which therefore fell back to No 4 in the market share rankings by assets as at end-2017, and maintained this position in 2021.

The volume of deposits in commercial banks (including demand deposits) at the end of 2023 amounted to AMD 5.67 AMD trillion, higher than the 5.12 AMD trillion reported in 2022.

1 - Armenian Banks in 2024
Bank	Ownership	Assets (AMDbn)	Assets ($bn)	Market share	Branches
Ameriabank	Bank of Georgia Group: 60%, Bank of Georgia: 30% EBRD: 10%	1,882.5	4.79	17.6%	25
Ardshinbank	Arins Group (AM): 98.67%, others: 1.33%	2,299.8	5.86	21.4%	71
AMIO Bank User: ABB Bank Armenia has been rebranded as AMIO Bank	MFM Global Invest: 74.99%, Refinancing Credit Organisation: 25%	881.2	2.24	8.2%	35
ACBA Bank	ACBA Federation: 75%, Proparco: 10% SACAM Int. (F): 2.24%,Others: 12.76%	931.7	2.37	8.7%	65
Inecobank	Inesco Group: 35%, Founding Partners: 39.6%, Others: 25.4%	775.5	1.97	7.2%	22
ArmSwissbank	HVS Holding (AM): 87.53%, FMTM Distribution: 12.47%	468.0	1.19	4.4%	0
VTB Bank Armenia	VTB Group (RUS) 100%	236.5	0.60	2.2%	53
Converse Bank	Advanced Global Invest (US): 72.89%, Haypost TM: 22.11%, Armenians: 5%	576.2	1.47	5.4%	35
Armeconombank (AEB)	Armenian interests: 68.23%, others 31.77%	527.7	1.34	4.9%	53
Araratbank	Flash LLC: 68.35%, Armenian Interest: 31.31%, Others: 0.34%	419.5	1.07	3.9%	51
HSBC Bank Armenia	HSBC Europe BV 100%
Unibank	Uniholding GG Ltd.: 83.6%; Others; 16.4%	336.6	0.86	3.1%	46
Evocabank	Mareta Gevorkyan: 100%	552.2	1.41	5.1%	14
Artsakhbank	Business Fund. (AM): 51.72%, Artsakh Invest Fund (AM): 45.29%	167.8	0.43	1.6%	7
IDBank	ID Group CJSC: 100%	422.5	1.08	3.9%	15
Byblos Bank Armenia	Byblos Bank S.A.L. (LBN)	128.7	0.33	1.2%	4
Mellat Bank	Mellat Bank (IRN)	119.6	0.30	1.1%	0
Total for all banks		10,725.9	27.31	100.0%	496
Note: ACBA-Credit Agricole was rebranded ACBA Bank in 2020
Source: Yearbooks Research.

Ameriabank – One of the country’s oldest financial institutions, Ameriabank was founded in 1910 as a branch of Caucasian Trade Bank, and it was the bank responsible for Armenia’s external trade during the Soviet era. After the end of the Soviet Union, Ameriabank was the first investment bank in Armenia, closely associated with the Russian investment bank Troika Dialog. In 2024, Ameriabank had a total of 25 branches. The bank reported a 2023 asset market share of 17.6%, a 39% increase in the number of retail customers to 504,000, and 230 ATMs in its network.

Troika Dialog was subsequently acquired by Sberbank to form Sberbank CIB (Corporate and Investment Banking) and Ameriabank meanwhile became controlled by Imast Group (48.82%), a private holding company incorporated in Cyprus, whose ultimate beneficial shareholders are the entrepreneurs Ruben Vardanyan and Noubar Afeyan. Vardanian, who previously served as Ameriabank’s chairman, was also co-head of Sberbank CIB, indicating a degree of Sberbank influence in Ameriabank. The other major shareholders are the Asian Development Bank (13.91%) and ESPS Holding (12.05%). ADB made its first equity investment in Armenia in 2018, joining Ameriabank’s shareholders with another USD 30 million investment. In December 2015, EBRD acquired a 20.69% stake in the bank. As of 2023, the EBRD’s stake was 17.72%. In April 2024, Ameriabank announced the completion of the transaction for its purchase by the Bank of Georgia Group and a change of shareholders. The bank’s new shareholders are Bank of Georgia Group PLC (60%) and Bank of Georgia JSC (30%). The European Bank for Reconstruction and Development’s stake fell to 10%.

Formed in 2002, Ardshinbank is a universal bank, though with its original focus on corporate banking and a stepped-up interest in retail banking over the last three or four years. Its old name “Ardshininvestbank” was changed to “Ardshinbank” in November 2014. The Bank’s parent company is Arins Group LLC (former Center for Business Investments LLC), and the Bank is ultimately controlled by a single individual, Karen Safaryan. In 2024, Ardshinbank had a total of 71 branches. The number of its branches surged after it acquired Areximbank-Gazprombank in October 2016.

As of 2024, Ardshinbank had 198 ATMs, more than half of which were contactless, one Automatic exchange machine, and 3,576 POS terminals across Armenia.

In March 2020 the Company established a new entity, Arins Capital Non-public Investment Fund as a 100% subsidiary of the Company. Ardshinbank acquired HSBC Bank Armenia, and the transaction was completed in November 2024. At the time of sale, HSBC Armenia held about AMD 290 billion in assets, AMD 200 billion in customer deposits, and served roughly 30,000–33,000 clients.

As of May 2021, customers of Russian Sberbank’s mobile app could transfer money to the account of Ardshinbank clients. Instant money transfers are made through the SberBank Online application, through the phone number of the recipient. In the same month, Ardshinbank joined the financial messaging system of the Bank of Russia (SPFS) and successfully sent the first message. SPFS is an alternative electronic financial messaging channel to the international SWIFT system, which guarantees the smooth operation of the transfer of financial messages both within and outside the country.

In March 2022, Ardshinbank reached agreement with VTB-Armenia Bank on the transfer of part of VTB’s retail portfolio of consumer loans. Ardshinbank will provide services to individual clients of VTB-Armenia Bank on the same terms and conditions as before. Banking services will be provided to more than 56,000 clients, complying with all requirements of local and international rules.

ACBA Bank (formerly ACBA-Crédit Agricole) – ACBA was launched in 1996 under the EU’s Tacis programme, responsible for helping to develop market economies in the former Soviet Union. Crédit Agricole, Rabobank and DG-Agroprogress of Germany served as consultants in developing ACBA, which is focused on agricultural finance. In 2006, Crédit Agricole invested in the bank and became its biggest shareholder. As of 2019, Crédit Agricole (F) held 5% of the shares through its associate Sacam International (F) with the Armenian ACBA Federation holding 95% of the shares. The bank has 65 branches across Armenia in 2024. In May 2020, the bank’s name and legal form was changed to ACBA Bank.

VTB Bank Armenia is part of the Moscow-based, state-controlled VTB Group, whose strategy is to develop operations throughout Eurasia, with the aim of becoming a top five bank in each country. VTB Group reported a total of more than three million individual customers outside Russia, over half of whom are in Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, and Ukraine, at end-2024. VTB Bank (Armenia) has the best and the expanded network in the territory of Armenia: 53 branches in total, 22 of which are located in Yerevan and the remaining 31 are in all regions and cities of Armenia. In Armenia, VTB serviced over 547,000 customers as of 2024, with over 700 POS terminals and 191 ATMs in operation.

In 2004, VTB acquired Armsavingsbank, established in 1923 and, until 1993, a subsidiary bank of Sberbank of the USSR. In September 2001, Armsavingsbank was reorganised as a privately-owned joint stock company; until then, it was Armenia’s last state-owned bank. VTB acquired 70% plus one share of Armsavingsbank in April 2004 for $9 million, subsequently lifting this to 100%. Bank VTB Armenia has the country’s biggest branch network, with 53 branches.

In January 2021, VTB Bank launched money transfers through six systems: MoneyGram, Unistream, IntelExpress, BEST, Conversе Transfer and Telcell.

Due to the Russia-Ukraine conflict, VTB is included in the Specially Designated Nationals and Blocked Persons (SDN) List, thereby subject to blocking sanctions, with its assets frozen in the US and the UK. VTB Group banks operated in Belarus, Azerbaijan, Armenia, and Kazakhstan, and in Georgia until the beginning of March 2022. VTB Bank was one of the Russian banks excluded from the SWIFT messaging system in March 2022 and additional sanctions in April 2022 blocked all transactions with it.

VTB-Armenia sold part of its consumer retail loan portfolio to Ardshinbank in early 2022 (see above).

HSBC Bank Armenia was the first international bank to be registered in Armenia, in September 1995. The bank is a wholly owned subsidiary of HSBC Group. As of 2023, HSBC reported around 30,000 customers and six offices in the country. Although HSBC is withdrawing from small markets in some parts of the world, it appears committed to its Armenian operations. HSBC Bank Armenia was acquired by Ardshinbank and the transaction was completed in November 2024.

Unibank was owned by Glovery Holding (CY), which in turn is controlled by Russian bankers George Piskov and Gagik Zakarian, co-founders of Uniastrum Bank (RUS). Bank of Cyprus purchased 80% of Uniastrum from the founders in 2008. As of 2023, Uniholding Gigi Ltd. (83.3%) was the largest shareholder. In 2023, the bank had 50 branches and serviced more than 340,000 clients as the bank attracted nearly 52,000 new clients in 2023. Unibank’s network comprised 97 ATMs, 95 payment terminals and 275 POS terminals.

In 2021 Unibank established correspondent banking relationships with a number of foreign banks, including China Construction Bank (Kazakhstan), and Moscow Credit Bank (Russia). During 2021, the volume of SWIFT transfers in Unibank increased by 30%, while continuous work to modernise Unibank’s mobile app significantly increased the number of users by three times. In 2022, Unibank focused on expanding the geography of correspondent relations, establishing a reliable partnership with the Central Asian, China, and Latvia banks to ensure the prompt implementation of clients’ economic and cross-border payments. As a result, the number of SWIFT clients increased by 35% in 2022.

According to Unibank, strong relationships with a number of large retail chains, and artificial intelligence technology helped it process more than 400,000 POS loan applications in 2022. By 2023, with the help of artificial intelligence technology, over 310,000 loan applications were processed. In Q4 2021, Unibank claimed to be the leader in Armenia both in terms of the number and volume of POS loans.

Other foreign-owned Armenian banks include Byblos Bank Armenia (100% owned by Byblos Bank of Lebanon), Converse Bank (72.89% owned by Advanced Global Investments, the vehicle of Argentinean Armenian entrepreneur Eduardo Eurnekian, 22.11%-owned by the Haypost Trust Mgmt., and 5% owned by the Holy See of Echmiadzin) and Mellat Bank, wholly owned by Mellat Bank, the Iranian state bank.

Digital Banking

All retail banks in Armenia offer online banking and mobile banking apps to their clients. Services available include balance and transaction reporting and payment initiation. In general terms, take-up of internet and mobile banking services has been slower in Armenia than in some neighbouring countries. A 2022 World Bank report found that only 5% of Armenian citizens and businesses currently use online government services, which has spurred the Armenian government to prioritise the digital economy as a key pillar of economic growth through its Digitisation Strategy for 2021-2025.

The CBA is currently working with government and private sector stakeholders to set governance and technical requirements for a national electronic identity system. This is set to accelerate the implementation of the country’s digitisation strategy and increase financial inclusion and development of the non-cash economy. National electronic identities will be enabled by a citizen’s bank account number. This means that all registrants will either attach their existing bank account numbers to their digital identity accounts or get new bank accounts automatically opened for them by selected partner digital financial services providers.

Once implemented, digital payments will become a cornerstone of transforming Armenia into a digital society in the near future.

The CBA’s goal is to establish an Open Finance ecosystem in Armenia for providing competitive personalised financial services and products. This will also require developing common standards and smart regulatory and supervisory frameworks. The CBA will also pursue legal and regulatory changes to promote innovation and the entry of FinTech players into Armenia’s digital financial services market. The CBA is considering reforms to the existing legal framework and the introduction of additional licenses for new product and service providers. These will enable “banking as a service” and “banking as a platform” business models that are common for cooperation between commercial banks and FinTech companies around the world.

As of 2023, there were around 8.99 million bank accounts registered in Armenia for a total number of customers of 4.44 million.

There is no bank-independent electronic banking standard in Armenia; each bank offers its own proprietary system for corporate banking purposes.

Although many Armenian banks were already prioritising growth of their digital banking channels, the arrival of the Covid-19 pandemic accelerated customer uptake of internet and mobile banking significantly during 2020, with digitisation efforts ramping up rapidly during 2021 and 2022.

Ameriabank – The digital transformation successfully continued during 2024 as Ameriabank achieved an offloading ratio of 99% (2023: 98%), and an online banking penetration rate of 77%, up from 72% in 2023. The number of monthly active users by login increased by 51% from 2023, and mobile and internet banking transactions rose by 36%. Overall, Ameriabank’s digital conversion rate (cashless offloading rate) reached 88.8% (2023: 84.9%), and the share of digital sales stood at 51% in 2023.

In 2021, Ameriabank deployed the new MyAmeria mobile banking app. Throughout 2023, the bank mainly focused on the enhancement of digital channels and solutions, particularly MyAmeria new mobile app. By end-2024, MyAmeria MAU by login and by transactions increased by 51.3% and 46.3% year-on-year respectively, the number of MyAmeria transactions increased two times year-on-year.

In 2023, Ameriabank successfully launched a new service, which was developed and integrated into MyAmeria using Visa VSPS and Subscription Manager services. It allows customers to track websites to which their card was previously attached. Moreover, customers can unlink their cards: more than 10,000 stop instructions have been already recorded on quarterly basis. As Ameriabank was one of the first financial institutions worldwide to implement the mentioned solution, the Bank and Visa will be jointly promoting it globally.

Part of the bank’s digitisation strategy is increasing the scope of services available through online banking, such as card-to-card payments, and reviewing tariffs to trigger distance banking and reduce paper-based and other similar services and processes. Digitisation has led to the share of digital sales rising to 48% in 2022 from 31% in 2021, with mobile and internet banking comprising 40.8% of all customer transactions, branches 6.5%, and 52% of transactions coming through self-service channels.

In 2022, VISA awarded Ameriabank the “Strongest contribution to cashless” in Armenia.

Ameriabank’s digital marketplace presence in 2021 was focused on developing digital ecosystems, covering the car market, housing market, and e-commerce. It also established a unique ecosystem for SMEs to serve as an online one-stop shop for all services offered to SMEs. Account opening, card subscription, and IB/MB banking subscription services are already available on the platform. In late 2021 the bank developed a new digital platform for SME daily banking needs. Since the launch of the platform, the share of business accounts opened online via the SME Platform in the total opened business accounts reached 10%.

HSBC Bank Armenia launched telephone banking services in March 2009 and internet banking in July 2009, investing nearly $2.5 million in these projects. In 2018 HSBC announced the introduction of a new website with a new user portal featuring dynamic online banking content. In 2019 it launched new internet and mobile banking solutions and enabled biometrics across Apple and Android devices allowing customers to access their accounts and transfer money without the need for log-in details. During 2020, HSBC launched a remote customer servicing process, replacing paper and ink signature processes with fully automated electronic signature workflow. According to the bank, these services are especially relevant in the post-Covid world, where digital channels are rapidly replacing physical presence and face-to-face interactions.

Unibank reported in 2024 that the number of UNIMobile app users increased by almost 3 times compared to 2023.

Evocabank – claiming to be the first digital bank in Armenia, Evocabank’s focus is on developing mobile-based services. The Bank stayed true to its claim and was named the Best Consumer Digital bank of Armenia for the sixth consecutive year. Having launched its mobile banking app EvocaTouch in 2015, in 2020 it launched an artificial intelligence-driven biometric ID function in the app. As of 2022, the app had been downloaded 668,000 times.

In 2024, Evocabank reported 149,662 customers (legal entities: 9,013 and individuals: 140,649) from 128,758 in 2023. The bank had issued 126,912 cards as of 2024 and its POS network comprised 4,516 POS terminals and 641 virtual POS terminals. The bank launched a mobile POS (mPOS) device in 2022 for mobile businesses: open-air shops, cafes, catering services, online shops, delivery services, or any other business accepting customers’ payments outside the organization’s geographic location.

Evocabank launched Google Pay support for card users in 2022 to store Evocabank credit and debit cards within Google Wallet and make payments anywhere contactless payments are accepted.

Ineco Bank – In 2022, Ineco Bank launched Apple Pay, which followed the 2021 launch of NFC Android payments. In 2021, Ineco Bank’s paylater instalment payment method was launched. In 2019, Ineco introduced card-to-card and account-to-card transfers to cards issued by other ArCa member banks. In 2022, the bank reported 575,000 customers and switched to its own processing system. As a result, the number of active clients and card holders increased by 40% and 23% respectively. By 2024, the bank reported 580,000 customers and more than 390,000 mobile/online banking users. The number of mobile app users increased by 19.1% alongside a 21.7% surge in card transactions.

Ineco Bank launched NFC payments for Android users with MasterCard cards. Although Ineco bank Visa cardholders have long had access to the NFC method of contactless payment with Android smartphones, this is now available on Mastercard cards as well.

IDBank – established in 1990, IDBank reported in 2020 a 400% annual growth in the number of clients using its digital platforms, with more than 300,000 customers. By 2021 the number of customers had risen to 405,000, up 110% from 2020, and active clients comprised 70% of all clients registered in the digital platform, a growth of 40% from 2020. In 2022, the bank reported a 27% increase in its customer base due to the continuous update of its digital platform and convenient products. As at end-2024, the bank had 655,000 retail and 28,000 corporate clients as the number of active clients registered in the digital platform grew by 30%. By the end of 2024, 85% of the bank’s active clients are registered in the Bank’s digital platforms, and more than 80% of them are active in the digital channels on a monthly basis.

In payments, IDBank reported that the total number of issued cards in 2024 exceeded 465,000 (2023: 450,000), placing the bank among the top three banks with the highest number of issued cards IDBank also reported a 23% growth in card payments. The bank had more than 10,000 POS terminals (based on “Buy now, Pay later”) and more than 50 ATMs in its network as of 2024.

During 2021, IDBank introduced the Rocket Line digital credit card, counting over 30,000 customers, and the volume of QR/NFC payments made with the bank’s accounts and cards has quadrupled in 2021 compared to the year before.

In 2022, IDBank signed nearly 1 million agreements through the Rocket Line (its BNPL solution) digital credit which is now available in more than 5,000 Idram QR service outlets and online stores, where you can pay with the Idram&IDBank application. By 2024, the bank recorded an 84% increase in the number of purchases via Rocket line and while the amount of instalment loans provided increased by 90%. By the end of 2024, Rocket Line was available at more than 22,700 offline and online payment points, of which 10,200 provided interest-free installments. The share of active customers registered in the Bank’s digital channel increased to 85% in 2024 with more than 80% of them active on a monthly basis – Monthly Active Users (MAU).

In January 2018, Armenian Converse Bank introduced a mobile banking app, Converse Mobile, to allow its customers to manage their accounts. The app is provided to customers free of charge.

Customers are enabled to perform intrabank, interbank and international transfers, utility payments, batch utility payments, and payments for Traffic Police fines, exchange currency, repay loans, replenish deposits and other services. Besides Converse Mobile, Converse Bank offers its customers “Internet Banking” system and “Payment Portal” service.

In March 2020 Converse Bank updated its mobile banking app to include card-to-card money transfers to foreign bank cards, along with the addition of a virtual VISA card to encourage e-commerce.

Payment Services

In 2024, the more than 300 different payment services offered in Europe can be grouped into

• Card brands and card types
• E-Money and prepaid products by issued brands
• Account-based payment services by issued brands, e.g. IBAN-based SCT/SDD services
• Advanced payment services. e.g. wallets by issued brands
• Digital payment services, e.g. digital scheme wallets by issued brands

Card Brands and Card Types

All retail banks in Armenia issue cards. Payment cards particularly debit cards, have increased rapidly over recent years. In parallel, development of payroll schemes and salary cards continued to drive cards usage.

ArCa is the domestic card scheme. It provides several domestic-only debit card and credit card programmes – ArCa Classic, ArCa Gold, ArCa Business, ArCa Debit, ArCa Affinity, ArCa Co-branded and ArCa Platinum. As well as ATM withdrawals and POS payments, ArCa cards can be used for utility payments and mobile top-ups at ATMs, for internet payments and for card-to-card money transfers within Armenia. From 2017, ArCa cards were co-badged with the Russian MIR card brand.

Armenian card products like consumer cards, commercial cards and purchasing cards range from classic cards to gold cards and platinum cards. Additional card features (e.g. picture cards, bonus points, PIN selection at ATMs and card control by SMS notification) are used to attract cardholders. Also, individual picture cards and collector cards can be issued on demand. Further, card-to-card P2P services have been launched. In 2022, the EMV migration continued.

From July 2023, banks and other card issuers will no longer issue Maestro cards. Instead, they will need to issue Debit Mastercards. Maestro was launched in 1991 and was the world’s first debit card that could be used via an online network. About 400 million Maestro cards are in circulation worldwide, mainly across Europe. However, Maestro is not enabled for the demands of e-commerce and cannot be used for online or in-app payments, hence the decision to phase it out in favour of Mastercard Debit products. Visa announced that Electron cards will be phased out globally in 2024. The features of the Visa Debit card have been modified to match the features of the Visa Electron card.

Of the 17 banks operating in Armenia, 16 banks issue ArCa cards, 15 – Mastercard cards, 13 – Visa cards, one bank – American Express, Diners Club, JCB and China Union cards and two banks issue other cards.

Debit cards issued are ArCa, Mastercard, and Visa cards. There are no V PAY, Visa Electron or Maestro cards in circulation.

Credit Cards issued are cards branded ArCa, VISA, Mastercard, American Express, or Diners.

Prepaid Cards – The Armenian banks issue prepaid cards, including virtual prepaid cards for internet use only.

Co-branded cards – In Armenia, few co-branded cards are in circulation.

Salary Cards (payroll cards) – have been widely introduced in Armenia. Salary cards branded ArCa are issued in the name of the employee and attached to a Special Card Account with the bank, to which the employer transfers all payments due, including salaries, bonuses, vacation allowances and travel allowances. The annual fee and ATM withdrawal charges are paid directly by the employer.

Ameriabank’s payroll cards registered significant growth in 2020 of 26% in the number of payroll companies, 22% growth in number of payroll cards, and a 36.8% share of internet banking users within payroll projects. The number of VTB salary cards rose to over 96,000 in 2020, or 15% market share, while pension cards increased by 36% to 114,000. In 2023, the bank stated that Payroll cards remained a priority and that it maintained its position as a market leader for payroll cards.

Contactless Cards and form-factors

In May 2015, Areximbank became the first Armenian bank to issue contactless VISA cards with payWave function.

At the end of 2018, Ameriabank became the first bank in Armenia to introduce NFC stickers for contactless payments. NFC stickers are easily attached to a wallet, smartphone or other items and can be used to make contactless payments at any contactless POS terminal. The bank also announced that in 2019, all Ameriabank VISA and Mastercard cards would include contactless technology.

In May 2020, Unibank began issuing contactless cards to its customers.

In April 2021, Ardshinbank, together with VISA and the Latvian corporation D8 launched the VTS (Visa Token Service) for secure contactless payments with VISA cards.  The service is integrated within the mobile banking app as an electronic wallet, enabling payment for goods and services directly from an Android smartphone, at all contactless payment terminals. Also, the bank and VISA launched contactless wearable payment rings. The VISA Payment Ring is the first wearable device with a built-in NFC-module in the form of a ring with the ability to make contactless payments up to AMD 20,000 and linked to the VISA cardholder’s account.

VTB also launched a contactless payment ring in 2020.

The CBA reported in 2023 that the number of contactless payment cards in Armenia grew rapidly from 2020, driven by the Covid-19 pandemic. As of the end of 2024, there were 3.4 million contactless payment cards, which accounted for 78% of the total payment cards issued by Armenian banks.

Interchange Fee Arrangements

International and Intra European Non-EEA Interchange Fees are set by the members of the international card schemes to be applied in case of cross-border transactions or foreign cards used in Armenia, respectively. The effective rates of Mastercard and VISA Europe can be found on the respective Mastercard and VISA websites.

Domestic Merchant Interchange Fee (DMIF) for Armenian cards is defined by Mastercard and VISA, respectively.

Specific current Mastercard and Visa interchange rates for Armenia are not publicly listed in the standard global fee schedules or typical regional fee tables, such as those for the European Economic Area or Asia-Pacific regions. Armenia’s interchange fees are not part of the publicly available Mastercard or Visa documents.

Generally, Mastercard interchange fees worldwide vary depending on card type (debit, credit, commercial), transaction channel (in-person, keyed-in, contactless), and region, with rates typically ranging from around 0.05% to over 2% plus a fixed cent amount. Visa has similar structures with base rates that also depend on various factors and regions, but Armenia-specific data is not specifically published in global schedules.

For context, Mastercard interchange fees for international transactions can range roughly around 1.1% or higher from the available global examples, and Visa fees for Asia-Pacific region show base rates starting around 1.22% and above depending on card program.

E-Money 

In 2010, Central Bank of Armenia approved Regulation 16/1 on “Procedure and terms of providing, suspension and termination of permission to issue electronic money, the requirements towards the issuers of electronic money” and Regulation 16.02 on “Procedure and conditions of issuance and servicing (circulation) of electronic money, the requirements on performing operations with electronic money”.

According to the CBA regulation, only banks and money transfer service providers have the right to issue e-money. Idram, the large internet payment service provider, was the first company in Armenia that received permission to issue electronic money.

Account-based Payment Services 

In the Yearbooks, account-based payment services are classified as bank payment services on bank accounts offered by banks or by independent payment initiation service providers (PISP).

Credit transfers are used by the government and companies for salary, supplier and benefit payments for both high-value corporate and low-value retail payment transactions. They can be paper-based or automated. Electronic credit transfers are settled in real time via the national Electronic Payment System. Paper‑based credit transfers are processed via the Paper‑based Gross Settlement System on a same-day basis.

Direct debits are available in Armenia, but usage is limited. They are used for low-value recurring payments, such as utility bills. Debit transfers can be settled in real time via the Electronic Payment System.

As in many European countries, bank transfers have been adopted for online payments, enabling consumers to pay direct from their bank account as an alternative service to payment cards.

Advanced Payment Services

In the Yearbooks, advanced payment services are classified as online wallets, e-wallets, and/or mobile wallets with any type of payment service chosen by the wallet user to complete the payment.

In selected Armenian online shops, the online wallets PayPal, Skrill, Yandex and Webmoney are offered as payment means.

PayPal – PayPal is in use in Armenia, however, it is not yet possible to receive money through PayPal in Armenia, although sending funds and receiving refunds are permitted.

As of end-2024, PayPal reported 434 million active customer accounts globally, up 2.1% from 426 million in 2023. This consisted of 398 million customer active accounts and 36 million merchant active accounts across approximately 200 markets. PayPal’s total payment volume increased to $1.68 trillion (up from $1.53 in 2023) and customer engagement grew to an average of 60.6 transactions per active account, driving 3% growth in transactions per active account at the end of 2024.

During 2020, with consumers worldwide embracing digital wallet capabilities, the company launched several related services including QR Code Checkout, Buy Now Pay Later, Crypto purchasing and Xoom direct transfers to bank accounts and debit cards.

In June 2018, PayPal continued its shopping spree with a $400 million cash deal to acquire e-commerce platform Hyperwallet. The acquisition followed deals to buy Venmo, Xoom, Sweden’s iZettle (renamed Zettle) for $2.2 billion and AI-based merchant marketing outfit Jetlore, as Paypal bids to extend its reach to all corners of the payments market.

In May 2022, PayPal Ventures invested in Modulr, an embedded payments platform for digital businesses, as part of a $108 million Series C funding round led by General Atlantic, Blenheim Chalcot, Frog Capital, and Highland Europe. Modulr delivers payments infrastructure for over 200 top-tier customers, including Revolut, Wagestream, Sage and BrightPay, and processes an annualised transaction value of more than £100 billion.

In 2023, PayPal is exploring the sale of Xoom, its international money transfer subsidiary, in a bid to cut costs and focus on high-growth business areas. Also, Stax Payments – an all-in-one payment provider for businesses – announced its partnership with PayPal in July 2023. This partnership will allow PayPal’s users to easily make payments with more than 20,000 merchants of Stax through a fast checkout process as well as new payment options such as Buy-now-pay-later solutions.

In 2023, PayPal launched its own US Dollar denominated stablecoin, PayPal USD (PYUSD), which is fully backed by US dollar deposits, short-term US treasuries, and similar cash equivalents and designed for digital payments and Web3. Eligible US PayPal customers who purchase PayPal USD will be able to transfer the token to external wallets, send person-to-person payments, fund purchases at checkouts supported by PayPal, and convert cryptocurrency holdings to and from PayPal USD.

In January 2024, PayPal launched AI-powered features to drive personalised offerings for both merchants and customers based on the data it possesses. These features include Smart Receipts (for merchants) which predicts what shoppers may want to buy next from the merchant. The merchant can then offer personalised recommendations, and cashback offers on this receipt. A major feature for users is CashPass which will use give users personalized cashback offers based on an AI analysis of their spending activity.

In March 2024, PayPal launched a complete suite of payment processing tools for online small businesses in the UK, Canada, and across more than 20 European markets. The PayPal Complete Payments package enables small businesses to accept an expanded range of payment instruments including PayPal, buy now pay later, Apple Pay, Google Pay, credit and debit cards, and alternative payment methods from around the world. By April 2024, PayPal added new features to its complete payments solution for small businesses to enable small businesses to accept a range of payments including PayPal, Venmo and PayPal Pay Later products. PayPal also gave small businesses access to four new features to help them drive payment acceptance and enhance how they run their business, and this will include Apple Pay as a checkout option.

In 2025, PayPal significantly enhanced its offerings for small businesses by introducing PayPal Open, a unified commerce platform that consolidates all of PayPal’s merchant solutions into a single interface. This platform provides small businesses with access to a comprehensive suite of tools, including payment processing, financial services, and AI-driven insights, all designed to streamline operations and foster growth.

Digital Account-to-Account Payment Services

In the Yearbooks, digital payment services are classified as card-based payment services using EMV tokenisation security on the internet combined with HCE NFC technology in case of contactless payments at POS terminals.

As at mid-2025, the Click to Pay online payment checkout service was not yet available in Armenia. Click to Pay replaces the previous MasterPass and VISA Checkout services respectively. Click to Pay is a joint service between Mastercard, Visa, Discover and American Express, enabling consumers to make secure one-click payments without having to enter card details or passwords online. Since Click to Pay’s launch in mid-2020, over 10,000 merchants worldwide have signed up.

Contactless payments on cards using Apple Pay, Samsung Pay, or Google Pay (previously Android Pay) made by foreign users at contactless POS terminals in Armenia are processed as payments on contactless cards.

Global contactless transaction values are projected to reach approximately $15.7 trillion by 2027, up significantly from around $4.6 trillion in 2022, driven by widespread adoption of contactless mobile and card payments. Contactless mobile and wearable payments are expected to grow by over 220%, while contactless card payments will increase by approximately 119% in the same period.

Contactless ticketing spend is forecasted to surge by more than 400% globally between 2022 and 2027, with mobile NFC ticketing powered by OEM wallet solutions such as Apple Pay, Google Pay, and Samsung Pay playing a critical role in enabling seamless transit and event ticketing across multiple markets.

By 2027, 99% of all smartphones are estimated to support contactless payments, up from 94% in 2022, with average contactless transaction values roughly $28.20 for Apple Pay and $33.40 for Google Pay. Digital wallets—including PayPal, Apple Pay, and Alipay—represent the majority of global mobile payments. Mobile wallets accounted for around half of global e-commerce payment transactions as of 2022 with approximately 2.8 billion users worldwide, nearly half concentrated in Asia-Pacific, led by large markets such as China, India, and Southeast Asia.

In North America and Europe, mobile payments increasingly overlap with broader “alternative payments” encompassing all non-cash, non-card payment methods, reflecting shifting consumer preferences towards convenience and digital-first financial experiences.

Overall, the global contactless payment market is witnessing rapid growth driven by technology advances, expanding wallet usage, and evolving consumer behaviours, signalling a transformative shift towards universal cashless and contactless commerce by the end of the decade.

Apple Pay has become one of the world’s most used digital payment methods. Its user base increased from 521.4 million to 535.8 million in 2022 and now sits at 785 million users worldwide at end 2024.

This payment method is also available in over 85% of US merchants and 60% of stores globally.

As of August 2024, the estimated total Apple Pay in-store sales now sit at $268 billion, up from $213 billion last year.

As of 2023, Apple Pay processed 14.2% of all online consumer payments and 5.6% of all in-store purchases globally, global transaction volume (2025 estimate) is $7.6 trillion.

In the US its Apple Pay users are measured as ~ 63.9 million (2025 forecast), with in-store U.S. retail sales via Apple Pay sitting at ~ $268 billion (as of August 2024).

Putting it all together, Apple Pay is increasingly becoming an effective customer acquisition and retention feature for Apple. In June 2022, Apple Pay added Apple Pay Later, its buy-now-pay-later service, allowing users to split purchases into four equal instalments with no interest or fees. Initially launched in the US, the service is expected to roll out to other countries during 2023. In 2023, Apple launched its Card savings account from Goldman Sachs with a 4.15% annual percentage yield. Apple Wallet users can set up and manage a savings account directly from Apple Card in Wallet, with no fees, no minimum deposits, and no minimum balance requirements.

Apple Pay was launched in Armenia with support for Mastercard and VISA cards in January 2022 and as of mid-2025, is available through 17 banks and payment providers.

Google Pay current data shows around 820 million active users across 45 global markets.

In January 2022, it was reported that the company was planning to transform Google Pay into a “comprehensive digital wallet”, following the app’s reported slow growth and the shutdown of Plex. In April, it was reported that Google was planning to revive the “Google Wallet” branding in a new app or interface and integrated with Google Pay. Google officially announced Google Wallet on May 11, 2022, at the 2022 Google I/O keynote. The app began rolling out on Android smartphones on July 18, replacing the 2018 app and co-existing with the 2020 Google Pay app in the US. While the app name itself was changed from Google Pay to Google Wallet, the service name of actually paying for things online or in-store remains “Google Pay.”.

In the US, Google Pay has over 165 million users.  Also, Google Pay is used on nearly 800,000 websites as a secure payment gateway. Roughly 20% of all mobile purchases are made using this digital payment processor. Google Pay ranks 3rd among mobile payment methods globally. In Russia, it has an online usage distribution of 35.18% and has recorded approximately 1,281,838 transactions online. Available in 19 countries, 30% of Google Pay’s active users are millennials. It is one of Canada’s top 5 online payment apps and is the primary mobile payment method for 2,193 businesses worldwide. In India, Google Pay boasts 67 million active users and holds 36.10% of the mobile application market. Its widespread adoption and significant market share highlight its growing importance in the global digital payment landscape.

Google Pay was launched in Armenia in November 2022 and is available through 16 banks as of mid-2025.

Samsung Pay is available in 29 countries worldwide and has an estimated 150 million users. Samsung Pay works with a broad range of Samsung Galaxy phones, including the latest Galaxy S22 and newer models, as well as many previous models like the Galaxy S8.

Samsung claims that its system will work with almost all point-of-sale systems: NFC, magnetic stripe and EMV (Europay, MasterCard and Visa) terminals for chip-based cards. In June 2022, Samsung Pay was renamed to Samsung Wallet in the US, UK, France, Germany, Italy, and Spain. Along with the renaming came new features such as the ability to store digital assets and digital keys within the Wallet app.

Samsung Pay is used in Armenia, with an audience of about 17,699 users. The largest age group using Samsung Pay in Armenia is 25-34 years old, making up 45.5% of users.

Overview of Cashless Payments

Cash is the predominant method of payment in Armenia for both individuals and companies. Credit transfers remain the largest form of cashless payments by number (27.5%) and by value. Direct debits are available in Armenia, but usage is very limited.

Cheques usage has declined in Armenia due to the increasing preference for electronic payments for both high-value and low-value transactions, however, following the Covid-19 pandemic cheque issuance increased significantly for B2B and public payments. Cheques are typically used for high-value payments.

In line with the pattern seen in most EU countries, card payments have grown very fast and have captured an increasing proportion of total cashless payments in Armenia. From 51.4% of cashless payments in 2019, cards rose to 67.6% in 2024, a CAGR of 59.83%.

2 - Cashless Payment Transactions in Armenia
(000s)	2020	2021	2022	2023	2024	GR 23/24	CAGR 5Y
Payments on cards	59,608.2	93,919.3	115,134.2	173,979.5	373,417.6	114.63%	59.83%
Cheques issued	0.4	3.0	1.5	1.8	-	NA	NA
Credit transfers	29,780.8	41,247.7	39,958.7	47,950.4	99,582.2	107.68%	34.63%
Direct debits	-	-	-	-	-	-	-
Paper-based credit transfers	14,453.6	23,728.3	26,524.1	31,828.9	78,846.0	147.72%	47.47%
Total	96,811.5	158,898.3	181,618.4	253,760.6	551,845.9	117.47%	51.29%
Note: credit transfers are described as electronic payment transfers by CBA.
Note: paper-based credit transfers are those presented to the beneficiary’s bank branch.
Source: Central Bank of Armenia.

Contrary to the experience in 2021, in 2022, the growth of non-cash payments (22.6% compared to 2021) was less than the growth of cash transactions (40.9% compared to 2021). In 2023, the growth in the value of non-cash payments (89.5% compared to 2022) significantly outpaced the growth of cash operations (20.6% compared to 2022). As a result, the share of the value of non-cash transaction increased by 10.8 percentage points over the previous year, reaching 44.6%. In 2023, 85.1% of the total number of payments were made by non-cash transactions, totalling 290.0 million transactions.

CBA data shows that during the last two years, the volume of cashless operations in the card market of Armenia has increased significantly. Before the pandemic, they increased by 20-25% annually, then in 2020 and 2021, the growth rate increased to 50-60% and more. However, in 2022, the growth of total cashless payments slowed to 22.6%. The volume of ATM withdrawals decreased from around 80% of total transactions before the pandemic to around 24% in 2022 and further down to 18% in 2023 and 11% in 2024, partly due to banks rolling out more mobile payment apps and virtual payment services.

The Law on “Non-Cash Transactions”, aimed at increasing digital payments and non-cash transactions, was adopted by the National Assembly in January 2022, and entered into force starting from July 1, 2022. This has resulted in a 3.75x growth in the number of POS terminals in 2022 and these are terminals in stores and shopping centres. As a result of the increasing demand for non-cash transactions, the number of physical and virtual POS terminals, essential for servicing these transactions, grew by 16.9% and 22.1%, respectively in 2023. By 2024, physical POS terminals grew by 5.1% while virtual POS terminals declined by 0.89%.

Exchange Rates

The Armenian currency is the Armenian dram and its one-hundredth fraction is the luma. The dram was introduced into circulation in November 1993.

3 - Average Exchange Rates
	2020	2021	2022	2023	2024
1 EUR in AMD	558.30	596.48	460.81	424.59	424.89
1 USD in AMD	489.01	503.77	435.67	392.48	392.73
Source: Central Bank of Armenia.

Market Infrastructure

Central Bank of Armenia

Armenian legislation provides Central Bank of Armenia (CBA), the central bank, with the power to regulate and supervise the payment and settlement system activities. Under this power, the CBA participates in drafting of laws regulating the payment and settlement area, enacts sub-legislative acts regulating payments and settlements and determines procedures for reporting by Armenian banks.

Many of CBA’s operations are in the process of being moved to the northern resort town of Dilijan, which government plans to develop into a regional financial centre as a counterweight to Yerevan, the capital.

In 2024, the CBA reported that 8.2 million payments (payment messages) worth AMD 29,706.5 billion were made via the Electronic Payments System (EPS) of the CBA. An increase was recorded in both interbank and budget payments value compared to the same period of the previous year; by 10.7% and 5.1%, respectively. Despite this, the overall value of EPS payments saw a slight decline of 1.2% compared to 2023, primarily due to a reduction in transfers by the CBA and nonbank participants. In contrast, the total number of EPS payments rose by 17.8% year-on-year.

The CBA provides two types of licences to non-bank organisations, one being a licence enabling the operations of third-party processors. At present, Armenian Card CJSC (ArCa) has been issued an activity license for card processing and clearing of operations with ArCa cards and processing of operations by VISA and Mastercard.

The other type of licence is for money transfer systems (remittance) such as Unistream, which play an important role in Armenia and in the rest of the Eurasian region.

The CBA operates a credit registry which collects information on individual borrowers’ loan histories. The information is stored and made available to banks and credit unions for evaluation of loan applicants’ creditworthiness.

ACRA – The CBA works closely with the UBA (Union of Banks of Armenia), which is majority owner of the ACRA (Armenian Credit Reporting Agency), the main credit reference bureau.

ACRA was founded in 2004 with assistance from World Bank, KfW, USAID and EBRD. CBA is reported to be the only shareholder with more than 10% of the shares; previously, Dun & Bradstreet was ACRA’s strategic partner and 5% owner, but it appears to have no current involvement.

ACRA has signed contracts with banks, finance organisations, utility companies and insurance companies operating in Armenia and gathers information from these parties. As of May 2022, ACRA held data on 26,264,323 loans (believed to include repaid as well as current loans) and 1,77084 credit histories. Its database at that time covered 91% of the working population of Armenia.

ARUS/STAK – In November 2014, the Board of the Bank approved the concept “Creation of Armenia Remittances Unified System (ARUS) in the Republic of Armenia and Basic Principles of Operations”. This system was intended for retail money transfers and to facilitate improved payment risk management. However, the ARUS project was shelved in favour of the unified STAK money transfer system created by the CBA, which as of 2022 was in the launch phase.

The purpose of the STAK system is to make money transfers without opening a bank account, both within Armenia and to other countries. In the future, the system will add the possibility of transferring to a bank account and an electronic wallet.

STAK will enable users to receive transfers from any bank in Armenia connected to the system, with the ArCa payment processing system and other transfer systems operating in the country also set to be connected to the new platform.

ArmenianCard (ArCa)

ArCa was established in March 2000 by CBA and 10 commercial banks, with development assistance from USAID, to set up and operate a unified payment system.

The CBA remains the majority shareholder in ArCa (56.25%), with most member banks having a nominal shareholding. ArCa operates a processing centre for ArCa national payment system cards and Mastercard, Visa, American Express, Diners, UnionPay, MIR and JCB cards, as well as being a full member of the Mastercard international payment system.

In mid-2023, ArCa’s members included 16 Armenian banks, most of which issue ArCa cards, with the majority also offering VISA and Mastercard brands. During 2024, the value of transactions through domestic ArCa cards declined to AMD 660 billion from AMD 851 billion in 2023.

ArCa and Russian “MIR” payment systems collaborate – In August 2017, Russia and Armenia completed a pilot project on the integration of their national payment systems, the National Payment Card System of Russia reported. Armenia’s national payment system ArCa now accepts Russian MIR cards, while ArCa cards are accepted in Russia by VTB, Alfa Bank, Center-Invest and Uraltransbank.

VTB is the settlement bank of the MIR system for transactions between the payment systems of the two countries. Only national currencies are used in the calculations. Russia created the MIR payment system in 2014, after VISA and Mastercard ceased to service the cards of a number of Russian banks because of US sanctions against Russia.

In September 2017, Ardshinbank was the first bank in Armenia to issue ArCa cards co-badged-MIR. Since then, ACBA-Credit Agricole, Evocabank, Converse Bank, Ameriabank, and ArmeConomBank have issued the co-badged ArCa-Mir card.

Due to the established cooperation between ArCa and MIR card systems in 2017, the acceptance of ArCa cards in Russia and the acceptance of MIR cards in Armenia became possible. Compared to 2020, the value growth of ArCa card transactions in Russia was 122.5% and MIR card transactions in Armenia was 100.4% in 2021. In December 2021, a pilot operation was completed for cross-border card-to-card transfers between ArCa and MIR, which was meant to be introduced in 2022 and will expand the possibilities of transferring funds between individuals residing in Russia and Armenia. However, in March 2024, the majority of Armenian banks decided to cease cooperation with the MIR payment system. This decision was influenced by the imposition of US sanctions on the operator of the MIR system, leading Armenian banks to mitigate potential risks associated with these sanctions. As a result, the mutual acceptance of ArCa and MIR cards has been significantly affected, with most Armenian banks no longer processing transactions made via MIR cards. Only VTB Armenia, the local subsidiary of one of Russia’s largest lenders, continued to accept Mir cards.

Domestic ArCa Cards – Banks can participate as full members and shareholders, with the right to issue and acquire ArCa cards, and to process international cards. The rules also provide for issuing members, with the right to issue ArCa cards and disburse cash only at their service points, acquiring members, or both issuing and acquiring members.

ArCa provides several domestic-only debit card and credit card programmes – ArCa Classic, ArCa Gold, ArCa Business, ArCa Debit, ArCa Affinity, ArCa Co-branded and ArCa Platinum.

As well as ATM withdrawals and POS payments, ArCa cards can be used for utility payments and mobile top-ups at ATMs, for internet payments and for card-to-card money transfers within Armenia.

ArCa Processing – ArCa also serves as a third-party processor for VISA cards, American Express cards, Diners Club cards, JCB cards and a Member Service Provider and a Mastercard principal member.

Following issues with lack of performance and poor integrity of its switching solution, ArCa upgraded its infrastructure in 2008 with SmartVista, the ATM and POS network monitoring and management solution supplied by Moscow-based BPC Banking Technologies.

New ArCa services in recent years include utility payments from ATMs and over the internet, and card-to-card transfers. A virtual card system is used for internet-based utility and mobile phone bill payments, as well as card-to-card transfers. In 2014, ArmenianCard completed the 3D-Secure certification for VISA and Mastercard.

In mid-2022, ArCa reported a network of 941 ATMs, 9,000 POS terminals, and 2.2 million cards processed for its member banks. This compared with 1,043 ATMs, 6,286 POS terminals and 1, 628,050 cards processed in July 2015. The ArCa network amounted to 59% of the national total of 1,536 ATMs, based on central bank figures at end-2021.

Haypost

Haypost, the national postal service, manages a network of 850 post offices across Armenia, most of which are located in Yerevan. Since 2006, management has been in the hands of Haypost Trust Management BV of the Netherlands. There are cooperation agreements with La Poste of France, Poste Italiane and Russian Post.

In July 2014, Haypost and the Armenian government signed an agreement to update the network and equip post offices to support self-service terminal-based electronic payments, submission of tax and duty forms and other modern services.

Future plans include development of postal banking services and new systems of express money transfers. As at end-2021, 500 post offices had been upgraded.

In mid-2018, Haypost offered money transfers in Armenia and abroad with Unistream, Ria Money and Converse Transfer. Payments can be made in AMD, EUR or USD, with a maximum size of e.g. €15,000/$20,000/RUR 500,000. No bank accounts are needed to use the money transfer services.

In July 2020, Haypost and Post of Russia launched a new money transfer system, PosTransfer. The system, which is also available online, allows making money transfers from Armenia to Russia and vice versa from any post office of Armenia and Russia for 1.2% commission. Money transfers will be served in more than 800 post offices in Armenia and in more than 30,000 service points in the Russian Federation.

Also in 2020, Haypost launched a new pilot programme of an electronic system for pension payments with the support of the Ministry of Labour and Social Issues in Armenia, as part of the digitalisation and modernisation process of the company’s services.

In April 2021, Haypost introduced the first beta version of the Haypost Pay wallet, making it possible to open an account of Haypost Pay wallet by downloading the Haypost Pay app. The wallet can be funded with bank cards and in cash at any post office of Haypost. The beta version of Haypost Pay wallet allows users to recharge their mobile phone balance, carry out utility payments, pay fees for internet, television, and other services, as well as send transfers to other holders of Haypost Pay accounts.

In April 2022, Haypost announced that its Pay wallet had been used by more than 70,000 customers in 2021.

In May 2022, Haypost and Evocabank signed a cooperation agreement to implement a number of digital innovation projects, including Fintech services and mobile POS transactions at 850 Haypost outlets in areas where Evocabank has no branches. Under the partnership, joint payment cards will also be issued later.

In April 2023, Haypost and Georgian Post signed an MoU to reduce postal service costs between both countries, develop e-commerce between both countries and improve postal delivery conditions between Armenia and Georgia.

Card Issuers in Armenia – Overview 

The Armenian banks issue credit cards, charge cards, debit cards and prepaid cards in combination with bank accounts. Addressing the specific needs of personal banking and business banking, the card portfolio is composed of consumer cards, business cards and corporate cards.

Dedicated card products are offered for the individual client segments: families, millennials, students, affluent clients, small business clients, corporate clients and even basic account clients. The credit cards offered range from classic cards to gold cards and platinum cards.

In 2024, 15 of the 17 banks licensed by CBA were issuing or servicing payment cards and 15 were members of ArCa.

The Armenian retail banks issue debit cards branded ArCa, Mastercard Debit, and Visa Debit, and delayed debit cards and credit cards branded Mastercard or VISA. From 2017, the Armenian banks issued ArCa cards co-badged MIR.

Most banks, including ACBA-Crédit Agricole, Armbusinessbank, Ameriabank, HSBC and Ardshinbank issue Mastercard and VISA cards. ACBA was previously the exclusive American Express issuer. Araratbank is the Diners Club issuer and HSBC issues its HSBC debit cards.

Although few credit cards have been issued, most of the bigger banks have several credit card programmes and driving usage is a priority. Some offer discounts of up to 40% to cardholders at participating retail outlets, most of which are in Yerevan.

Table 4 illustrates the card brands issued by the Armenian banks as at mid-2025.

4 - Leading Card Issuers in Armenia
Domestic Issuers	Issued Card Brands	Owned by
ACBA Bank	Mastercard, VISA, VISA Debit, Debit Mastercard, American Express, ArCa	ACBA Federation: 75%, Proparco: 10% SACAM Int. (F): 2.24%,Others: 12.76%
AMIO Bank	Mastercard, VISA, VISA Debit, Debit Mastercard, ArCa	MFM Global Invest: 74.99%, Refinancing Credit Organisation: 25%
VTB Bank Armenia	Mastercard, VISA, VISA Debit, Debit Mastercard, ArCa, MIR	VTB Group (RUS)
Ameriabank	Mastercard, VISA, VISA Debit, Debit Mastercard, ArCa	Bank of Georgia Group: 60%, Bank of Georgia: 30% EBRD: 10%
HSBC Bank Armenia	Mastercard, VISA Debit, ArCa	HSBC
Ardshinbank	Mastercard, VISA, VISA Debit, Debit MasterCard, ArCa, MIR	Arins Group (AM): 98.67%, others: 1.33%
Inecobank	Mastercard, VISA, VISA Debit, Debit Mastercard, ArCa	Inesco Group: 35%, Founding Partners: 39.6%, Others: 25.4%
Araratbank	Mastercard, VISA, Diners, ArCa	Flash LLC: 68.35%, Armenian Interest: 31.31%, Others: 0.34%
Converse Bank	Mastercard, VISA, VISA Debit, Debit Mastercard, ArCa, MIR	Advanced Global Invest (US): 72.89%, Haypost TM: 22.11%, Armenians: 5%
Armeconombank (AEB)	Mastercard, VISA,VISA Debit, Debit Mastercard, ArCa	Armenian interests: 68.23%, others 31.77%
UniBank	Mastercard, VISA, VISA Debit, Debit Mastercard, Arca	Uniholding GG Ltd.: 83.6%; Others; 16.4%
other banks	Mastercard, VISA, VISA Debit, Debit Mastercard, ArCa	Private investors
Source: PCM research

Outlook – By mid-2025, Armenian card issuers face the following notable challenges:

• Rollout of online/mobile bank payment services combined with mobile apps
• Implementation of 3D-Secure 2.3; launch of digital wallets, in-app payments, in-store payments
• Competition from card-less payment service providers: PISPs, AISPs, FinTechs
• Tokenisation security combined with HCE NFC and card credentials stored-on-file
• Open Banking ecosystem and demanded access to card accounts (XS2A)

Card Processing and PSPs

In Europe, the payment processing industry is composed of card processors, ATM/POS network hub processors, e-/m-payment service processors (PSPs), and specialised processors (e.g. CSM processors, TSM services).

In Armenia, card issuer processing services range from technical issuer processing, including card printing, to full cardholder processing services. They include all types of cards and card technologies allowing for card use at multiple channels (i.e. at ATMs, POS terminals, on the internet and in-store – mobile payments in the future).

Acquirer processing services in the country range from technical acquirer processing, including POS terminal services, to full merchant processing services.

The leading card processor in Armenia is ArmenianCard. Unibank and VTB operate in-house card processing centres. All offer PSP services to Armenian online merchants.

ArmenianCard (ArCa) processes cards branded Mastercard, VISA, MIR, JCB, UnionPay, American Express, and Diners.

Unibank took steps to bring its card processing in-house in August 2010 with the selection of SmartVista solution for cards and EFTPOS payments. At the time, Unibank reported 50,000 cards, of which 37,000 were VISA-branded, 69 ATMs and 483 POS terminals. SmartVista enables Unibank to support payments across all banking channels, including POS, branch, internet, and mobile applications.

Idram claims to be the largest internet payment service provider in Armenia. Its Idram Payment Gateway enables users to shop online or pay using their computer or mobile phone (iOS/Android) for utilities, paying taxes and duties, repaying loans, purchasing plane tickets and more.

In May 2021 Idram announced transfers from Armenia via the IDpay app using just the recipient’s phone number. Initially money transfers from Russia to IDBank customers via the IDpay mobile app were available to Russian citizens only, now Armenian citizens can take advantage of the service. Users undertake remote identification with their Armenian passport, and can attach their bank card to the IDpay app.

Online Payment Service Processors (PSPs) 

Online payment service processors (PSPs) are specialised technical processors for all kind of secure online payments and mobile payments. Some of them also offer virtual PSP platform services (VPSP) for bank acquirers who want to take advantage of a kind of ‘internet network processor’.

Online shops of merchants are directly connected by an API interface or a hosted payment page either to the internet payment gateway of a bank acquirer, or they are connected to multi-acquirers through a PSP.

PSPs usually partner with more than one card acquirer and payment initiation service providers. Core services offered by PSPs may include payment gateways to card acquirers and other online payment service providers, online payment processing, risk management services, and collection services for merchants.

Security technologies applied to ensure secure online card payments include EMV tokenisation and strong 3D-Secure (MCSC, VbV, SafeKey) combined with one-time tokens. For card-less payment services, the security technologies applied include userID/password combined with one-time tokens and online banking access with one-time TAN.

All card processors in Armenia offer PSP services to the Armenian online merchants.

Armenia’s PSP landscape is dominated by a combination of local and international providers. Notable local PSPs include Idram, Telcell, EasyPay, and ArCa, the national card payment network. These local gateways provide strong integration with Armenian banks, support the Armenian dram (AMD), and offer payment solutions tailored to the local market with Armenian language support and low transaction fees (typically around 2%). They enable merchants to accept payments via local cards, e-wallets, and mobile wallets with fast settlement times (1–2 business days).

Idram is among the most popular, with over 1.5 million registered users and more than 55 million transactions processed in 2022 alone. It supports online payments through API integrations and QR codes, and is accepted at over 14,000 retail outlets and 1,000 online stores across Armenia.

Telcell has grown explosively as a fintech ecosystem with wallet apps and gateway services, allowing merchants to accept payments not only by cards but also from e-wallet balances and cash-in at kiosks. EasyPay offers similar services on a smaller scale.

Most banks in Armenia, including Ameriabank, Ardshinbank, ACBA, and Evocabank, offer merchant acquiring services integrated with local or international gateways. Banks and licensed non-bank PSPs such as Idram and Telcell facilitate merchant onboarding and settlements in AMD.

International PSPs and payment gateways, including 2Checkout (Verifone), PayPal (limited), Stripe (workarounds required), and others, serve Armenian businesses, especially for cross-border transactions and multi-currency payments. The mix of local gateways for domestic customers and international gateways for global payments is common for Armenian merchants.

Security technologies for online card payments in Armenia include EMV tokenization and strong 3D-Secure protocols (Mastercard SecureCode, Verified by Visa, SafeKey) with one-time tokens. Cardless payments add userID/password with one-time tokens or online banking authentication with TANs.

Integration is supported by APIs, hosted payment pages, and plugins for popular e-commerce platforms like WooCommerce, Shopify, and Magento. Local PSPs provide developer documentation and sandbox environments for testing payment flow integrations.

Recent fintech growth and government digital transformation initiatives continue to modernize Armenia’s payment landscape, promoting wider PSP adoption and electronic payment usage over cash.

Acquiring and Acceptance

In Europe, most acquirers offer multi-channel card acceptance and value-added merchant services at POS terminals, mobile MPOS terminals and online shops. The leading acquirers usually offer their services cross-border.

In addition, innovative acquirers also offer the acceptance of card-less payment services based on partner agreements with the issuer of those payment services (e.g. account-based payments, wallets, prepaid products).

Most acquirers either operate their own acquirer systems and ATM/POS/MPOS network service hubs, or they use the processing services of external processors. In order to service online merchants in Europe, they might operate their own PSP processing platforms, or they co-operate with one or more specialised online payment service processors (PSPs).

From 2012, Eurasian acquirers compete in their home markets, cross-border in the CIS region, cross-channel at POS terminals and servicing online merchants. From 2016, innovative acquirers started to offer omni-channel and multi-payment acceptance.

By mid-2025, omni-channel acceptance includes the ability to service all channels (i.e. POS/MPOS terminals, mobile in-store, online shops, in-app), and to accept multiple payment means in all of these channels. Multi-payment services demanded by merchants include cards, online bank payments, online wallets, digital wallets, and prepaid products.

Outlook – By mid-2025, Armenian acquirers face the following notable challenges:

• Rollout of contactless and virtual POS/MPOS terminals; Interchange++
• Competition from pan-regional and global acquirers; M&A consolidation
• Complete acquirer service portfolio beyond cards, i.e. acceptance of card-less payment services
• Omni-channel payment acceptance: POS/MPOS, online, mobile in-app, mobile in-store
• Cross-border competition, omni-channel competition, finding PSP partners and PISP partners
• New security standards: e.g. 3D-Secure v2.2.0; tokenisation security, Strong Customer Authentication

Additional relevant information for the Armenian acquirer outlook by mid-2025 includes:

• Cashless Payment Incentives and Regulation: The Armenian government is intensifying its push for cashless payments through new laws (since July 2022) requiring non-cash methods for all transactions above AMD 300,000. Retail outlets—even small businesses—must now offer non-cash payment options. Authorities are also exploring cashback-style rewards and other incentives to increase adoption of card and mobile payments, aiming to reduce the shadow economy and improve tax discipline.
• Embedded Compliance and Security: All Armenian acquirers must comply with local and international standards, including PCI DSS and enhanced 3D-Secure (now v2.2.0+) protocols. Transaction monitoring, AML controls, and strong customer authentication are enforced across bank and PSP platforms, responding to the needs for both regulatory compliance and risk management as omnichannel and cross-border payment volumes grow.
• Financial Inclusion and Legacy Habits: While digital payments and contactless solutions are expanding, legacy cash usage remains significant—only about 40% of Armenian adults made a digital payment in the last year. This creates dual challenges: onboarding unbanked consumers to digital wallets/mobile banking and improving digital financial literacy, especially outside urban centers. Acquirers must keep investing in education and user-friendly technology to bridge the gap.
• Fintech Partnerships and PISP/PSP Ecosystem: Armenia’s market has seen rapid fintech growth, with more than 200 fintech companies and 18 banks. Competition is intense, driving mergers, acquisitions, and partnerships to offer broader service portfolios (including BNPL, instant settlement, and account aggregation via open banking). Finding the right PSP/PISP partners to deliver customized, regulated payment initiation and processing services is a central priority for acquirers.
• Cross-Border and Multi-Currency Opportunities: The government and industry stakeholders are working to expand global payment integrations, but the absence of some leading international best-in-class acquirers means Armenian acquirers must focus on multi-currency support, quick settlement, and compliance with new cross-border VAT regimes, especially as e-commerce grows.
• Technical Barriers and Integration: For smaller merchants, technical integration with multi-acquirer platforms and omnichannel solutions (POS, mPOS, online, QR, mobile) can be challenging. This drives demand for turnkey APIs, plug-and-play solutions, and improved support/documentation, ideally in Armenian, to facilitate wider usage.
• Market Size and Competition: The relatively small Armenian market makes scale a challenge, pushing consolidation and strategic partnerships. It also puts focus on value-added services (BNPL, payment links for diaspora remittances, crypto-to-AMD conversion, B2B invoicing platforms) as differentiators.
• Infrastructure and Reliability Risks: Intermittent technical issues (e.g., outages in ArCa’s payment channels) highlight the need for robust, resilient infrastructure as payment volumes rise and omni-channel flows grow.

This reflects Armenia’s unique blend of regulatory, consumer, technology, and partnership challenges and opportunities for acquirers in 2025.

Eight banks, including ACBA Bank, Armbusinessbank, Ameriabank, HSBC and Ardshinbank acquire ArCa, Mastercard, and VISA cards. ACBA Bank is the American Express acquirer, Araratbank is the Diners Club acquirer and HSBC accepts its HSBC debit cards. Ardshinbank acquires JCB cards at former Areximbank merchants. In May 2018, ACBA Bank started accepting JCB cards.

In October 2019, ACBA Bank became the acquirer of UnionPay cards in Armenia. It was anticipated that the overall acceptance rate of UnionPay cards in Armenia would exceed 50% by the end of 2020.

Table 5 illustrates the card brands accepted by the Armenian acquirers as of mid-2025.

5 - Leading Acquirers in Armenia
Domestic Acquirers	Acceptance Brands offered	Owned by
ACBA Bank	Mastercard, VISA, VISA Debit, Debit Mastercard, American Express, JCB, ArCa	ACBA Federation: 75%, Proparco: 10% SACAM Int. (F): 2.24%,Others: 12.76%
AMIO Bank	Mastercard, VISA, VISA Debit, Debit Mastercard, ArCa	MFM Global Invest: 74.99%, Refinancing Credit Organisation: 25%
Ameriabank	Mastercard, VISA, VISA Debit, Debit Mastercard, ArCa	Imast Group (CY): 48.82%, EBRD: 17.72%, ADB: 13.91%, investors 19.55%
HSBC Bank Armenia	Mastercard, VISA, VISA Debit, Debit Mastercard, ArCa, HSBC Debit	HSBC
Ardshinbank	Mastercard, VISA, VISA Debit, Debit Mastercard, JCB, ArCa, MIR	Arins Group (AM): 98.67%, others: 1.33%
Araratbank	Mastercard, VISA, VISA Debit, Debit Mastercard, Diners, ArCa	Flash LLC: 68.35%, Armenian Interest: 31.31%, Others: 0.34%
Converse Bank	Mastercard, VISA, VISA Debit, Debit Mastercard, ArCa, MIR	Advanced Global Invest (US): 72.89%, Haypost TM: 22.11%, Armenians: 5%
other acquirer banks	Mastercard, VISA, VISA Debit, Debit Mastercard, ArCa	Private investors
Source: PCM research.

ATM Terminal Infrastructure

Though ATM networks have expanded considerably in the past decade, Armenia remains relatively underserved in terms of acceptance. With the smallest population of any Eurasian country, and within a compact geographical area (with the enclave of Nagorno-Karabakh in Azerbaijan excepted), it is interesting to note that ATM transactions per capita have so far not risen more rapidly.

ArmenianCard operates a national ATM network. ATM transactions are processed via the ArCa Unified Card Payment System or via the respective card issuers. Historically, ATMs are concentrated in Yerevan. As well as bank branches, ATMs are sited at supermarkets, government offices, the main airport, and less usual places such as pharmacies, casinos and Yerevan’s civil court.

Accepted card brands at most Armenian ATMs are debit cards (ArCa, Debit Mastercard, Visa Debit, VISA, MIR) and credit cards (Mastercard, VISA, American Express, and Diners). Accepted card brands at ATMs also include Cirrus, Plus, and Pulse. Additionally, ATMs can be used to pay for utility bills and mobile phone charge cards, as well as for cash withdrawals. In 2022, the EMV migration of ATM terminals continued.

Based on Armenia’s population of 3.033 million, ATM terminal density is at relatively low levels, but the ATM estate has declined by 0.24%, since 2019.

The Central Bank of Armenia reported 1,518 ATMs at the end-2024, down 3.25% from 2023. There were 46.24 million cash withdrawals on cards (-6.53% Vs 2023) with a total value of AMD 2,689 billion (-10.15% Vs 2023). The ATV per cash withdrawal amounted to AMD 58,162.8 or $148.10 equivalent, and there were 2,538.6 cash withdrawals per ATM per month in 2024.

6 - ATMs in Armenia
	2020	2021	2022	2023	2024	GR 23/24	CAGR 5Y
ATMs with cash function	1,536	1,573	1,637	1,569	1,518	-3.25%	-0.24%
Ø Number of TXs per ATM per month	1,831.8	2,148.1	2,328.0	2,627.5	2,538.6	-3.38%	8.69%
Number of ATM cash withdrawals (m)	33.76	40.55	45.73	49.47	46.24	-6.53%	8.44%
Value of ATM cash withdrawals (AMD m)	1,797,649	2,177,169	2,638,097	2,993,561	2,689,588	-10.15%	11.00%
ATV per cash withdrawal (AMD)	53,242.4	53,695.5	57,685.8	60,512.3	58,162.8	-3.88%	2.36%
# ATM Terminals per 1m capita - Armenia	518.7	531.0	551.3	524.6	500.4	-4.61%	-0.71%
# ATM Terminals per 1m capita - EA10 total	713.6	698.7	684.4	714.2	714.2	0.00%	-0.41%
Note: withdrawal figures include a few cash-in and non-cash transactions.
Source: Central Bank of Armenia (CBA).

Among individual banks, Ameriabank with 230 ATMs ranked first in 2023, VTB Bank Armenia ranked second with 192 ATMs, followed by ACBA Bank with 190 ATMs.

Cash-advance Services in Armenia – Competition for ATMs 

In an Open Banking ecosystem, the dominant role of ATMs for cash withdrawal services may decline as more cash-advance and cash handling services are offered at retail outlets.

Cash in-Store – In parallel to ATM cash withdrawals on cards and in bank branches, some Armenian banks consider supporting cash-advance services on cards at POS terminals in retail outlets (see below).

POS Terminal Infrastructure

Though POS networks have expanded considerably in the past five years, Armenia remains relatively underserved in terms of acceptance. With the smallest population of any Eurasian country, and within a compact geographical area (the enclave of Nagorno-Karabakh in Azerbaijan excepted), it is only in the last four years that POS transactions per capita have begun to rise rapidly. Acceptance is concentrated in Yerevan.

Accepted card brands at most Armenian POS terminals are debit cards (ArCa, Mastercard, Maestro, VISA, V PAY, and Electron), and credit cards (Mastercard, VISA, American Express, and Diners). In 2021, the EMV migration of POS terminals continued.

In addition, cash-advance services on cards are offered in-store at POS terminals in retail outlets. Dynamic Currency Conversion (DCC) and tax refund services can be found at frequented tourist locations.

The Central Bank of Armenia reported 84,686 POS terminals in the country, up by 5.13% from 2023. In number terms, the number of POS grew by 4,130 in 2023, and POS terminals in banks also increased by 63.7% (380 terminals) to 976. This large increase in the number of POS is due to the “Non-cash Transactions” Law that came into effect in July 2022. This law establishes a mandatory requirement to make payments for a specified number of transactions in non-cash form, hence resulting in a significant increase in POS terminals at wholesale and retail outlets as well as other public facilities. It is noted that POS terminals are used in selected Armenian bank branches for utility payments and other bill payments.

In 2024, POS payments in Armenia were 164.65 million (+31.42% Vs 2023) with a total value of AMD 1,237.76 billion (+12.97% from 2023). There were on average 162.0 payments per POS terminal per month (+25.01% Vs 2023).

The ATV per card payment at POS terminals was AMD 7,517.4 or $19.14 equivalent in 2024, down by 14.03% from 2023. Although this value had declined significantly since 2017, the high ATV of so-called POS transactions reflects continued utility payments and other bill payments at POS terminals in bank branches.

7 - POS Terminals in Armenia
	2020	2021	2022	2023	2024	GR 23/24	CAGR 5Y
POS terminals	13,009	18,351	68,888	80,556	84,686	5.13%	49.93%
- thereof used for withdrawals in banks	714	712	693	596	976	63.76%	5.13%
Ø Number of TXs per POS terminal per month	138.1	176.7	80.6	129.6	162.0	25.01%	9.01%
Number of POS payments (m)	21.55	38.91	66.66	125.29	164.65	31.42%	63.43%
Value of POS payments (AMD m)	368,413	539,952	756,488	1,095,620	1,237,760	12.97%	27.51%
ATV per POS payment (AMD)	17,093.6	13,878.1	11,347.6	8,744.6	7,517.4	-14.03%	-21.98%
# POS Terminals per 1m capita - Armenia	4,392.7	6,194.8	23,200.9	26,933.7	27,916.9	3.65%	49.22%
# POS Terminals per 1m capita - EA10 total	17,950.0	19,042.0	21,326.6	23,470.2	23,470.2	0.00%	9.31%
Note: payment figures include cash-advances at POS terminals.
Source: Central Bank of Armenia (CBA).

Among individual banks, ACBA Bank claimed 1,801 POS terminals at end-2020, while Ameriabank reported 3,032 POS terminals. Ameriabank also reported that its number of virtual POS terminals increased by 54% to 608 in 2020, with the number of virtual POS transactions rising by 29%. According to Unibank, it has a 20% market share in POS lending, with more than 145 POS terminals across Armenia.

MPOS Terminals – Small and mobile merchants have started to use their smartphones and tablet PCs as mini-POS+ECR device with added chip reader dongle. Also, merchants can initiate MOTO-like card payments on smartphones and tablets by downloading a payment app.

Square clones like Zettle, SumUp, and others have launched their services in Europe and are expected to support Armenian merchants in the future.

Remote Payments on the Internet – Cards & More

Armenia is a small country and occupies one of the worst positions in the development of retail e-commerce among the CIS countries, which is clearly seen in the comparative analysis of the volume of e-commerce in Armenia with Belarus, Kazakhstan, Ukraine, and Russia.

8 - Communications in Armenia
(000s)	2020	2021	2022	2023	2024	GR 23/24	CAGR 5Y
Number of internet subscribers	3,092.2	3,309.7	3,530.9	3,769.3	3,769.3	0.00%	4.07%
Internet penetration	104.4%	111.7%	118.9%	126.0%	124.3%	-1.40%	3.58%
Mobile phone subscribers	3,799.6	3,820.2	4,016.0	4,037.7	4,095.2	1.42%	1.61%
- thereof active mobile phone subscribers	3,488.8	3,599.3	3,760.7	3,959.5	3,959.5	0.00%	1.82%
Mobile subscriber penetration	128.3%	129.0%	135.3%	135.0%	135.0%	0.00%	1.13%
Active mobile subscriber penetration	117.8%	121.5%	126.7%	132.4%	130.5%	-1.40%	1.34%
Source: National Statistical Service of Armenia.

Internet Use – Armenia had an estimated internet penetration rate of 80% at end-2024, and 96% of individuals use the internet. Armenians have started to use the internet and to purchase more frequently in online shops. Online buyers use PCs, notebooks, tablets, or smartphones, and they initiate online payments from various types of internet-capable devices.

The impact of the Covid-19 pandemic on internet payments can be seen in the steep jump in both transaction numbers and value, as locked-down consumers embraced e-commerce.

According to the Central Bank of Armenia, in 2024, there were an estimated 200.66 million internet transactions (+110.66% from 2023) with a total value of AMD 1,870.10 billion ($4,761.8 million) equating to 66.04 internet transactions per capita, an increase of 107.70% over 2023. The ATV per internet transaction was on average AMD 9,335.35 or $23.77 equivalent.

9 - Internet Transactions in Armenia
	2020	2021	2022	2023	2024	GR 23/24	CAGR 5Y
Internet transactions (m)	33.09	46.57	67.44	95.10	200.33	110.66%	64.34%
Value of internet transactions (AMDm)	562,325	576,167	808,106	1,067,508	1,870,108	75.18%	40.78%
ATV per internet transaction (AMD)	16,994.97	12,372.99	11,981.97	11,225.66	9,335.35	-16.84%	-14.34%
Internet transactions per capita	11.17	15.72	22.71	31.79	66.04	107.70%	63.56%
Source: Central Bank of Armenia.

Cards on the Internet (CNP) – All cards with international brands are accepted in Armenian online shops after the merchant signs an acceptance contract. Armenian banks have started to issue prepaid cards and virtual cards for internet use only.

Leading online shops in Armenia offer remote payments on cards based on security standards like SSL with CVC2/CVV2 code and, from 2014, 3D-Secure (Mastercard SecureCode, Verified-by-VISA). Further, web-based MOTO services are offered to Armenian merchants on demand.

The e-Payment Mix in Armenia – In 2024, remote payment means offered by the merchants in online shops were dominated by cash-on-delivery followed by cards, online wallets, bank transfers, and prepaid products.

Remote Payments on the Mobile Internet – Since 2013, online buyers have started to use their smartphones for shopping on the mobile internet. Mobile online shops can be accessed by mobile internet, by mobile app, or by scanning a 2D QR-code displayed, for example, in a newspaper or at a bus station. Thus, remote mobile payments are executed by either using the e-payment page of the mobile shop or by using payment apps of a PSP or an acquirer.

Also, Armenian merchants can download a payment app from their acquirer in order to initiate MOTO payments with cards and/or online direct debits. Leading Armenian merchants are believed to be considering their own apps including loyalty functions (e.g. e-vouchers, discounts, outlet finder, QR-code scanning) in the future.

Mobile Payments – Overview 

In 2024, the active mobile subscriber penetration in Armenia amounted to 135.0% of the population, with 14% of the population having some form of mobile money account.

Since 2013, the next generation of mobile services and payments includes new disruptive technologies (1D-barcodes, QR-code, Bluetooth BLE and NFC).

Mobile initiatives in Armenia trial new technologies, either as initiating form factors to bridge to online shops on the internet (1D-barcodes, QR-code, NFC) or to enable contactless access to the retail POS outlet (1D-barcodes, QR-code, BLE, Bluetooth Low Energy, NFC Stickers, Mobile NFC Phones) e.g.:

• To enable access to online shops for any type of mobile devices (e.g. tablets, iPhones, Androids)
• To enable mobile services and payments initiated by consumers’ tablets or smartphones at ATMs, at vending machines, at smart posters and at POS terminals in retail outlets
• To enable small merchants’ tablets and smartphones by adding MPOS terminal devices for payment services.

The Armenian m-Payment Mix – There are no official m-payment mix statistics, but bank information indicates that the domestic m-payment mix is similar to the e-payment mix (see Remote Payments on the Internet section).

Mobile Payment Initiatives 

In 2025, the various European mobile payment initiatives can be grouped into

• Non-bank players like FinTechs, payment initiation service provider (PISPs), and account information service providers (AISPs) launch digital payment services beyond cards
• Innovative banks which launch mobile banking apps allowing for card-less in-app payments and payments on the internet
• Innovative retailers which offer their own apps with loyalty and payment functions to their consumers

• Unified QR Payment Systems: In 2025, Armenia launched the ArcaQR system, allowing users to pay directly from any bank account simply by scanning a QR code via their mobile banking app. This initiative improves convenience, expands digital payment adoption, and enhances collaboration among major Armenian banks, contributing to the country’s cashless payment culture and offering merchants affordable and easily-integrated payment solutions.
• Cross-Border QR Payments and Global Wallet Integration: Armenian providers have begun enabling seamless cross-border QR payments for travelers and merchants via partnerships with major international wallet services like Alipay+. These partnerships allow for instant, secure payments from global wallets, connecting local merchants to a wider customer base and promoting Armenia’s e-commerce integration.
• Digital ID and Government Services Integration: Armenia is advancing a national digital ID scheme to enhance mobility, cybersecurity, and innovation. This feeds into open banking and government e-payment systems, allowing citizens to pay for government services quickly and securely via integrated digital IDs and mobile wallets.
• Value-Added Wallet Features: Leading Armenian and European providers are layering services onto mobile wallets—like loyalty programs, instalments (“Buy Now, Pay Later”), digital utility bill payments, insurance, and even transport payments. These features expand wallet usage beyond traditional payment and drive user engagement year-round.
• Contactless POS Penetration and Education: Armenia offers widespread contactless POS infrastructure at urban retailers, but in rural areas, cash still dominates. Ongoing public-private campaigns are improving financial literacy, supporting adoption of mobile wallets and app-enabled payments in less technologically developed communities.
• Open Banking and Instant Payments: New PSD2-compliant frameworks fuel the rise of Payment Initiation Service Providers (PISPs) and Account Information Service Providers (AISPs), broadening options for instant account-to-account payments, bill pay, and aggregated financial dashboards—all accessible via secure mobile apps.
• Digital Payment Market Growth: In Armenia, digital payment volumes exceeded $6.8 billion last year, with a projected annual transaction value in 2025 around $2 billion and double-digit growth, showing rapid adoption but ongoing opportunity for outreach.

Central Bank Digital Currencies (CDBC) – The Digital Cash Challenge 

Central bank digital currency (CBDC), also called digital fiat currency or digital base money, is a digital currency issued by a national central bank (NCB), rather than by a commercial bank. It is also a liability of the NCB and denominated in the sovereign currency, as is the case with physical banknotes and coins.

All CBDCs are under the authority of the respective national central bank, and they are part of the domestic cash payment ecosystem. Rather than a new currency, CBDC is a form of central bank electronic money that could be used by households and businesses to make payments. In addition, most CBDC implementations will likely not use or need any sort of distributed ledger such as a blockchain.

Unlike “retail CBDC,” which is generally designed as a central bank liability universally accessible to individuals and businesses within a jurisdiction’s financial system, “wholesale CBDC” refers to a digitized central bank liability designed for sizable (generally interbank) transactions, and for which access is limited to certain financial institutions.

National Central Banks (NCBs) have been providing trusted money to the public for hundreds of years as part of their public policy objectives. Trusted money is a public good. It offers a common unit of account, store of value and medium of exchange for the sale of goods and services and settlement of financial transactions. Providing cash for public use is an important tool for central banks. Yet the world is changing.

Even before COVID-19, cash use for payments was declining fast and convenient digital payments have grown enormously in volume and diversity. To evolve and pursue their public policy objectives in a digital world, central banks are actively researching the pros and cons of offering a digital currency to the public, a “general purpose” CBDC.

Central banks’ interest in CBDC has increased as a potential means of delivering their public policy objectives. Profound, ongoing changes across finance, technology, and society, as well as the recent COVID-19 crisis, provided additional impetus for the research of, and experimentation related to, CBDCs.

CBDC is a national digital currency issued by the central bank that is expected to replace or coexist with fiat money and hold the same value. Mobile money, on the other hand, utilises existing commercial banking-based accounting to manage customer wallet balances based on an exchange with cash or lines of credit and loans.

CBDC is a direct liability on the central bank as it is the main issuer of the currency, whereas digital money is the liability of commercial banks and other authorised financial institutions using funds on account. Although some implementation approaches propose that CBDC can be implemented in either an indirect or hybrid form, its liability remains on the respective national central bank.

National CBDC Initiatives

The CBA has stated that it supports the use of blockchain technology, but as of 2022 has no firm plans to develop any specific programmes based on the technology.

In its 2021 annual report, the CBA stated that it was proactive in learning more about CBDCs in terms of their possible introduction in Armenia. There are various models and functions, and the CBA will choose those that correspond to the needs of its financial system. The CBA views CBDCs not only as an instrument for payments but also potentially for monetary policy but adding it was important to consider building this instrument based on jointly developed international technical standards to achieve interoperability with CBDC systems from different countries and jurisdictions, allowing for seamless cross-border transactions.

In July 2025, Armenia introduced a comprehensive, EU-aligned legal framework for crypto-assets regulated by the Central Bank of Armenia (CBA). This law governs exchanges, brokers, custodians, portfolio managers, ICOs, and wallet providers, placing crypto services under bank-like oversight with licensing, AML/KYC, and investor protections.

The Central Bank of Armenia is currently engaged in drafting by-laws and regulations to implement the crypto law, including licensing requirements and market supervision, to create a transparent and predictable environment for digital asset service providers.

Armenia’s regulatory stance balances promoting innovation and managing risks associated with digital assets, positioning the country as a crypto-friendly jurisdiction with strong government support.

Unregulated Cryptocurrency Products – Background 

Regulators and national central banks are challenged by unregulated independent cryptocurrency products. Whereas CBDCs are under the authority of the central bank, almost all cryptocurrencies are decentralised, and not controlled or managed by any central authority.

Obviously, financial market authorities and the national central banks are not in favour of unregulated cryptocurrency products, and they see them as a systematic risk for the financial system. Their intention to regulate the respective cryptocurrency exchange platforms has gained momentum.

Cryptocurrencies, originally designed as a store of value, are digital assets, developed and maintained on decentralised blockchains, and they can be used as a medium of exchange or payment method. Bitcoin and Ethereum are the most popular forms of cryptocurrencies worldwide used by consumers and businesses for transactions.

As of 2022, over 400 million people worldwide used cryptocurrencies, with merchants and businesses in more sectors accepting it as a form of payment. The major payment schemes VISA and Mastercard, PayPal and along with a growing number of financial institutions, have launched services allowing consumers to purchase or use cryptocurrencies for a range of applications.

According to a 2022 Deloitte survey, around two-thirds (64%) of surveyed merchants indicated that their customers have significant interest in using digital currencies for payments, and 83% expect consumer interest in digital currencies for payments to increase or significantly increase over the next 12 months.

In addition, merchants are motivated by the prospect of enabling immediate access to funds (40% of respondents), taking advantage of blockchain-based innovations in decentralised digital finance (39%), and allowing in-house management of the revenue cycle/treasury/finance department (39%).

Over half (54%) of large retailers (with revenues of $500 million and up) have invested more than $1 million on enabling digital currency payments, while only 6% of small retailers (with revenues of under $10 million) did so.

A 2022 survey from Checkout.com found a sharp rise in people wanting to use cryptocurrencies as a means of payment, with 40% of 18-35-year-old consumers citing their desire to experiment with using crypto as a payment method, up from less than 30% in 2021. Meanwhile, over 80% of businesses say offering crypto has attracted new customers, leading to a decrease in chargebacks, while just over 60% have seen higher authorisation rates accepting crypto payments.

A recent report by Triple-A for 2024–2025 reports estimate cryptocurrency ownership in Europe has climbed to approximately 50 million people, up from around 30 million in 2023. Crypto adoption in Europe grew to 8.9% of the adult population in 2025, driven by greater institutional access, major regulatory changes (like MiCA), and clearer frameworks for exchanges and wallet providers. This keeps Europe’s ownership rate ahead of previous years, though still trailing regions like Asia and the Americas in terms of total share and growth rate.

Market Size and Dynamics

Cards in Issue

Around 90% of cards are believed to be debit cards, although there have been no official figures, since 2006. Domestic ArCa debit cards, ArCa Debit, are widely used for payroll cards (salary cards); its other programmes are all credit cards.

Based on CBA figures, there were 4,327,728 cards in circulation by end-2024, up by 16.27% from 2023 and equivalent to 1.43 cards per capita.

VISA was the dominant brand in Armenia, accounting for 51.28% of cards in circulation in 2024, up from 34.8% in 2009 and outpacing the market CAGR of 12.61% with a 17.35% five-year CAGR. Mastercard brands (22.63%) have grown more slower (CAGR: 10.62%), but from a much lower base. ArCa-branded cards fell from 48.7% in 2009 to 15.27% in 2024.

10 - Payment Cards in Armenia
	2020	2021	2022	2023	2024	GR 23/24	CAGR 5Y
Cards with a cash function	2,496,586	2,702,657	3,183,489	3,722,052	4,327,728	16.27%	12.61%
Cards with a payment function	2,496,586	2,702,657	3,183,489	3,722,052	4,327,728	16.27%	12.61%
- thereof ArCa cards	756,534	759,153	738,734	851,566	660,739	-22.41%	-2.59%
- thereof VISA cards	1,055,670	1,192,511	1,511,646	1,723,418	2,219,372	28.78%	17.35%
- thereof Mastercard cards	634,126	699,289	737,012	878,001	979,516	11.56%	10.62%
- thereof other cards	50,256	51,704	196,097	269,067	468,101	73.97%	57.71%
Total Cards Issued	2,496,586	2,702,657	3,183,489	3,722,052	4,327,728	16.27%	12.61%
Payment cards per capita - Armenia	0.84	0.91	1.07	1.24	1.43	14.64%	12.07%
Payment cards per capita - EA10 total	1.65	1.82	2.09	2.42	2.42	0.00%	9.97%
Note: other category includes Amex (15,663), HSBC debit and Diners Club.
Note: the decline of card numbers in 2015 is believed to be the result of the consolidation in the bank sector.
Source: Central Bank of Armenia.

Card Fraud

Card fraud is one of the most fascinating aspects of the payments industry, not least because it is relentless and mutating. EMV implementation and 3D-Secure, combined with Strong Customer Authentication (SCA), have done much to reduce domestic losses from lost and stolen cards in Europe. However, the war against fraud losses and the changing face of fraud continues to be a threat for the payments industry, including Armenia.

The global card fraud challenges are Card-Not-Present fraud (CNP), cross-border fraud and counterfeiting on non-EMV cards. CNP fraud accounted for 80% of the total value of card fraud losses in 2020. From 2017, a new payment fraud category are fraud losses on contactless card payments. International card fraud continues to be smaller in scale than domestic card abuse but is proportionately far more common. And of course, fraudulent cross-border transactions on cards continue to grow on all purchase channels.

Losses from card fraud on the internet and cross-border fraud on domestic cards have grown significantly. Following EMV implementation, card fraud has moved increasingly to countries where POS terminals or online shops have not yet been migrated to EMV and SCA, respectively, and to cross-border fraud with compromised cards.

The breakdown of card fraud losses by method of compromise already indicates the importance of distinguishing between domestic and cross-border fraud losses. The method of compromise covers the means by which fraudsters obtain payment cards or card details. Notable methods of compromise in a complex payment world are CNP fraud based on theft of card credentials and card lost and stolen fraud followed by growing ID fraud and by cross-counterfeit fraud.

The main method of compromise responsible for losses in many European countries is now the theft of card credentials. A high proportion of these card fraud losses are caused by the growth in e-commerce, and still the lack of use of Strong Customer Authentication methods such as 3D-Secure.

In a post data-breach world, identity information, payment credentials, account credentials and responses to security questions are widely available for purchase in bulk. Complete fraud exploits and zero-day attacks are also easily available on the black market for outright purchase or as a hosted / fully managed service.

In the digital payments world and having the changing face of fraud in mind, there are significant challenges for card issuing banks, payment service providers and their supporting processors.

According to the CBA, card fraud losses in 2024 in Armenia were not significant.

As most POS card transactions are authorised online-to-issuer, acquirer fraud rates in Armenia are under control except for offline vending machines, e-commerce, and other hotspots.

Credit card fraud prevention measures taken have been pushing 3D-Secure, updating bank fraud prevention systems and real-time-scoring, implementing more rule-based fraud control mechanisms. Also, issuers offer PIN selection at ATMs and SMS notification to inform cardholders about the use of their credit card.

Card Use

The impact of the Covid-19 pandemic on payment card usage in Armenia can be seen in the sharp increase in remote internet transactions and POS transactions from 2020.

According to CBA data, in 2024, the ratio of ATM withdrawals by number compared to POS transactions was 0.13, with POS transactions showing a continued stronger growth trend over the past five years with a 5-Year CAGR of 54.98%.

In 2024, total transactions in Armenia were 420.40 million (+50.66% Vs 2023) with a total value of AMD 6.06 trillion (+11.82% Vs 2023). ATM withdrawals on cards amounted to 11.12% of total transactions, with card payments (88.88%) accounting for the balance.

Card payments at POS terminals and online shops grew by 58.40% year-over-year. They amounted to 373.42 million payments with a total value of AMD 3,219.5 million.

11 - Card Transactions in Armenia
	2020	2021	2022	2023	2024	GR 23/24	CAGR 5Y
ATM withdrawals (m)	33.92	40.78	46.10	49.99	46.77	-6.46%	8.55%
Value of ATM withdrawals (AMD m)	1,821,865	2,206,279	2,678,726	3,055,084	2,751,111	-9.95%	11.18%
POS transactions on cards (m)	26.81	47.57	75.32	133.95	173.31	29.39%	54.98%
- of which non-cash payments (m)	26.52	47.35	78.88	78.88	173.09	119.43%	55.42%
Value of POS transactions (AMD m)	489,681	742,318	958,854	1,297,986	1,440,126	10.95%	23.50%
- of which non-cash payments value (AMD m)	375,078	617,289	617,289	617,289	1,349,474	118.61%	28.81%
Internet payments on cards (m)	33.09	46.57	67.44	95.10	200.33	110.66%	64.34%
Value of internet payments (AMD m)	562,325	576,167	808,106	1,067,508	1,870,108	75.18%	40.78%
Total transactions (m)	93.82	134.92	188.87	279.04	420.40	50.66%	44.33%
- of which payments on cards (m)	59.61	93.92	146.33	173.98	373.42	114.63%	59.83%
Value of total transactions (AMD m)	2,873,871	3,524,764	4,445,686	5,420,577	6,061,345	11.82%	19.77%
- of which payments value on cards (AMD m)	937,403	1,193,456	1,425,395	1,684,797	3,219,582	91.10%	34.97%
Cash withdrawals per capita	11.45	13.77	15.53	16.72	15.42	-7.77%	8.04%
Cash withdrawals value per capita (AMD)	615,183.2	744,785.8	902,171.0	1,021,459.6	906,909.8	-11.21%	10.65%
Card payments per capita	20.13	31.70	49.28	58.17	123.10	111.62%	59.08%
Card payments value per capita (AMD)	316,529.8	402,881.5	480,060.3	563,307.7	1,061,342.3	88.41%	34.33%
Source: Central Bank of Armenia.

Predefined contactless limits – Contactless payments of purchase amounts below a predefined contactless limit are without PIN or signature and without transaction receipt. In Armenia, the contactless limit for low value payments without PIN/signature was set at AMD 12,100 for cards with PayPass or payWave function. In March 2020, in response to the Covid-19 pandemic, the contactless limit was raised to AMD 20,000 to encourage more non-cash transactions.

Card Use per Capita

In 2024, there were 15.42 cash withdrawals per capita (-7.77% Vs 2023) and 123.10 card payments per capita, up by 56.18% from 2023. The total card payments value per capita accounted for AMD 1,061,342 ($2,702.47), up by 69.68% from 2023.

Debit Card Use

CBA does not report details on payments with debit cards.

Credit Card Use

CBA does not report details on payments with credit cards.

Approximately 9.22% of the Armenian population aged 15 and above have a credit card, based on data from 2021. This is an increase from 8.1% in 2017 but remains below the global average of around 22.26%.

Credit card penetration in Armenia is growing steadily but remains relatively low compared to more developed markets, reflecting the ongoing financial inclusion development.

The volume and turnover of credit card transactions have been expanding significantly, with major banks like Ameriabank, Ardshinbank, and IDBank issuing VISA, Mastercard, and American Express credit cards that offer cashback, travel perks, and digital wallet integration.

Marketing campaigns and incentives from banks and card networks, such as 20% cashback offers on Mastercard cards or co-branded Visa Signature cards, are driving credit card adoption and usage in Armenia.

E-Money Use

According to the CBA, there were 683,966 active e-money accounts in 2024.

E-money use in Armenia is growing significantly, driven by innovative local providers and increasing digital payment adoption:

• Cashless card transactions in Armenia surpassed cash transactions in 2023, continuing this trend in 2024. In non-cash transactions, the share of virtual point-of-sale (vPOS) payments increased from 54.5% to 59% in 2024, amounting to AMD 2.1 trillion ($5.4 billion), highlighting the growing reliance on electronic and virtual payment methods.
• The overall plastic card transaction volume reached about AMD 6.9 trillion ($17.4 billion) by end-2024, with a growing portion of transactions made online and through virtual terminals.
• Major local digital wallet and e-money providers like Idram and EasyPay offer comprehensive e-wallet services, including card linking, QR code payments, bill payments, and international remittance capabilities, servicing over 1.5 million users in Armenia.
• These local providers also integrate extensively with merchant networks and e-commerce platforms, reducing transaction decline rates significantly and improving payment performance for Armenian businesses.
• International e-money services such as PayPal have limited functionality in Armenia due to regulatory constraints, emphasizing the importance of local e-money ecosystems.
• Central Bank of Armenia regulates e-money services under licensing requirements (Electronic Money Institution licenses), AML compliance, and data protection standards, ensuring security and consumer protection.
• Benefits of e-money use in Armenia include faster settlements, lower transaction fees, increased security (two-factor authentication, biometric verification), and broader customer reach.
• Implementation of e-money is supported by advanced APIs for integration with business systems, payment gateways, and mobile apps, facilitating broad merchant acceptance across urban and rural areas.
• The digital payments market segment, including e-money, in Armenia is projected to reach about $2 billion in transaction value by 2025 with continuous double-digit growth expected.
• Armenia’s ongoing fintech development and government support for cashless payments are accelerating e-money adoption alongside mobile wallets and contactless payments.

This shows strong momentum for e-money as a mainstream payment method in Armenia’s evolving digital economy.

Leading Card Issuer Details

VTB Bank Armenia is the biggest credit card issuer in the country. It issues VISA and Mastercard cards, all of which are valid internationally. It offers VISA Electron debit cards, along with VISA Classic, VISA Business and VISA Gold charge cards. At group level, VTB is focusing on cards and claimed market leadership in Armenia, where its cards issued doubled to more than 215,000 during 2012. VTB Bank provided no subsequent update.

In 2024, the number of issued VTB payment cards reached 360,000, giving the bank a market share of 14%. The number of VTB salary cards rose to over 96,000, or 15% market share, while pension cards increased by 36% to 114,000. The volume of paid remittances amounted to AMD 88.3 billion, 13.5% market share.

During 2020, VTB launched online POS and consumer lending, contactless payment rings, and a range of children’s, youth and student cards. By expanding the product line and remote service channels in 2020, the bank attracted new customers with the number of active individual clients reaching 561,000, which is 44% of the economically active population of Armenia.

In May 2021, VTB Bank (Armenia) began offering new VISA Chatbot and Chatbot Concierge services to holders of premium VISA and MasterCard cards. These virtual assistants are available 24/7 in several languages, and provide instant help or answers to questions, up-to-date information on benefits, special offers, discounts and privileges while traveling using the cards. The service is available in Telegram, Viber or Facebook messenger services, and also allows secure money transfers to VISA cards.

In May 2021, VTB Bank together with VISA launched the iStudent cards, designed for students at colleges and higher educational institutions. The iStudent card is a multicurrency international card with an exclusive youth design and enables cardholders to make online purchases with the protected 3D Secure security system.

ACBA Bank was estimated to have around 250,000 cards as at end-2021, of which 110,000 were active cards. ACBA claims to be the only Armenian bank that issues and services ArCa, VISA, Mastercard, and American Express cards. During 2019, ACBA and China UnionPay launched CUP card acceptance in Armenia.

The bank’s share in money transfers comprised 13% of the whole banking system. By 2020 35% of transfers were provided to customers through the bank’s cards.

During 2011, ACBA Bank signed an agreement with the ministry of employment and social affairs, enabling pension payments to be transferred to pensioners’ current or card accounts. Opening and service of pensioners’ bank accounts is free of charge.

ACBA Bank issues AMD-denominated ArCa debit cards and VISA Debit and Debit Mastercard cards which can be denominated in euros or dollars as well as drams. Its range of VISA credit cards include a shopping card with discounts at shops in the ACBA network; a recent innovation is VISA-branded gift cards.

Ameriabank – Despite the growth of its asset base to reach No 1 status in the Armenian market, Ameriabank has been slower to develop its payment cards business. However, this has begun to change with rapid growth, since 2012. In 2018, Ameriabank launched a new ArCa card co-badged-MIR.

The number of issued Ameriabank cards increased by 28% in 2023. The volume and value of non-cash transactions increased by 93% and 56% respectively in 2023. Ameriabank claimed to have retained market leadership by the number and volume of non-cash transactions in 2023. In 2024, the bank reported that the number of issued cards increased by 42% year-on-year. Apple Pay was introduced in January 2022, with plans to offer NFC payments for both iOS and Android users. Google Pay was also introduced in 2022 to promote non-cash transactions. The Bank also launched Visa Signature and Visa Platinum Business Cards as well as Visa online Concierge service.

Ameriabank’s cooperation with HSBC means that cardholders of Ameriabank and HSBC Bank can now withdraw funds from the ATMs of both banks without any additional fees.

Ardshinbank reported 221,866 customers at end-2013 and claimed Armenia’s second-biggest branch footprint after VTB. In 2009, Ardshinbank joined the VISA International payment system as Principal Member. In 2012, it became Mastercard Worldwide Principal Member. Its card base reached 184,000 at end-2013, up from 153,000 the previous year. Ardshinbank is a substantial Mastercard issuer, with 99,000 cards in end-2013, as well as 62,000 VISA and 22,000 ArCa cards. As of 2020, the bank had an estimated 190,000 cards in circulation, with 120,000 being VISA cards and 70,000 being Mastercard cards.

The bank issues ArCa debit cards as well as Maestro/Cirrus cards and VISA Electron, Classic, and Gold debit cards and a range of Mastercard and VISA credit cards; there is one co-brand, the Mastercard Nurcard, which offers bonus points with participating merchants. Ardshinbank also offers Maestro, VISA Electron, and VISA Classic pension payment cards. In September 2017, Ardshinbank was the first bank in Armenia to issue ArCa cards co-badged-MIR.

Armeconombank (AEB) – Though only ninth-ranked in terms of assets, Armeconombank is one of the biggest issuers. In March 2011, Armeconombank launched ‘Transfer Card’ in association with the Russia money transfer system Zolotaya Korona. Armeconombank joined the VISA system in October 2011, and announced plans to issue VISA Infinite, VISA Platinum, VISA Gold, VISA Business, VISA Classic and VISA Electron cards.

During 2012, its cards issued increased by 31,879, of which 8,787 were international cards; of these, 3,116 were Mastercard-/Maestro/Cirrus-branded and 5,671 were VISA cards. There was no further breakdown by card type, but in March 2010, the bank reported 82,775 cards, of which 70,231 were ArCa and 12,524 were Mastercard cards; it also issued salary/payroll cards.

As of 2020, the bank carries out money transfers through MoneyGram, Ria, IntelExpress, Unistream, Golden Money Transfer, Converse Transfer, MoneyTun and Faster.

Armbusinessbank (ABB) is a member of the domestic ArCa payment system, as well as Mastercard and VISA International payment systems. ABB issues debit cards branded ArCa, Maestro or Electron and credit cards branded ArCa, Mastercard or VISA.

Funds remittance orders for individual customers are executed through via Аnelik, MoneyGram, Unistream, Ria, Sigue, Converse Transfer, IntelExpress and BEST instant money transfer systems, in RUB, USD and EUR. Bank facilities include servicing of international guarantees, collections and letters of credit for the Bank customers.

HSBC Bank Armenia issues international Maestro/Cirrus cards together with six types of credit card – ArCa Classic for use only in Armenia and five Mastercard programmes with global acceptance.

Following a $1 million software upgrade, HSBC resumed acceptance of VISA and Mastercard cards in September 2011 and began to service ArCa cards for the first time. HSBC provided no subsequent update.

Unibank is one of the top retail banks, with 380,000 cards in circulation in 2022, of which 190,000 were VISA-branded. Unibank began issuing chip cards in its own processing centre in November 2011 and said it expected to close 2011 with 110,000 cards. In 2023, the bank had 50 branches and counted 340,000 people as customers. Unibank’s network comprised 97 ATMs, 95 payment terminals, and 275 POS terminals.

Unibank’s card activity is centred around its ‘Magnis’ co-branded loyalty programme (www.magnis.am), which as of 2021, was accepted by 270 brands in 400 shops and service points. Unibank also issues VISA multicurrency cards and premium VISA Infinite cards.

Like ACBA Bank, Unibank also provides pension payments on behalf of the ministry of employment and social affairs.

Araratbank reported 250,000 customers at end-2023. Araratbank cards are ArCa, Visa, Mastercard and Diners Club brands, and debit cards are branded Visa, Mastercard and ArCa. The bank has 140,000 cards in issue in 2023.

To promote its VISA AutoCard, Araratbank held a campaign in the summer of 2013 offering free fuel incentives for cardholders who carried out non-cash payments. Another summer campaign offered VISA Electron, VISA Classic and Mastercard Standard cards at discounted rates to first-time cardholders. In late 2018, the bank announced the launch of a Premium “VISA Infinite” card.

Araratbank is a participant of the SWIFT international payment system. It carries out fast international remittances through MoneyGram, Anelik, Xpress Money, Ria Money Transfers, IntelExpress, Sigue and Converse Transfer systems.

Areximbank-Gazprombank was relatively small in payment cards. In July 2012, it reported 5,476 payment cards, of which 1,803 were VISA, 1,915 Mastercard and 1,758 ArCa – in total an increase of 77.7% on Q2 2011. In May 2015, Areximbank has launched a contactless VISA card with payWave function. In October 2016, Ardshinbank absorbed the bank.

Converse Bank reported more than 225,000 cards in circulation as of 2022.

International Money Transfers

Because of the large numbers of people working in Eurasian countries and sending remittances to family in the home country, international money transfers are an important part of the payment infrastructure. In Armenia’s case, total remittances from abroad, according to the World Bank, accounted for 5% of GDP in 2024 (6.4% in 2023), but the pace of reduction was mitigated by a recovery in money transfers from Russia.

Thus, international money transfer systems are quite active in the Republic of Armenia in the period under review. As of 2024, local banks and payment and settlement organisations were members of a total of 14 foreign money transfer systems, including Unistream, MoneyGram, Anelik, Best, Coinstar, Xpress Money, Ria Money Transfers, IntelExpress, Sigue Money transfer and Converse Transfer systems. Effective in 2018, the PayPal-owned XOOM service also began operations in Armenia.

In 2024, the value of inbound remittances through participating banks and money remittance organisations increased to $5.84 billion (2.49% from 2023). Transfers from Russia to Armenia accounted for 65.47% of all inbound remittances by value in 2024 driven by increased migration on the back of the geopolitical conflict between Russia and Ukraine.

12 - Money Transfers
($bn)	2020	2021	2022	2023	2024	GR 23/24	CAGR 5Y
Inflow	1.84	2.11	5.19	5.70	5.84	2.49%	24.41%
- of which from Russia	0.82	0.87	3.60	3.95	3.82	-3.15%	29.34%
Outflow	1.27	1.23	2.61	4.04	4.33	7.10%	24.37%
- of which to Russia	0.46	0.40	0.45	0.64	0.69	7.33%	10.08%
Net balance (to Armenia)	0.57	0.88	2.58	1.65	1.51	-8.78%	24.53%
- of which from Russia	0.36	0.46	3.15	3.30	3.13	-5.18%	37.84%
Note: total transfers of individuals includes all transfers, regardless of nature, made through banking system of RA (including money transfer organizations, such as UNISTREAM, MIGOM, ANELIK, etc.) which have been sent to/received from abroad on behalf of individuals.
Source: Central Bank of Armenia.

WorldRemit – In 2015, mobile money remittance provider WolrdRemit offered its remittance services to MobiDram, the mobile wallet offered by VivaCell. Money is sent instantly to MobiDram mobile wallets, just like an instant message.

In February 2017, WorldRemit launched new money transfer corridors across Russia in collaboration with the Russian Payment System CONTACT. Now, the service has been scaled up to CIS-markets. WorldRemit users can now send money to be collected as cash pick up at more than 65 POS in Armenia.

With the WorldRemit app or website, people can send instant, secure money transfers to more than 130 destinations in over 70 currencies.

Appendix

Breakdown by Card Brands

Central Bank of Armenia provides updates on card numbers by brand, card transactions by brand, and transactions value by card brand.

In 2024, transactions on ArCa cards represented 12.34% of all transactions, compared to 22.56% in 2017 and 41.8% in 2011. Transactions on VISA cards (63.37%) and Mastercard cards (22.57%) continued to grow, with the number of VISA transactions overtaking ArCa for the first time in 2012 to become the leading payment card brand in Armenia.

In 2024, card use has grown significantly, reflecting 96.9 transactions per card on average, up from 91.0 in 2023.

13 - Number of Card Transactions by Card Type
(000s)	2020	2021	2022	2023	2024	GR 23/24	CAGR 5Y
ArCa	13,603.8	17,344.0	23,153.5	42,812.4	51,777.4	20.94%	35.84%
VISA	39,332.2	61,877.4	96,757.5	210,045.9	265,846.3	26.57%	54.53%
Mastercard	24,260.8	34,620.9	42,780.0	76,577.6	94,691.3	23.65%	34.68%
Other international cards	1,514.6	1,924.2	3,305.7	9,379.0	7,209.5	-23.13%	23.50%
Total	78,711.3	115,766.4	165,996.6	338,814.9	419,524.5	23.82%	45.09%
Note: transactions include all card uses i.e. cash withdrawals, cash deposits, payments, transfers and bill payments etc.
Note: other international cards include Amex, HSBC debit and Diners Club.
Source: Central Bank of Armenia.

14 - Value of Card Transactions by Card Type
(AMD millions)	2020	2021	2022	2023	2024	GR 23/24	CAGR 5Y
ArCa	481,420	547,631	689,869	851,106	1,364,025	60.26%	24.64%
VISA	1,141,576	1,531,587	2,112,222	3,166,406	6,443,802	103.51%	42.84%
Mastercard	750,527	900,177	1,054,390	1,414,451	2,578,875	82.32%	28.54%
Other international cards	76,153	82,975	101,617	167,890	368,254	119.34%	31.90%
Total	2,449,675	3,062,371	3,958,099	5,599,853	10,754,955	92.06%	35.39%
Note: transactions include all card uses i.e. cash withdrawals, cash deposits, payments, transfers and bill payments etc.
Note: other international cards include Amex, HSBC debit and Diners Club.
Source: Central Bank of Armenia.

15 - Annual Transactions Per Card by Card Type
	2020	2021	2022	2023	2024	GR 23/24	CAGR 5Y
ArCa	18.0	22.8	31.3	50.3	78.4	55.87%	39.46%
VISA	37.3	51.9	64.0	121.9	119.8	-1.72%	31.69%
Mastercard	38.3	49.5	58.0	87.2	96.7	10.84%	21.75%
Other international cards	30.1	37.2	16.9	34.9	15.4	-55.82%	-21.69%
All cards	31.5	42.8	52.1	91.0	96.9	6.49%	28.85%
Note: other international cards include Amex, HSBC debit and Diners Club.
Source: calculated from CBA figures.