National Money Transfer System Being Established in Armenia

A national money transfer system is being established in Armenia. This was stated by Vahtang Abrahamyan, the Deputy Governor of the Central Bank, in an interview with Sputnik Armenia.

The unified payment system will allow money transfers to be sent and received without opening a bank account. The STAK Money Transfer system is set to launch in the first quarter of 2022.

“Transfers can be made both within the country and abroad. In the future, the option to transfer to bank accounts and electronic wallets will be added. STAK will join similar 'super-systems' in other countries, including the Bank of Russia's 'Fast Payment System.' The system is currently in the active testing phase,” he said.