Non-Cash Trade Volume in Armenia Surpasses Cash for the First Time: Mher Grigoryan

Last month, for the first time in Armenia, the volume of non-cash trading exceeded that of cash, marking a significant milestone. This was stated by Deputy Prime Minister Mher Grigoryan during the government meeting on August 8, referring to data published by the Minister of Labor and Social Affairs Narek Mkrtchyan, indicating that approximately 540,000 pensioners and beneficiaries are already using the option to receive money via card, with 44 percent of them also utilizing the cashback program.

The Deputy Prime Minister inquired why the other half of pensioners are not participating in the program and hastened to express his opinion that the distribution of point-of-sale terminals in Armenia is insufficient. Minister of Economy Gevorg Papoyan responded, suggesting that an analysis may be conducted to determine that cash purchases are mainly made in rural areas. However, there are also instances where it is claimed that there is no internet, no device, or no connection, although the minister categorized these as violations.

Head of the State Revenue Committee Rustam Badasyan also commented, noting that everything is developing in a very positive direction, and the numbers demonstrate a remarkable increase in the volume of non-cash transactions. “Everyone has started to realize that non-cash purchases are more convenient and profitable, and widely use the tools that are provided. I believe it isn’t even worth arguing that cash is more expensive than non-cash,” said Badasyan.

Deputy Prime Minister Grigoryan added that pensioners are being prepared for the upcoming changes, as electronic commerce will inevitably become dominant, and cash will become obsolete in e-commerce. This is the case in developed countries, and it is not even a topic of discussion. “We are doing the right thing, moving in the right direction, and it’s great that there are records showing impressive results,” said the Deputy Prime Minister.

Deputy Prime Minister Tigran Khachatryan highlighted another aspect in this context, noting that as a result of the increase in cashback, pensions are also increased by 1,000 drams if the cashback goes from 5,000 to 6,000 drams.