Armenia simplifies the use of electronic money

A resolution adopted by the Central Bank of Armenia has introduced changes to the regulations governing the issuance and use of electronic money, aimed at creating a more efficient and competitive environment.

The Central Bank reports:

“In accordance with the changes, the mandatory requirement to have a bank account or payment card in order to open an electronic money account (wallet) has been abolished. At the same time, electronic money accounts can now be funded and closed not only through non-cash transactions but also with cash. 

Under the new approach, customer identification will be carried out in accordance with the due diligence procedures prescribed by current legislation, ensuring full compliance with the requirements of the Law ‘On Combating Money Laundering and Terrorist Financing.’

As a result of the new regulations, electronic money has become significantly more accessible to customers. Its use is now faster and more convenient, particularly for those who do not have bank accounts or payment cards.

The changes also create a more competitive and level playing field for payment and settlement organizations, giving them greater opportunities to expand their range of services and reduce their operational dependence on banking infrastructure.

It is expected that these changes will increase the use of electronic money, promote greater competition in the market, and create a more efficient and inclusive payment environment.”