ArmInfo news agency issues 2nd "Armenian Banks in Card Business" bulletin

ArmInfo. The Financial Analysis Service of the ArmInfo news agency has issued the second "Armenian Banks in Card Business" bulletin. This report sums up the activities of Armenia's commercial banks on the bank card market in 2010, presents their card projects and innovative solutions and provides important statistics. According to ArmInfo's experts,

Armenia's card market remains one of the key post-crisis sources ensuring the growth of micro-credit retail banking under salary projects. However, infrastructural solutions are lagging behind. As a result, the clientele is growing more quickly than the offer. Local ArCa cards are being gradually forced out by strengthening international cards. Big retail banks are opening their own processing centers and are not satisfied with the Armenian Card platform. As a result, many banks are preparing for serious competition and are beginning to regard plastic cards as an instrument for ensuring customers' loyalty. However, the Government is yet doing nothing to limit the cash flow. As of Oct 1 2010 there were almost 685,000 active plastic cards, mostly used under salary projects. Due to this type of cards, their total number grew by 32% as compared with Oct 1 2009. ArmInfo's bulletin is issued twice a year.