ArmInfo. For the second year in a row, an unprecedented growth has been recorded in the bank card market of Armenia. According to the Central Bank of the Republic of Armenia, according to the results of 9 months of 2019, as in the same period of the past, the growth of non-cash payments amounted to about 48% per annum.
In the total volume of plastic transactions (1.7 trillion drams), the share of non-cash transactions over the past five years has increased from 10.5% to 24.3%, amounting to 413.9 billion drams in the first 9 months of 2019.
According to independent analysts, the growth of cashless payments is due to the increase in popularity and, as a result, a significant increase in online trading, as well as the active introduction by banks and the National Payment System of Armenian Card of convenient for the population, especially youth, mobile and web applications for managing accounts and instant payments . At the same time, banks continue to use such effective marketing technologies to encourage cashless transactions as CashBack and other motivational loyalty promotions. These growing innovations are taking place against the background of a significant and even aggressive growth in credit retail, the bulk of which is provided by banks through card accounts.