ArmInfo. Since the introduction of the 10% cashback program for pensioners and people receiving benefits when paying with bank cards, from July 2022 to November 2023, Armenian pensioners have made non-cash purchases totaling 62 billion drams. Cashback amounted to 5.2 billion drams. Prime Minister Nikol Pashinyan announced today at a meeting of the Cabinet of Ministers.
By decision of the Cabinet of Ministers dated May 19, 2022, a program for the return of pensions and benefits for transactions using non-cash payments was launched in Armenia on July 1. Beneficiaries of the program making transactions with payment cards and payment devices at retail outlets and service providers operating in Armenia are reimbursed 10% until the 25th of the next month, but not more than 5,000 drams. The refund also applies to utility bills. The mechanism applies not only to ATMs, but also to utility payments through the bank's electronic (mobile banking) application. VTB Bank Armenia, Ardshinbank, ACBA Bank and ArmBusinessBank, Armeconombank and Unibank have joined the program (cashback is paid equally by the state and banks). At the time of the decision, it was envisaged that the program would operate in pilot mode until December 31, 2022. However, then the Armenian government decided to extend the program until June 30, and then until December 31, 2023.
Nikol Pashinyan expressed bewilderment that a number of banks did not want to join the program. "But this is a separate topic and we will return to it separately," he pointed out.
The Prime Minister thanked the credit institutions participating in the program, saying that starting next year the state budget will fully cover these expenses. As a result, beneficiaries of the program will not have to "emigrate" from bank to bank to become a participant in the program, he noted.
"At this stage, out of more than 500 thousand pensioners, only about 165 thousand use cashback for non- cash purchases. The majority do not participate in the program for some reason," Pashinyan complained. Having recorded that there are about 1 thousand POS-terminals across the republic (implemented as part of the initiative), through which <zero> transactions were carried out, he instructed the responsible persons to study the issue. Because of this, many pensioners are deprived of the opportunity to take advantage of the program, he noted, emphasizing that from January the authorities' expectations from the program will be revised. In this context, he instructed Minister of Labor and Social Affairs Narek Mkrtchyan to once again remind citizens about the program.
