ArmInfo. Armenia's Ministry of and Social Affairs has released a list of banks participating in a 10% cashback programme for pensioners.
By decision of the Cabinet of Ministers dated May 19, 2022, a program for the return of pensions and benefits for non-cash transactions 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. 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 extended the program several times.
At the end of 2023, Prime Minister Nikol Pashinyan expressed bewilderment that a number of banks did not want to join the program. By that time, VTB Bank Armenia, Ardshinbank, ACBA Bank and ArmBusinessBank, Armeconombank and Unibank became participants in the program (cashback is paid equally by the state and banks). "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.
According to the Ministry of Labor and Social Issues, from March 30, cardholders of the following 11 banks can use the program: Akba Bank OJSC, AMIO Bank CJSC, ID Bank CJSC, Araratbank CJSC, Ardshinbank CJSC, Artsakh Bank CJSC , Evokabank CJSC, Inekobank CJSC, Converse Bank CJSC, Armeconombank CJSC, Unibank CJSC.
<If you are not a cardholder of any of the banks mentioned and want to take advantage of the cashback program, then hurry up to change the organization paying you your pension or benefit.
You can apply to change the bank online, through the website socservice.am (<Online applications>), or contact any regional center of the Unified Social Service>, the department said in a statement.
