ArmInfo released its 30th bulletin "Armenian banks in the card  business"

ArmInfo. Following the neutralization of the  factor, the Armenian card market returned to its usual  growth path, experiencing a slowdown in economic growth. However, the market segment saw a significant quantitative and qualitative rise in 2022-2023, providing a high level of dynamism to key indicators. This  is stated in the next jubilee 30th analytical bulletin , prepared by the financial analysis department of ArmInfo Information Company over the past 15 years.

As stated in the bulletin, the main factors supporting the cashless  payments market remain: the ongoing growth of tourist flow to  Armenia, even during the off-season; increase in online transactions  with a significant number of Armenians using marketplace; transport  reforms supporting the cashless payments market; expansion of the  credit market, particularly in retail consumer lending and the  further development of virtual payment platforms. Nevertheless,  certain conditions have emerged in the market that may potentially  hinder its growth. 

According to analysts, these include the government's unjustifiably  tough approach to implementing the income declaration system and  eliminating banking secrecy in Armenia, a multiple increase in taxes  for most SMEs, especially in the trade and services sectors, which is  likely to result in economic agents resorting to increasing the  volume of shadow turnover in order to survive. Additionally, the  decision of the Armenian Card NPS to not develop its own payment  application ArCa.am, poses risks and limit options for consumers  in  the event of technical issues with banking apps.

 According to the head of ArmInfo, Emmanuel Mkrtchyan, the work on  expert analysis of the market in Armenia over the past  15 years has become one of the most interesting areas for the  company, allowing it to delve deeply into the trends of not only this  segment, but also the financial market as a whole. the head  of the company emphasized.