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.
