The number of POS terminals operating in Armenia has significantly increased from 22 thousand in July 2022 to 75 thousand at present, according to Gegham Gevorgyan, the head of the Financial System and Regulation Department of the Central Bank of Armenia. However, around 20 thousand of these installed terminals are not being utilized. Gevorgyan mentioned that the expansion of the POS terminal networks required an investment of approximately 1.8 billion drams (over 4.3 million dollars) and the cost of installing one terminal has reduced by more than half.

Gevorgyan further noted that POS terminals have been installed in all settlements with a population of 1000 or more across the country. He highlighted that the use of payment cards and terminals has witnessed a significant increase in terms of both quantity and volume. People are now opting for card payments more frequently, even in situations where cash payment is possible, particularly for amounts less than 300 thousand drams. The areas experiencing the highest growth include supermarkets, grocery stores, food establishments, hotels, and healthcare facilities, as mentioned by the representative of the Central Bank.

The volume of non-cash social assistance has also seen a substantial rise, with an increase from 81 billion drams in 2022 to an expected 191 billion drams in 2023, according to Gegham Gevorgyan. He also highlighted that banks have redirected 2.3 billion drams towards the Cashback program in 2023.