The participants of the payment system are banks and non-bank financial institutions that are operating in Armenia.
The banks are allowed to provide payment services in accordance with the banking license and can become a member of the Armenian payment systems, as well as a member of international money transfer systems.
The money remittances organizations are considered as non-bank financial organizations and their activity is regulated by the "Payment Systems and Payment and Settlement Organizations" law.
According to this law there are two types of licenses for payment and settlement services:
a) A license for implementation of money transfers, on the basis of which money transmitters accept and make payments without opening bank accounts;
b) A license for implementation of processing and clearing of payment instruments and payment and settlement documents.
These organizations are implementing processing and clearing of payment instruments and payment and settlement documents for the third parties
Only the payment and settlement organizations that hold money remittances license are allowed to get E-money issuing and acquiring permission from the Central Bank of Armenia.