Main payment service providers of Armenia
The Armenian payment market is characterized by the involvement of two primary payment service providers: banks and non-bank payment institutions. Here's a closer look at their roles:
Banks: Serving as the cornerstone of the Armenian financial system, banks operate under banking licenses and provide a comprehensive range of payment services to the public. These services include but are not limited to, opening and managing bank accounts, facilitating local and international transfers, offering card services. With their widespread network of branches and digital platforms, banks ensure the smooth flow of funds within the economy and cater to the diverse needs of individuals and businesses alike.
Non-Bank Payment Institutions: Complementing the services offered by banks are non-bank payment institutions, which contribute to the richness and diversity of the payment landscape. These institutions, including Money transfer institutions and Processing and clearing institutions, specialize in specific aspects of payment transactions. Money transfer institutions enable seamless payments and remittances without the requirement of bank accounts, while Processing and clearing institutions handle the intricate processing and clearing of payment instruments on behalf of third parties. Money transfer institutions may also be authorized by the Central Bank of Armenia to issue and manage electronic money, further expanding the scope of financial services available to the public.
Together, banks and non-bank payment institutions form a robust ecosystem that facilitates the efficient movement of funds, both domestically and internationally. Their collaboration ensures accessibility, convenience, and security in financial transactions, contributing to the overall stability and development of Armenia's financial sector.
Check a comprehensive list of licensed banks and payment institutions, please refer to the following link.