Mechanism to stimulate cashless payments to be developed in Armenia

YEREVAN, June 6. /ARКА/. On Friday, the Armenian government held a meeting on issues related to stimulating cashless payments in the country.
According to the press service of the executive authority, during the discussion of the necessary measures, analytical schemes aimed at the possibilities of using and expanding cashless payments in the economy were presented
“It was proposed to introduce a flexible incentive mechanism that provides for the return of funds to citizens based on cashless payments made. The feasibility of introducing such a system was emphasized, and its possible positive effects in terms of increasing tax discipline and reducing the shadow economy were noted,” the report says.
Prime Minister Nikol Pashinyan instructed the relevant authorities to develop a technical assignment for the implementation of the proposed mechanism in order to clarify further steps and ensure its coordinated implementation.
In Armenia, the law “On Non-cash Payments” has been in effect since July 1, 2022, according to which any transactions and transactions carried out by individuals in the amount of over 300 thousand drams (about $780) must be paid for by non-cash means.
The law obliges all retail outlets in Armenia, except kiosks, to provide such an opportunity. Also, non-cash means are mandatory for the payment of scholarships, payment for government purchases, medical, educational, notary, lawyer services and property alienation services, as well as salaries, loans and credits from banks and credit organizations, repayment of loans and insurance payments.