Bank Account No Longer Mandatory: Electronic Money Becomes More Accessible
The Central Bank of Armenia's council has approved new regulations for the issuance and use of electronic money. Having a bank account or payment card will no longer be a mandatory requirement for possessing an electronic wallet.
Users will also be able to recharge and settle their wallets using cash. The customer identification process will align with the requirements of existing legislation.
The aim of these changes is to increase the accessibility of electronic money, boost competition in the payment services sector, and promote the development of innovative payment solutions.
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