2024-09-29 09:29:32
The spread of the coronavirus and strict quarantine measures around the world are forcing people to change their habits. The pandemic also indirectly affected people’s behavior in making payments, purchases, and various transactions. This is reported by the Union of Banks of Armenia.
Armenia has not been spared from this trend either, which is confirmed by statistical data. In particular, during the first quarter of the current year, not only the volume and quantity growth rate of cashless transactions was maintained, but also for the first time the number of cashless transactions in Armenia exceeded cash transactions. Compared to the same period of the previous year, in 2020 in the first quarter, the number of non-cash transactions increased by 73.6%, and the volume by 53.4%.
In 2020 in the first quarter, the number of payment cards was 2,460,333, with which 18,154,229 transactions were made, which in 2019 compared to the same period, it increased by 33.8%.
There was also an increase in the volume of transactions with payment cards. In 2020 in the first quarter, it amounted to 592,174 million AMD, which increased by 110,389 million AMD or 22.9% compared to the same period last year.
The number and volume of cashless transactions have increased significantly. In particular, if in the first quarter of the current year, compared to the first quarter of the previous year, cash transactions increased by 2.4%, then the number of non-cash transactions increased by 73.6%.
In 2020 in the first quarter, compared to the same period last year, the volume of cash transactions increased by 13.3%, while the volume of non-cash transactions increased by 53.4%.
It is also noteworthy that in 2020 In the first quarter, the weight of independent transactions with cards in retail trade alone recorded the historical maximum indicator, making 55.9%, when in 2019 in the first quarter, this same indicator was only 36.6%.
2020 in the first quarter, in just three months, this indicator increased almost twice the annual increases of the previous 4 years.
It is also recorded here that for the first time in Armenia non-cash card transactions have exceeded the retail trade volumes performed with cash.
All over the world, transactions with payment instruments, including cards, are increasing year by year both in terms of volume and quantity. The growth indicators recorded in Armenia only in the first quarter and in particular in March (caused by COVID-19) also prove that people realize that cashless transactions are safer from a health point of view, among a number of other advantages.
Accordingly, taking into account the above-mentioned circumstances, it can be assumed that the trend will be maintained in the following months as well.