Alongside the rapid development of digital payments, cash remains the primary transaction method in Armenia. According to data from the Central Bank of Armenia, since 2020, both cashless payments and ATM withdrawals have been increasing.
The following infographic clearly illustrates the growth in the number of transactions.
The next infographic clearly shows that cash circulation in Armenia remains the undeniable leader.
Why Cash Remains Popular in Armenia
- Widespread Use in Transactions – Even with the expanding adoption of digital payment systems, many individuals and businesses still rely on cash, especially in rural areas and traditional markets.
- Cultural Preferences – Many Armenians prefer cash due to its tangibility and immediate availability, making it a trusted method for daily transactions.
- Limited Digital Infrastructure – In some regions, access to digital payment services and internet connectivity is limited, making cash a more practical option.
- Ease of Use – Cashless payments involve certain technical complexities, so many people, especially the elderly, avoid them and prefer cash instead.
Will Cash Circulation Continue to Dominate?
According to forecasts, cash will remain the primary payment method in the near future. The number of cash transactions is expected to grow in the coming years, and since most people’s income is digital, the demand for cash withdrawals will also increase.
