Digital Payments & Fintech · Armenia
Digital Payments & Fintech - Armenia
Armenia operates a functioning licensing regime for payment institutions and electronic money institutions, administered by the Central Bank of Armenia under the Law on Payment Systems and Payment Organizations. Three distinct licence categories exist — Payment Organisation (PO), Electronic Money Institution (EMI), and Money Transfer Organisation — with a two-month CBA review period. As of April 2026, a new, PSD2-aligned payment services law is under active development to modernise the framework for instant payments and real-time settlements.
Any legal entity wishing to provide payment services must first register with Armenia's State Register of Legal Entities and then obtain a CBA licence under Regulations 17/01–17/03. The CBA grants or rejects a licence within two months of receiving a complete application.
Issuance of electronic money is governed by CBA Regulations 16/1 and 16/2. A payment organisation must hold a money transfer licence before it may issue e-money; the CBA sets capital, safeguarding, and operational requirements for EMIs.
ArCa Pay, operated by Armenia Card CJSC (co-founded by commercial banks and the CBA), provides interbank instant transfers identified by phone number. Development began in 2023; Ameriabank, Evocabank, and Converse Bank are among early participants. The government approved a cashback scheme for cashless ArCa transactions in December 2025 to drive adoption.
No open banking or mandatory third-party API access framework is in force. The CBA joined the Global Financial Innovation Network (GFIN) in July 2025 and is running sandbox pilots on open banking, digital identity, and blockchain; a CBDC pilot is planned within 12–24 months.
As of April 2026, the CBA's Deputy Governor confirmed that a new Law on Payment Services is being drafted, explicitly drawing on European (PSD2-era) directives and targeting instant payments and real-time settlement coverage. The existing 2004 law remains in force pending enactment.
Armenia enacted its first Cryptoassets Law in July 2025, designating the CBA as regulator. CBA Regulation 7/01 requires all crypto-asset service providers to register and obtain a CBA licence; existing operators had a one-year transition period ending January 2026.
Machine-assisted translation · verified 5/24/2026 · orientation, not legal advice. English version →