Pashinyan, Cabinet members discuss mechanisms to promote non-cash transactions

Prime Minister Nikol Pashinyan chaired a consultation today with Cabinet members, focusing on the potential impacts and alternative mechanisms for promoting non-cash transactions.

The Prime Minister welcomed the increasing volume of non-cash payments, noting that such transactions have now surpassed cash payments.

"Of course, we welcome this result, as we considered this outcome highly desirable back in 2018-2019," Pashinyan said, outlining the incentives that have contributed to the current situation.

"I believe the growth of the online trade market, including the presence of several large foreign companies, has had a significant impact on our market. However, it is also clear to me that cashback payments to pensioners have had a great role as well," the Prime Minister stated.

According to Pashinyan, the discussion aimed to assess how feasible the cashback mechanism would be when applied on a broader scale and to a wider range of beneficiaries in the context of non-cash payments.

The consultation also covered the current level, structure, refund mechanisms, principles, and primary goals of non-cash transactions.

Pashinyan instructed the responsible officials to develop a corresponding proposal for promoting non-cash transactions and expanding the application of the cashback mechanism based on the outcomes of the meeting.