At its meeting on August 8, the Armenian government decided to increase the cashback percentage for pensioners and state benefit recipients for cashless payments.
Under the new decision, the cashback percentage is raised from 10% to 12%. Additionally, the maximum cashback amount is increased from 5,000 drams (approximately $12) to 6,000 drams (approximately $15).
The rationale behind this decision highlights that one of the goals is to reduce the shadow economy. In this context, calculating cashback from utility payments does not contribute to achieving this objective.
The 10% cashback program for cashless transactions made by pensioners and benefit recipients was launched in Armenia on July 1, 2022. Now, starting August 8, 2024, the cashback rate will increase to 12%, which is expected to encourage wider use of cashless payments among these groups.
The increase in cashback is seen as a measure aimed at supporting vulnerable populations, as well as gradually reducing the shadow economy in Armenia.
