http://www.banks.am/ Բիզնես լուրեր Հայաստանից, ֆինանսական լուրեր, բանկեր, աշխատատեղեր, դոլար, եվրո, փոխարժեքներ en-us Thu, 04 Jun 2026 13:22:39 +0400 https://banks.am/en/news//30700 https://banks.am/en/news//30700 Oleksandr Yablunivskyi, Vice President, Head of Products and Solutions, Visa CISSEE

The payment world is rapidly changing. We are entering what can be described as the third era of payments. If the first era was defined by cash, and the second by electronic payments and plastic cards, the new stage represents a shift from payments as a separate action to them becoming an invisible part of the consumer journey. Today, transactions are increasingly integrated directly into digital environments and happen almost effortlessly in the background, powered by artificial intelligence and data-driven insights that make commerce faster, more intuitive, and more personalized.

For Armenia, this shift carries particular importance. As of 2026, cashless transactions in the country are growing steadily and have already exceeded cash withdrawals, accounting for 56% of the total payment volume. Combined with a dynamic fintech sector and a tech-savvy population, this places Armenia firmly on the trajectory toward a digital economy. Agentic commerce can further accelerate this transformation by reshaping not only how people pay but how purchasing decisions themselves are made.

Agentic Commerce: When Your AI Assistant Shops for You

Agentic commerce represents a new model of digital shopping in which AI agents can independently search, recommend, and even complete purchases within user-defined rules and preferences.

To support this shift, Visa has introduced Visa Intelligent Commerce, a global initiative designed to enable secure AI-driven purchasing experiences built on Visa’s robust payment infrastructure. In practice, this means intelligent assistants can take over routine steps such as comparing prices or arranging delivery, while consumers remain fully informed and in control of final decisions, enjoying a smoother and more customized experience.

Both financial institutions and consumers are already embracing agentic tools. According to Visa’s B2AI Report, conducted with Morning Consult, 77% of U.S. businesses are already using or piloting AI, and more than half (53%) say they would allow AI agents to negotiate directly with other AI agents on their behalf. Consumers are progressing just as quickly. The research reveals that 58% of consumers are already comfortable with AI comparing prices on their behalf, and 38% are comfortable with AI completing a purchase — reflecting how quickly agentic tools are becoming part of everyday shopping. Looking ahead, the role of AI agents will expand even further. Intelligent agents can help with a wide variety of everyday scenarios: selecting an outfit for a friend’s wedding, arranging meal delivery from trusted restaurants while traveling in an unfamiliar city, or booking tickets for a long-awaited cinematic release — all with minimal effort required from the consumer.

Trust Behind Invisible Payments

As transactions become more automated and less visible, maintaining trust becomes even more essential. Findings from Visa’s B2AI Report confirm that consumers want clarity and control: 60% say they would not allow AI to spend any amount without their approval, and only 27% are comfortable with fully autonomous AI spending. Trust increases significantly when established financial institutions are involved — 36% of consumers trust bank-backed AI systems, compared to just 28% who trust independent AI agents. 

Recognizing this critical need for confidence, Visa has introduced the Trusted Agent Protocol — a framework designed to support communication between AI agents and merchants. As AI assistants increasingly browse and purchase on behalf of consumers, marketplaces face new operational challenges: distinguishing trusted agents from malicious bots, supporting agent-driven checkout, and maintaining visibility into the consumer behind the payment.

The Trusted Agent Protocol helps address these issues by allowing approved agents to securely share essential transaction information with merchants. Ultimately, the goal is to ensure that the growing role of intelligent assistants in commerce is supported by strong safeguards, transparency, and trust.

The Next Leap for Armenia

The transition toward agentic commerce opens promising opportunities for Armenia. As the digital economy continues to evolve, artificial intelligence can help businesses strengthen customer engagement, increase conversion rates, and deliver more personalized experiences. Consumers, in turn, benefit from faster, more relevant, and more convenient interactions. At the same time, these developments support the broader evolution of the payment ecosystem, helping ensure that emerging markets like Armenia participate fully in the next phase of global commerce and benefit from greater connectivity and inclusion.

Encouragingly, the country is already investing in the foundations for an AI-enabled future. Plans to launch an artificial intelligence data factory in 2026, implemented through cooperation between Firebird, the Armenian government, and NVIDIA, illustrate the strength of public-private collaboration in advancing innovation and supporting Armenia’s ambition to become a leading technology hub in the South Caucasus.

Alongside institutional progress, consumer readiness is actively emerging. Global adoption of generative AI tools reached 16.3% of the world's population in H2 2025, according to Microsoft's AI Diffusion Report — and Armenia is also embracing this shift. This signals that Armenian users are interacting with intelligent systems and are well-positioned to take the next step toward agentic AI experiences.

Artificial intelligence is transforming payments from a simple transactional function into something predictive, adaptive, and seamlessly embedded within everyday digital life. The opportunity now is not only to automate transactions but to ensure that as commerce becomes more intelligent, it continues to operate on a foundation of trust, transparency, and control. Visa is committed to supporting Armenian institutions, businesses, and consumers in capturing the full potential of this new era of intelligent commerce. ]]> Wed, 13 May 2026 16:39:00 +0400 https://banks.am/en/news//30668 https://banks.am/en/news//30668 Visa, a global leader in digital payments, today announced the appointment of Sergii Martynchuk as Senior Vice President and Group Country Manager for Ukraine, Moldova, Southern and Eastern Europe, Central Asia, and the Caucasus region. Based in Kyiv, Martynchuk will have overall responsibility for Visa’s operations and strategy in 17 countries. 
Sergii Martynchuk succeeds Cristina Doros, who has assumed a new global role within Visa Value Added Services and recently relocated to Visa’s headquarters in San Francisco, United States. He will focus on strengthening partnerships with financial institutions, merchants, technology and government partners, while accelerating the adoption of digital payments across the region.

“We are delighted to welcome Sergii to Visa,” said Dr. Tareq Muhmood, Visa Regional President, Central Europe, Middle East and Africa. “His deep technology background, strong regional leadership experience and proven ability to lead diverse teams will further strengthen our capabilities and help us create even greater value for clients and partners across 17 countries.”

Martynchuk brings nearly two decades of senior regional leadership experience across the region, most recently with Cisco, combining deep expertise in technology driven transformation with a strong track record of execution and people leadership. He has led large organizations, driving growth and building trusted relationships with clients, partners and regulators, and holds an academic background in Computer Science and Finance.

“I am honored to join Visa and to lead this multi market region at such an important time for the payments industry,” said Sergii Martynchuk, Visa Senior Vice President and Group Country Manager for Ukraine, Moldova, Southern and Eastern Europe, Central Asia, and the Caucasus. “Together with our teams and partners, we will continue advancing digital payments for people and businesses, scaling money movement solutions, and enabling client growth through value added services, backed by technology, security and strong market relevance.”

In Armenia, Visa has partnered for 24 years with banks, merchants and government institutions to build an advanced, secure and inclusive digital payments ecosystem. Through these partnerships, Visa continues to drive innovation across tokenization, biometric payments and eCommerce.  ]]> Thu, 07 May 2026 10:51:00 +0400 https://banks.am/en/news//30428 https://banks.am/en/news//30428
This year, for the first time in Armenia, the program finalists presented their businesses in the Elevator Pitch format, delivering concise and compelling presentations to an independent jury of leading industry professionals. The jury determined the winners, with 1st place winner receiving a monetary grant of 2,000,000 AMD, the 2nd place winner 1,800,000 AMD, and the 3rd place winner 1,600,000 AMD.

The prize-winning business owners are as follows:

1.    1st place winner — Sona Qanqanyan — Enkishadow  

2.    2nd place winner — Armine Qamalyan — MarkPack  

3.    3rd place winner — Mariam Yeghiazaryan — Paytarar Wooden    

Prior to the pitch contest day, the selected top 10 participants underwent a comprehensive training program guided by field experts in brand marketing, finance, and pitching techniques.

“Visa is proud to advance female entrepreneurship in Armenia through our global She's Next initiative.  Hosting the first She’s Next Pitch Contest in Armenia is a significant milestone as we continue our mission to provide women entrepreneurs with practical knowledge, mentorship, and access to a range of resources to scale their businesses. By working together with our partners, we remain committed to empowering female entrepreneurs and creating an inclusive business environment where women’s contributions are celebrated, valued, and fully supported,” said Diana Kiguradze, Visa Regional Manager for Caucasus and Moldova. 

The EBRD remains a key partner of the She's Next initiative since its launch in Armenia in 2024. As part of the third wave of the project, the EBRD conducted a comprehensive training program in pitching, marketing, and finance for the selected TOP 10 finalists.

“Supporting women entrepreneurs is a key priority for the EBRD, as inclusive economies are stronger and more resilient. Through initiatives like She’s Next, we are pleased to provide women-led businesses in Armenia with practical skills and opportunities to grow. By equipping entrepreneurs with tools in finance, marketing, and pitching, we aim to help them strengthen their businesses, access new markets, and contribute to the development of a dynamic private sector in Armenia,” said Zara Ohanyan, National Program Manager, EBRD Armenia.

AGBU joined She’s Next within the third wave of the initiative as an operational partner, supporting the selection process and contributing to key organizational aspects of the program.

“For years in Armenia, the Armenian General Benevolent Union has implemented women’s empowerment programs, repeatedly showing through real examples that women have great and promising potential. This partnership became a driving force for discovering and developing the capabilities of women entrepreneurs, encouraging valuable ideas to come to life,” said Tatevik Manukyan, AGBU WE Program Manager. 

She’s Next, Empowered by Visa initiative was introduced to Armenia in  2024, with the goal to empower and support local women entrepreneurs by providing access to diverse resources, including funding opportunities, to help them develop and scale their ventures. ]]> Mon, 16 Mar 2026 13:14:00 +0400 https://banks.am/en/news//30326 https://banks.am/en/news//30326 already surpassed cash transactions, reflecting a fundamental shift in consumer behavior and the broader financial ecosystem. Today, thousands of Armenians pay digitally when purchasing everyday goods and services, using public transport, or shopping online.

At the heart of this transformation is Visa, the global leader in digital payments and a long-standing partner to Armenia’s banking sector. With 24 years of local presence, Visa has played a pivotal role in the country’s journey toward a modern, inclusive, and technologically empowered economy.

Innovations Created in Synergy

Armenia’s progress toward a cashless future is powered by strong local partnerships. Working closely with Armenian banks, Visa launches advanced payment technologies and meaningful consumer campaigns that respond to real market needs and put the convenience and security of individuals and businesses first.

2025 marked a major milestone for B2B payments in Armenia, as we launched the Visa B2B Connect. This solution enables fast and transparent international money transfers between legal entities across approximately 118 countries, helping Armenian businesses transact more efficiently and expand to foreign markets.

Alongside innovations for businesses, Visa’s partnerships continue to deliver compelling benefits for consumers. Last year, several campaigns with the banks rewarded Visa cardholders for non-cash purchases with valuable prizes, including gadgets and an electric vehicle. These initiatives demonstrate how everyday payments can bring real rewards while strengthening customer loyalty and accelerating cashless adoption.

Visa also consistently enhances the value proposition for premium customers. Last year, Visa Infinite was launched in Armenia, Visa’s highest-tier premium card. The card provides exclusive benefits such as 24/7 concierge services, travel privileges, and luxury shopping offers, helping client banks meet the evolving expectations of the affluent segment.

Beyond launching payment solutions and products, Visa and its partners are committed to developing Armenia’s talent pool. In 2025, Visa’s partnerships with local financial institutions also supported a youth initiative aimed at nurturing talent and fostering innovation.

This focus on people and ideas continues across the financial industry as well. By hosting the Visa Issuer Challenge, a competition where bank teams tackled real-world market challenges, in Yerevan, Visa further demonstrated its commitment to encouraging creative thinking, fostering innovation, and investing in Armenia’s future.

Bridging the Industry to Drive Long-Term Growth

As one of the world's most trusted brands, Visa goes beyond technology to serve as a platform for dialogue and shared progress. By bringing global expertise and best practices to local markets, the company helps shape the strategic direction of the Armenian payments industry.

In 2024, Armenia hosted the Visa Cashless Forum for the first time. Visa’s flagship event in the CISSEE region brought together banks, regulators, fintechs, and international experts to discuss key trends in digital payments and financial services. Hosting the forum in Yerevan highlighted Armenia’s growing regional role and its readiness to engage in global conversations on digital finance.

Visa’s momentum in Armenia continues to accelerate. The establishment of Visa’s legal entity in the country last July brought the company even closer to its partners and clients. The Visa Partnership Awards Ceremony, hosted at the end of the year, further underscored this commitment to growing together. The event honored banks for their achievements and celebrated people shaping Armenia’s payment evolution. Visa is proud to support every step of the way.

The Future of Commerce Starts Now

Armenia's digital transformation is going at full speed. As demand for seamless digital payment solutions grows among consumers and businesses alike, Visa remains a trusted ally to local stakeholders. Through close collaboration, customer-centric solutions, and sustained infrastructure investment, Visa continues to foster a payments ecosystem that is secure and future-ready, one partnership at a time. ]]> Sat, 21 Feb 2026 10:27:00 +0400 https://banks.am/en/news//30157 https://banks.am/en/news//30157 Visa, a global leader in digital payments, announces the launch of the third wave of She’s Next, Empowered by Visa – a pitch contest for women entrepreneurs, conducted in partnership with the European Bank for Reconstruction and Development (EBRD) and with the support of the Armenian General Benevolent Union (AGBU), as an operational partner in Armenia.

She’s Next, Empowered by Visa, is a global initiative that aims to support, inspire, and help women entrepreneurs grow their businesses and work toward long-term success. Applications for the grant contest open on January 12 and will be accepted until January 31, 2026, inviting women entrepreneurs across Armenia to participate in the program and compete for the opportunity to win monetary grants to further develop their businesses.  

“We are proud to bring the third wave of She’s Next to Armenia, continuing our mission to support and celebrate women entrepreneurs. At Visa, we believe that empowering women in business is essential for driving innovation and economic growth across the region. Through this initiative, we aim to provide women with practical business knowledge, foster valuable connections, and create opportunities for them to take their ventures to the next level. By working together with our partners and the entrepreneurial community, we are committed to building a more inclusive and resilient business environment where women can thrive and lead the way toward a brighter future,”  said Diana Kiguradze, Visa Regional Manager for the Caucasus and Moldova.  

This year, for the first time in Armenia, the program will be held in the form of the Elevator Pitch, a dynamic competition that helps entrepreneurs present their businesses or ideas concisely and compellingly. This format is designed to help participants master the skill of effective and confident pitching, which will help them promote ideas and attract partners and investments. 

Each stage of the competition is regulated by predefined rules that include information about selection criteria, deadlines, and procedures related to the pitch contest.  

The EBRD has been a key partner of the She's Next initiative since its launch in Armenia in 2024. As part of the third wave of the project, the EBRD will conduct a comprehensive training program for the selected TOP 10 finalists, equipping them with critical business skills in pitching, marketing, and finance. 

“We are pleased to continue our partnership with Visa to support Armenia’s vibrant community of women entrepreneurs. By helping the finalists strengthen their pitching, marketing, and financial planning skills, the EBRD aims to equip them with the capabilities needed to grow their businesses sustainably and compete in today’s evolving marketplace. Initiatives like She’s Next play a vital role in advancing women’s economic participation and fostering resilient, high-performing businesses across the country,”  said Zara Ohanyan, National Program Manager, EBRD Armenia.

Contest Stages

Online application submission and selection process – an independent jury will evaluate the submitted applications according to the selection criteria outlined in the official rules, conduct one-on-one interviews in online format, and shortlist the TOP 10 women entrepreneurs. 

Training sessions - The selected finalists will participate in offline training sessions focused on brand marketing, finances, and pitching techniques.

Pitch Contest Day and Award Ceremony – after completing the training program, the finalists will present their business ideas in front of a jury in an offline format. Following the pitches, three winners will be selected: the first-place winner will receive a monetary grant of 2,000,000 Armenian drams, the second-place winner will be awarded 1,800,000 Armenian drams, and the third-place winner will receive 1,600,000 Armenian drams for developing their businesses.  

In 2026, AGBU joined the She’s Next initiative as an operational partner, supporting the selection process and contributing to key organizational aspects of the program. 

“As a dedicated and long-standing supporter of women-led businesses in Armenia, AGBU is pleased to join this vital initiative. This contest is designed to create real opportunities for women entrepreneurs, enabling them to enhance their skills and access resources that can help them grow. We are excited to witness the ambitious steps women entrepreneurs will take to expand their enterprises through this initiative,"  said Tatevik Manukyan, AGBU Women Entrepreneurs Program Manager.

Women entrepreneurs who own at least 51% of a business operating in Armenia and have been in business for more than one year are encouraged to apply. The applicant herself must participate in all stages of the program, including the training and pitching contest.

Interested candidates are invited to review the contest rules and selection criteria, complete the online application form, and submit it by January 31, 2026, via the official link: https://forms.gle/Fn5tCbcYwb5AUb7i6.  

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at cis.visa.com. 

About EBRD 

The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 36 economies across three continents. The Bank is owned by 75 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, well governed, green, inclusive, resilient and integrated. Since launching its operations in Armenia in 1992, the EBRD has invested nearly €2.6 billion in 232 projects across the financial, corporate, infrastructure and energy sectors, with 83 per cent of funding supporting the development of the private sector. Follow us on the web, Facebook, LinkedIn, Instagram, X and YouTube.

About AGBU

The Armenian General Benevolent Union (AGBU) is the world’s largest non-profit organization devoted to uplifting the Armenian lives through educational, cultural, socio-economic and humanitarian programs. Each year, AGBU is committed to making a difference in the lives of 500,000 people across Armenia and the Armenian diaspora. Since 1906, AGBU has remained true to one overarching goal: to create a foundation for the prosperity of all Armenians. To learn more about AGBU global programs visit www.agbu.org. To learn more about AGBU programs in Armenia visit www.agbu.am. ]]> Mon, 12 Jan 2026 10:51:00 +0400 https://banks.am/en/news//29348 https://banks.am/en/news//29348 Visa, a global leader in digital payments, has officially established its legal entity in Yerevan, marking a key milestone in its long-standing presence in Armenia. This development brings Visa even closer to its partners and clients, reinforcing the company’s commitment to the growth of the Armenian market.

“We are proud to mark a significant milestone with the establishment of Visa Armenia’s legal entity,” said Diana Kiguradze, Visa Regional Manager for the Caucasus and Moldova. “Visa has proudly operated in Armenia for over two decades, cultivating strong and enduring partnerships across both the public and private sectors. Throughout this time, we have championed the adoption of innovative payment technologies, significantly expanding access to digital payments for thousands of Armenian consumers and businesses. This latest milestone underscores our unwavering commitment to being a trusted ally to local stakeholders and accelerating Armenia’s journey toward a digitally empowered economy.”

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Ani Alebyan has been appointed as the Business Development Director of Visa’s newly established legal entity in Armenia. In this role, she will continue to serve as the primary point of contact for all Armenian clients, focusing on strengthening partnerships and advancing innovative payment solutions across the market. To further support Visa’s commitment to the Armenian market, local team is expanding and strengthening its role to be even closer to the partners. 

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“Armenia is a vibrant and fast-evolving market, eager to embrace innovations and advanced technologies,” commented Ani Alebyan, Visa Business Development Director in Armenia. “As consumer and business demand for seamless digital payment options grows, Visa’s activity in Armenia continues to accelerate. In recent years, we have introduced innovative technologies that are transforming the payment landscape and creating value for both consumers and businesses.” ]]> Mon, 07 Jul 2025 17:06:00 +0400 https://banks.am/en/news//29179 https://banks.am/en/news//29179 Visa, a global leader in digital payments, has announced that Diana Kiguradze will lead the Caucasus region and Moldova.

Diana Kiguradze has been successfully leading Visa’s operations in the Caucasus region, and in her new role, she will also oversee Visa’s strategic initiatives in Moldova, including advancing digital transformation, strengthening partnerships with financial institutions, and expanding access to innovative payment solutions for consumers.

“It is a great honor to accept this new role and expanded responsibilities. I’m excited to work with the Visa team to bring innovative payment technologies to life and help create new opportunities in collaboration with our partners in Moldova. At the same time, I will continue driving the development of secure, fast, and convenient digital payments and supporting financial inclusion in Georgia and Armenia,” said Diana Kiguradze, Visa Regional Manager for the Caucasus and Moldova. ]]> Fri, 23 May 2025 09:50:00 +0400 https://banks.am/en/news//29102 https://banks.am/en/news//29102
To mark the launch, Visa and ARMSWISSBANK hosted a press conference in Yerevan, presenting the benefits and opportunities that Visa B2B Connect brings to the Armenian corporate sector.

Visa B2B Connect is a cutting-edge payment network designed specifically for business-to-business transactions between legal entities. By joining Visa B2B Connect, ARMSWISSBANK expands its ability to facilitate fast, secure, and efficient international transfers with member banks and other financial institutions across approximately 118 countries.

“At Visa, we are proud to launch the Visa B2B Connect platform in Armenia together with our trusted partner, ARMSWISSBANK. This platform is transforming the way businesses move money across borders, offering speed, security, and transparency that are essential for effective financial operations. This is an important milestone for the country’s corporate sector and we remain committed to driving innovation that empowers businesses to thrive,” said Diana Kiguradze, Visa Regional Manager for the Caucasus.

“We are excited to be the first in Armenia to bring this global solution to our business customers,” said Anzhela Barseghyan, Deputy CEO, Director of Trade Finance and Correspondent Relationship Department. “Visa B2B Connect allows our clients to benefit from simplified payment processes, secure and faster transactions-making it a valuable tool for businesses engaged in international operations.”

Visa B2B Connect offers predictability and transparency for international money transfers, delivering valuable insights to support strategic decision-making and business planning. ]]> Mon, 05 May 2025 10:58:00 +0400 https://banks.am/en/news//29098 https://banks.am/en/news//29098
“As new ways to pay emerge, they need to run on a network that is always on – that is safe, secure, scalable and relentlessly innovating,” said Visa CEO Ryan McInerney. “We are taking the power of our network and our decades-long expertise to bring new products and solutions that will transform commerce and bring trust and security to AI-enabled payments.”  

Product Roadmap

Visa kicked off its Global Product Drop by sharing how the combination of AI and digital commerce will mark a significant shift in the way consumers discover and buy products and services. Soon, consumers will enable AI agents to browse, select, purchase and manage on their behalf. For this to be possible, agents will need to be trusted with payments, not only by users, but by banks and sellers as well. Visa will bring this trust to AI commerce by providing a simple way for our partners – AI platforms, tech players, banks, fintechs, merchants and more – to access the Visa network. This is the next step in Visa’s journey to connect even more buyers and sellers through seamless, secure digital payments.  

Headlining the announcement, the company introduced Visa Intelligent Commerce, a groundbreaking initiative that opens Visa’s payments network to developers and engineers building the first generation of true AI commerce. Visa also announced new stablecoin partnerships to reach more people and geography. Finally, Visa shared the expansion of its Flex Credential platform, and new products and services that provide more ways for people to pay and get paid.

Visa Intelligent Commerce: A New Era

In the last 25 years, Visa’s network has processed 3.3 trillion transactions. Visa will extend the infrastructure, standards and capabilities present in physical and digital commerce today to AI commerce. Soon consumers will enable AI agents via AI platforms to use a Visa credential (of which there are 4.8 billion today) at any accepting merchant location (currently totaling over 150 million) for any payment use case.

To move the needle on AI commerce at the speed and scale required, the company is collaborating with the AI platforms and brands that consumers and merchants are choosing to work with every day, including Anthropic, IBM, Microsoft, Mistral AI, OpenAI, Perplexity, Stripe and Samsung. ]]> Fri, 02 May 2025 09:23:00 +0400 https://banks.am/en/news//29028 https://banks.am/en/news//29028 Visa, a global leader in digital payments, in partnership with Ameriabank, supported the “My Armenia, My Future” student contest.

The initiative was designed to spotlight students from public and private universities, passionate about shaping Armenia’s future with creativity and forward-thinking ideas.

Students in the 2024-25 academic year who hold Ameriabank Visa Student cards could apply for the contest. The contest featured three award categories: 160 scholarships, funding for the top three “My Armenia, My Future” student projects, and a trip to the University of California, Berkeley, for the authors of the 10 best projects.

The trip is organized in partnership with Visa, presenting the authors of the top 10 projects the opportunity to participate in an educational program at Berkeley University

This initiative is part of Visa’s broader commitment to fostering innovation in Armenia and encouraging young people.

“Supporting this contest helps build a foundation for long-term success. At Visa, we believe that equipping individuals with the right skills unlocks opportunities and drives prosperity,” noted Diana Kiguradze, Visa’s Regional Manager for the Caucasus.

“Witnessing the passion of these young innovators was truly inspiring. Our partnership with Ameriabank reflects our dedication to supporting the next generation with the resources to drive meaningful change,” said Ani Alebyan, Visa Business Development Director in Armenia, and a jury member. ]]> Tue, 15 Apr 2025 10:48:00 +0400 https://banks.am/en/news//29022 https://banks.am/en/news//29022
Cybersecurity in the Digital Era

Despite this growth, fraud remains a top concern. Survey data indicate that 60% of respondents view cyber-attacks as the primary risk of cashless transactions, while 17% fear personal data leaks.

To address these challenges, Visa introduced its Scam Disruption Practice, an initiative aimed at identifying and dismantling complex scams before they inflict significant harm. It operates under Visa’s Payment Ecosystem Risk and Control (PERC) division, which has already demonstrated its effectiveness, helping prevent $350 million across various scams in 2024. This is in addition to the $40 billion PERC blocked in attempted fraud on the Visa network last year.

For Armenia’s growing digital economy, this adds an important layer of protection.

How Visa’s Scam Disruption Practice Works

Visa’s Scam Disruption Practice is built on three key pillars:

•    Scam Intelligence: Using AI, data analysis, and investigative expertise to detect scams early.

•    Proactive Scam Investigations: Monitoring and dismantling fraud networks before they cause harm.

•    Scam Detection and Disruption: Collaborating with banks and law enforcement to shut down scam operations.

A striking example of Visa’s cybersecurity efforts involved identifying and shutting down a scam network of nearly 12,000 fraudulent merchants. Scammers used phishing links on dating websites disguised as legitimate identity verification sites, enrolling victims in recurring billing cycles. This takedown prevented over $37 million in losses and was referred to law enforcement authorities.

Ensuring a Secure Digital Future for Armenia

As Armenia embraces digital payments, Visa’s Scam Disruption Practice is a timely and necessary innovation. By leveraging artificial intelligence, thorough investigations, and industry-wide collaboration, Visa is setting new standards for fraud prevention. This initiative ensures that consumers and businesses can operate in a secure and trustworthy financial environment, reinforcing confidence in Armenia’s cashless future. ]]> Mon, 14 Apr 2025 10:44:00 +0400 https://banks.am/en/news//28874 https://banks.am/en/news//28874 Visa, the global leader in digital payments, has launched the SecurePay campaign in Armenia to raise public awareness about secure digital payments, fraud prevention, and financial literacy.

Within the campaign, Visa has rolled out a nationwide survey to explore key payment trends in Armenia. The survey will assess Armenian consumers' digital payment habits, trust in digital transactions, and experiences with payment security. To take part in the SecurePay survey, please visit: https://forms.gle/1sDmXZ2TxhN3oq2F6.

“Our mission at Visa is not only to empower consumers with secure, seamless, and innovative payment solutions but also to equip them with the knowledge and tools necessary to navigate the digital payment landscape with confidence,” said Diana Kiguradze, Visa Regional Manager for the Caucasus. “Through the SecurePay campaign, we aim to provide valuable insights into the shopping behaviors of Armenians while reinforcing the importance of security and financial literacy in an increasingly digital world.”

As Visa remains at the forefront of secure payment technologies in Armenia, the company utilizes its position as a financial market leader to foster trust in digital transactions. The SecurePay survey will help provide a clearer picture of the challenges and growth points of the country’s payment landscape, enabling stakeholders to develop solutions that increase the adoption of cashless payments.

Survey participation is open to everyone and is completely anonymous as Visa does not collect or process any personal data. ]]> Mon, 10 Mar 2025 11:47:00 +0400 https://banks.am/en/news//28727 https://banks.am/en/news//28727 Visa, a global leader in digital payments, successfully hosted the Issuer Challenge in Armenia two-day event where teams competed to develop the most innovative and profitable debit and credit card portfolios, navigating realistic market challenges and leveraging expert insights.

Participants, representing local banks, faced multiple business challenges, each requiring strategic decisions to protect and grow their portfolios’ profitability. During the event, educational sessions provided participants with knowledge and skills on how to analyze customer segments, optimize sales and pricing strategies and drive portfolio. Visa’s international expertise drove engaging discussions.

The event was concluded by Visa University’s comprehensive feedback session, equipping teams with actionable takeaways for practical use cases.

“The entire process was transparent and followed predetermined rules.

This initiative reflects Visa’s ongoing commitment to fostering industry growth and supporting financial institutions in driving financial inclusion, improving digital payment infrastructure and navigating market environments effectively,” Visa said in a news release.

]]> Wed, 29 Jan 2025 10:55:00 +0400 https://banks.am/en/news//28676 https://banks.am/en/news//28676
The second wave of She’s Next Empowered by Visa has been completed in Armenia, and an educational program has been offered to women entrepreneurs in partnership with the EBRD. Tell us more about the partnership and the goal of the campaign.

It’s inspiring to witness the She’s Next initiative gaining momentum in Armenia, with an increasing number of women entrepreneurs aspiring to achieve new milestones in business. Collaborating with the EBRD to organize an online educational program and seeing over 120 women participate with such enthusiasm and determination was truly uplifting.

Visa’s vision to promote entrepreneurship and financial literacy is in line with EBRD’s efforts to drive economic development and financial inclusion. In May 2024, we signed the Memorandum of Understanding with the EBRD to boost digital payments, support SMEs, and empower women entrepreneurs, building a foundation for an equal and prosperous future. Together, this partnership combines our strengths to create a lasting impact in Armenia and beyond.

Through joint efforts, we launched the second wave of the She’s Next initiative to provide women entrepreneurs with education, mentorship, and access to a range of resources. We also sought to enhance digital and financial literacy, equipping participants with the tools needed to thrive in a dynamic business environment.

Visa, together with EBRD, remains committed to empowering female entrepreneurs and fostering inclusive economic growth in Armenia.

She’s Next is a global initiative by Visa, which is tailored to meet local needs. How did the masterclasses address the unique challenges faced by women entrepreneurs in Armenia's evolving business landscape?

The She’s Next initiative is rooted in the lived experiences of women and is grounded in a research-driven approach. That’s why, in 2022, Visa conducted an in-depth study in collaboration with Emerging Europe, a leading regional growth hub, to understand the realities of female entrepreneurship in Eastern and Southeastern Europe, Central Asia, and the Caucasus. The findings highlighted that 58% of Armenian women prioritize professional and financial independence, with a strong focus on income growth. Many also struggle with fundraising and are keen to enhance skills in areas, such as digital marketing, SMM, e-commerce, and international business expansion.

Building on these insights, Visa crafted practical, locally relevant masterclasses that covered essential topics, such as starting and growing a business, navigating legislation, fundraising, pitching, communicating with target audiences, and more. These workshops tackled critical barriers faced by women entrepreneurs in Armenia, including limited access to funding, mentorship, and business networks. The masterclasses, not only built skills, but also created a supportive community of women, addressing gaps in Armenia’s business landscape.

During the Visa Cashless Forum in Armenia this November, you highlighted Visa’s role in driving digital transformation. How do you believe advancing women entrepreneurs and supporting small and medium-sized businesses (SMBs) can contribute to the sustainability of the economy and accelerate the process of digital transformation?

The Visa Cashless Forum was a remarkable celebration of Armenia's progress in adopting cashless payments. For over two decades, Visa has proudly operated in Armenia, during which the country has achieved significant milestones. Supporting women entrepreneurs and SMBs is crucial to continuing this progress, as they are the foundation of economies around the world. They don’t just create jobs—they drive innovation and growth, shaping the communities we live in. In Europe alone, Visa’s research shows that SMBs make up 61% of the job market and provide work for nearly 100 million people.

Women-led businesses play an equally powerful role. According to the International Monetary Fund (IMF), narrowing the gender gap in labor markets could boost GDP in emerging economies by almost 8%. Fully eliminating that gap could lead to an average increase of 23%. And it’s not just about growth—another IMF study found that businesses led by women are often more profitable, proving just how valuable their leadership can be.

In Armenia, SMBs, particularly, those led by women, are vital to strengthening the local economy. SMBs are key catalysts for innovation, job creation, and digital adoption. As small entrepreneurs embrace digital tools and cashless payments, they accelerate the transition to a digital-first economy. By providing SMBs with training in areas such as financial literacy, e-commerce, and easy-to-use payment technologies, Visa not only solidifies their success but boosts digital inclusion and lays the foundation for broader economic growth.



What’s next for She’s Next in Armenia?  How do you see the She’s Next shaping the future of female entrepreneurship in Armenia fostering a lasting community?

The future of She’s Next in Armenia aims to make a bigger impact with more resources and continued support for female entrepreneurs.

I believe She’s Next will contribute to establishing a vibrant, supportive community where women can support each other and collaborate across sectors. To foster this sense of community, Visa has already created a digital platform for women entrepreneurs, in collaboration with Emerging Europe. This platform enables female entrepreneurs from Armenia to connect with their peers across Eastern and Southeastern Europe, Central Asia, and the Caucasus, offering opportunities to share insights, access resources, and explore foreign markets. By strengthening the international entrepreneurship ecosystem, Visa is helping women entrepreneurs innovate, scale their businesses, and overcome challenges together, setting them up for long-term success.

Looking ahead, we’re excited to see She’s Next in Armenia grow even further. With more tailored activities, we’re focused on providing women with the skills and tools they need to thrive in today’s digital economy. We hope to leave a lasting impact—creating a business environment where women’s contributions are celebrated, valued, and fully recognized. ]]> Wed, 15 Jan 2025 15:54:00 +0400 https://banks.am/en/news//28579 https://banks.am/en/news//28579 Visa, the global leader in digital payments, has successfully concluded the second wave of She’s Next Empowered by Visa initiative, featuring online masterclasses for women entrepreneurs in Armenia in partnership with the European Bank for Reconstruction and Development (EBRD).

The series of online masterclasses equipped over 120 local women entrepreneurs with essential skills and knowledge to grow their businesses, empowering female-led enterprises and fostering greater inclusion in the Armenian economy.

The educational program, which ran from December 2 to December 12, featured eight expert-led sessions covering key business topics such as team management, fundraising, navigating legislation, increasing sales, effective communication, pitching, and maintaining competitiveness. Conducted in Armenian via Zoom, the masterclasses attracted active and aspiring women entrepreneurs from across the country, offering them a convenient and accessible platform to learn and engage.
 
The She’s Next Empowered by Visa initiative was launched in Armenia in March 2024, aiming to boost women’s participation in the economy and support the growth of female-owned small and medium enterprises (SMEs). ]]> Mon, 16 Dec 2024 13:55:00 +0400 https://banks.am/en/news//28494 https://banks.am/en/news//28494 On November 22, the Visa Cashless Forum marked its first event in Yerevan, the capital of Armenia. This closed international event brought together distinguished government officials, prominent Visa speakers, banks and financial sector professionals, payment technology experts.

“The forum served as a collaborative platform, uniting Armenia’s key stakeholders to explore the future of cashless payments. Attendees had an opportunity to exchange ideas and network, fostering innovations and partnerships.

The Visa Cashless Forum is a flagship event for Visa in the CISSEE region, showcasing the latest trends in the financial sector. First held in Ukraine in 2017, the forum has since been hosted in countries such as Kazakhstan, Serbia, and others. This year, the forum marked a significant milestone by being held in Armenia, reflecting the country’s growing role in the digital transformation of the financial landscape,” the news release reads.

Top executives from the Visa CISSEE and CEMEA regions participated as speakers, including Andrew Torre, Regional President, Visa CEMEA; Cristina Doros, Group Country Manager, Visa CISSEE; and Diana Kiguradze, Regional Manager, Visa Caucasus; Nicolas Khoury, Head of Visa Consulting & Analytics, Visa CEMEA; Godfrey Sullivan, Head of Product, Solutions & Digital Partnerships, Visa CEMEA; and Walter Lironi, Head of Value-Added Services, Visa CEMEA.   

The forum explored key topics, including digital payments, generative AI, value-added services, and Gen Z as a driving force behind consumer spending growth. ]]> Tue, 26 Nov 2024 11:53:00 +0400 https://banks.am/en/news//28471 https://banks.am/en/news//28471
This international event will gather participants to explore advancements in digital payments and the cashless economy, the transformation of Armenia's financial market and banking sector, and the latest technologies and innovative payment solutions. Key speakers will include senior Visa executives, representatives from the public and business sectors, and leading international and regional experts in payment technologies and finance.

“Being present in the Armenian market for over 20 years, Visa has established strong links with partners from both the public and private sectors to develop and implement innovative payment technologies in Armenia and make digital payments convenient and accessible for thousands of local cardholders and businesses,” said Diana Kiguradze, Visa Regional Manager for the Caucasus Region. “This year, we are delighted to host the Visa Cashless Forum in Yerevan, emphasizing the country’s progress on the way to a cashless future. I am confident that this event will serve as an effective platform for sharing insights, expertise, and innovative solutions, enabling us to work with partners to drive economic growth in the country and introduce cutting-edge technologies.”

Visa Cashless Forum is one of Visa’s flagship events in the CISSEE region, focused on the latest trends in the financial sector. Initially held in Ukraine in 2017, the forum has since taken place in countries like Kazakhstan, Serbia, and others. This year, Armenia will host the Visa Cashless Forum for the first time. ]]> Tue, 19 Nov 2024 13:29:00 +0400 https://banks.am/en/news//28419 https://banks.am/en/news//28419
The spring 2024 edition of Visa’s Biannual Threats Report investigated top payment threats impacting consumers and businesses around the world. The findings show that merchants are especially vulnerable to so-called triangulation fraud, where criminals create illegitimate online storefronts offering in-demand products at a low cost to collect payment information. Legitimate merchants fulfill the online order, but payment information is already compromised. According to a 2023 assessment, triangulation scams cost merchants up to $1 billion in a single month.

With the use of Generative AI and deepfakes on the rise in Armenia and worldwide, scams are getting more convincing than ever, leading to unprecedented losses. However, there are proactive steps merchants can take to mitigate the risk of a breach. Here are some common schemes you should be aware of.

Ransomware

This type of malware permanently blocks access to a victim's personal data unless a ransom is paid. A major ransomware attack on a US chain of hotels and casinos in 2023 left guests unable to use hotel keycards, slot machines, ATMs, and credit card machines, paralyzing the work of facilities.

Enumeration attacks

Fraudsters use automated testing on e-commerce transactions to effectively guess the full payment account number, CVV2, and/or expiration date behind an online transaction. Visa Account Attack Intelligence (VAAI) uses machine learning to help identify enumeration attacks and notify affected merchants to block the attack.

Digital skimming attacks

Fraudsters harvest consumer payment account data, such as primary account number, CVV2, expiration date, and personal information, by deploying malicious code onto merchant websites.

Gift card fraud

Visiting brick-and-mortar retailers, fraudsters will steal physical gift cards directly from store racks and then physically manipulate the barcode. When a customer purchases the gift card and loads funds at the register, the funds are sent to the threat actor.

Purchase return authorization (PRA) attacks

Fraudsters either compromise legitimate merchants or onboard fake merchants to large e-commerce marketplaces and initiate purchase return authorizations when there was in fact no initial purchase.

Tips to prevent fraud

Here are some strategies for merchants to mitigate the rising threat of fraud:

•    Constantly monitor for new and emerging security technology that can help your business mitigate fraud, and make sure to run updates on security software.

•    Use strict cardholder authentication controls to ensure a customer is a legitimate cardholder.

•    Implement multi-factor authentication (MFA) on all administrator and employee accounts, especially accounts with access to sensitive card information.

•    Provide each admin user with their own user credentials. User accounts should also only access permissions vital to their job.

•    Turn on heuristics (behavioral analysis) on anti-malware to search for suspicious behavior and update anti-malware applications.

•    Secure remote access with strong passwords and ensure only necessary individuals have permission to use it.

Visa technology is on guard

Visa fraud disruption efforts have resulted in significant crackdowns on cybercrime. In 2023 alone, Visa cybersecurity professionals, technology, and processes have prevented 80 million fraudulent transactions worth $40 billion globally. Learn more about how Visa can protect your business at Visa.com/security. ]]> Thu, 07 Nov 2024 15:06:00 +0400 https://banks.am/en/news//28355 https://banks.am/en/news//28355
The new educational program aims to equip women entrepreneurs with crucial skills to reach success in business. With both partners’ extensive experience of operating in the region and driving inclusive growth and prosperity, the new wave of She’s Next will give a significant boost to local female entrepreneurship, supporting the Armenian economy as a whole.

The program will feature eight online masterclasses covering key business-related topics, including starting and growing a business, team management, fundraising, navigating legislation, increasing sales, effective communication with target audiences, pitching, and staying competitive. These sessions will be led by established experts from various fields and will be conducted in Armenian, online, via Zoom from December 2 to December 12.

Participation is open to both active entrepreneurs seeking to expand their operations and those planning to start their own businesses. To apply, women entrepreneurs must complete the registration form, available from October 28 to November 28. The form includes detailed information on the masterclass topics and speakers. Selected participants will be notified via the email provided in the form with the exact workshop schedule, access link, and password.

“I am excited to see the She’s Next program gaining steam in Armenia and setting even more female entrepreneurs for success,” said Diana Kiguradze, Visa Regional Manager for the Caucasus. “Thanks to the partnership with such a prominent public sector player as EBRD, we are confident that this series of masterclasses will have a lasting impact on Armenia's business landscape. At the same time, the convenient online format will help us extend our reach, giving every Armenian woman an opportunity to pursue her entrepreneurial dreams.”

“We are proud to support the She’s Next Initiative in Armenia, which aims to reinforce women’s participation in the economy.  Through online masterclasses, this programme will equip women entrepreneurs with essential tools and knowledge to launch and grow successful businesses in today's competitive marketplace. The EBRD is committed to supporting female entrepreneurs and advancing women’s economic empowerment with tailored programmes and resources designed to help women overcome business challenges and build networks and the skills that unlock their potential,”- said Zara Ohanyan, Principal Manager, EBRD Armenia.

The global She‘s Next Empowered by Visa initiative was launched in Armenia in March 2024 with the aim to boost women’s participation in the economy and the growth of female-owned SMEs by offering women the tools and resources they need to start or scale their businesses. In May, Visa and EBRD signed the Memorandum of Understanding, undertaking to support digitalization, SMEs, and female empowerment in Armenia and the region. ]]> Mon, 28 Oct 2024 16:18:00 +0400 https://banks.am/en/news//28347 https://banks.am/en/news//28347 1, they are the crucial drivers of economic growth. Emerging economies like Armenia² can contribute up to 40% of the national GDP.

Visa views supporting SMBs as the foremost priority and digital payment solutions as a means to do so. In one global study, Visa found that 73% of small business owners said new forms of digital payments are fundamental to their growth³. Responding to this demand, in 2020, Visa undertook a mission to digitally enable 50 million SMBs in three years and far surpassed the goal, empowering 67 million SMBs by the end of 2023.

As consumers increasingly seek the convenience of digital payments, small businesses are catching up to the benefits.

Here are three main reasons small businesses are turning to cashless.

1. Attract more customers

41% of consumers surveyed globally said they have abandoned a purchase in a physical store because digital payments weren’t accepted⁴. In Armenia, the cashless market is also growing rapidly: in 2023, non-cash payments and Internet transactions for the first time, both in quantity and in volume, began to exceed cash transactions⁵.

2. Provide a more seamless experience

People are impatient and tap to pay is fast. Rather than having to insert or swipe a card, customers can simply hold their contactless payment-enabled card or device over the payment terminal. This can shave time off transactions both in terms of transaction time and by cutting down on time spent waiting in line. A smoother customer experience makes for happier customers.

3. Amp up security

When a customer swipes a card with a magnetic strip, their information can be stolen with a skimming device. But when customers tap to pay, a one-time, transaction-specific code is generated. This code and the customer’s account number get transmitted—but not other crucial information, like their name, billing address, or verification code.

Because of this, even if someone were to get their hands on your payment information, they couldn’t make a transaction without the card or a device, which can have even more added security, like Face ID. All of this together helps reduce counterfeit fraud in contactless payments.

Going global

In Armenia, Visa’s global commitment to empowering local small enterprises remains unwavering. This year, Visa kicked off the global She’s Next initiative in the country to provide female entrepreneurs with skills, education, funding, and inspiration to start or expand their businesses. Visa also entered into a partnership with the European Bank for Reconstruction and Development (EBRD) to empower SMBs, promote economic and financial inclusion, and digitalize public services, including GovTech and public transit.

Visa’s support for women-led SMBs is further amplified through the She’s Next digital community platform, developed in partnership with Emerging Europe. This platform connects businesswomen from across the globe, fostering networking opportunities, sharing experiences, and promoting international business expansion.

Visa is also driving Armenia’s digital transformation, supporting sustainable and inclusive economic growth. By accelerating the adoption of cashless payments, Visa enables both consumers and businesses to enjoy the convenience, security, and efficiency of a digital economy.

Throughout 2024, Visa has actively engaged in various events and discussions to promote Armenia’s digital transformation agenda and support the country’s cashless future. Visa has participated in the Silicon Mountains Tech Summit and the Doing Digital Forum, as well as collaborated with the Information Systems Agency to host the event 'Driving Government Digitalization in Armenia: Visa’s Collaborative Approach.' Visa also participated in the World Congress on Innovations and Technology 2024/DigiTec.

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¹https://www.worldbank.org/en/topic/smefinance
²https://www.worldbank.org/en/topic/smefinance
³https://usa.visa.com/dam/VCOM/blogs/visa-back-to-business-study-2022-outlook-jan22.pdf
⁴https://usa.visa.com/dam/VCOM/blogs/visa-back-to-business-study-2022-outlook-jan22.pdf
⁵https://finport.am/full_news.php?id=49961&lang=3 ]]> Fri, 25 Oct 2024 12:11:00 +0400