Member of Parliament Babken Tunyan addressed circulating rumors on social media suggesting that cash payments would be banned starting from March 1.
In his statement, he clarified that there is no such decision and that no ban on cash payments is planned. According to the MP, individuals will continue to be able to make payments both in cash and cashless form for transactions up to 300,000 AMD. For transactions exceeding 300,000 AMD, non-cash payment will remain mandatory, with exceptions for healthcare and education services, where payments are required to be made in cashless form regardless of the amount.
The MP also highlighted an upcoming change starting from March 1 regarding card transaction fees. He noted that fees for cashless transactions will be reduced, with ArCa card transaction fees decreasing to 0.5%, and MasterCard and Visa transaction fees set at approximately 0.9%.
These changes are expected to support businesses, particularly small enterprises, by reducing transaction costs. The MP also mentioned that card users may continue to benefit from cashback programs, depending on the terms set by financial institutions.
