global payment guide
Armenia, with its rich cultural heritage and a rapidly evolving economy, has traditionally relied on cash as the primary mode of transaction. However, the swift modernization of the country has led to a significant shift towards digital payment methods, particularly in the business sector. This transition sees an increasing preference for credit and debit cards, digital wallets, and bank transfers among Armenian businesses.
In this guide, we will delve into the various payment systems embraced by Armenian businesses, highlighting how they've adapted to the digital age. We will also explore the advantages of using WeavePay for business transactions in Armenia, emphasizing its suitability for the contemporary financial landscape.
In Armenia, a variety of payment methods are available for online purchases, reflecting a blend of traditional and modern financial practices. While cash continues to play a dominant role in the Armenian market, the advent of online payment processing is bringing about significant changes. This evolution has led businesses to increasingly accept credit card payments, catering to the growing demand for digital transactions. Despite this, cash remains a popular choice, especially in many convenience stores.
Following is a detailed overview of the various payment methods used in Armenia, illustrating the country's diverse financial landscape:
Recently, there has been a surge in the use of credit and debit cards in Armenia. Online purchases have contributed to the rise in the use of debit cards. Visa and MasterCard are some of the most popular credit cards used for online transactions.
Digital wallets are an increasingly popular payment method among shoppers in Armenia for online and offline purchases. Although this payment option is not fully functional in the country, most Armenians are restricted from using PayPal's full features.
Likewise, PayPal's primary focus is on individual users or at most, sole proprietors. This means larger businesses might not find the services and support they need to operate efficiently and smoothly.
In Armenia, despite the growing use of mobile payments, bank transfers remain a preferred method for many. To send money to Armenia, an International Bank Account Number (IBAN) is necessary to complete transactions.
While online businesses in Armenia facilitate payments through bank accounts, it's important to note that obtaining a bank account as a non-resident is quite challenging. Despite these difficulties, both non-resident and international bank accounts can still receive payments within this system.
Google Pay is another alternative payment method for online shoppers in Armenia. Many online shoppers love to use this payment option since it is available on different devices and wearables.
Although the above payment systems are the only ones available in Armenia, the country has other online payment services that cater to users' needs.
WeavePay provides rapid online payment processing for transactions in Armenia, specializing in complex business payments. This makes it an ideal choice for high-spend international businesses.
While most online payment services charge a percentage fee for international money transfers, WeavePay's approach is different. It offers high-quality service and charges transaction fees that reflect the value you receive. Unlike other payment systems that might have higher fees, with WeavePay, you're investing in a service that's worth the cost for international transactions.
You can access the full pricing list here.
WeavePay also offers prepaid cards that provide quick and secure transactions for online businesses.
Using WeavePay to send money to Armenia offers numerous advantages. One of the key reasons online business owners in Armenia prefer WeavePay over other services is its support for various currencies. Here are some of the benefits that come with using WeavePay for online transactions in Armenia:
WeavePay's multi-currency business accounts enable seamless cross-border transactions, overcoming the challenges often associated with traditional banking systems.
Armenia's dynamic economy and its strategic position in the Eurasian market highlight the necessity for robust international payment services. For companies aiming to conduct financial transactions in Armenia, WeavePay stands out for several reasons, including:
- Quick and easy online application process
- Services tailored for international needs
- Rapid transaction processing
- Competitive exchange rates
- Support for multiple currencies
WeavePay alleviates the complexities of international payments in Armenia by offering efficient, straightforward, and transparent cross-border payment solutions. These are particularly beneficial to Armenian businesses engaging in global trade. Begin your journey with us today to access these remarkable advantages. Find out if you're eligible for a WeavePay account and receive pre-approval within 48 hours.