Armenia bats for connecting its payment systems with UPI

PanARMENIAN.Net - Armenia has launched a dialogue with India to connect its national retail payment infrastructure company with UPI and set the foundation for collaboration amid the impressive rise in Indian labour force and tourists here.

The India-Armenian dialogue is currently revolving around mutually agreed interchange fee structure, Armenian Central Bank Governor Martin Galstyan told ET.

With the flow of Indian businesses and tourists increasing in Armenia it is also actively considering collaborating with the Indian fintech industry, Galstyan said, adding that there is growing demand for Indians in Armenia's construction and delivery sectors. Startups and the IT sector hold tremendous potential for collaboration in the backdrop of success of Indians and Armenians in these sectors, he added.

“Recently, we have been observing increased labour mobility between India and Armenia. Indians are seeking employment in Armenia’s booming construction and delivery sectors as internal labour force is limited. Labour mobility has a great potential to grow,” Galstyan informed.

Armenian Ministry of Economy has started exploring establishing a new high-speed cargo transport corridor that connects Indian goods to European markets through Armenia, Galstyan further informed.

Armenia recorded a GDP growth of 12.6 per cent in 2022 and 9.7 per cent for January-September 2023. The Central Bank governor referred to strong growth in the Armenian economy over the last two years and attributed it to the rise in trade and tourism with Russia besides growth in Armenian tech and innovation sector among other reasons.