Sunday, July 14, 2024
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Home » Armenia Bats for Connecting its Payment Systems With UPI

Armenia Bats for Connecting its Payment Systems With UPI

by Dmitry Lobzhanidze
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To establish cooperation in the midst of the notable increase in the Indian labour force and tourism, Armenia has initiated talks with India to link its national retail payment infrastructure company with UPI.

Armenian Central Bank Governor Martin Galstyan told ET that the current focus of the India-Armenian talks is on an interchange fee structure that both countries have agreed upon.

Galstyan stated that there is a rising need for Indians in Armenia’s construction and delivery sectors. The country is actively contemplating partnering with the Indian fintech industry due to the increase in Indian firms and tourists visiting the country. Amidst the success of Indians and Armenians in various domains, he continued, startups and the IT sector show immense possibilities for cooperation.

“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 the internal labour force is limited. Labour mobility has a great potential to grow,” Galstyan informed.

Giving more details, Galstyan stated that the Ministry of Economy in Armenia is investigating the possibility of creating a new high-speed cargo transport corridor that would link Indian commodities to markets in Europe via Armenia.

Armenia’s GDP grew by 12.6% in 2022 and by 9.7% from January to September of 2023. The governor of the Central Bank of Armenia mentioned the robust expansion of the country’s economy in the past two years, attributing it, among other things, to the growth in commerce and tourism with Russia as well as the expansion of the tech and innovation industry in Armenia.

Source : MyIndMakers

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