UBPay holds over 24% of Armenia’s remittance market

In 2024, remittances contributed approximately 6% of Armenia’s GDP—significantly higher than the global average of 0.78%. Armenia currently ranks 47th out of 186 countries in terms of remittance-to-GDP ratio, underscoring money transfers importance to the country’s economic resilience and social stability.

At the FINTECH360 international conference, Seyran Sargsyan, CEO of UBPay—Armenia’s national money transfer and payment settlement system—spotlighted UBPay’s growing impact in the sector. UBPay now holds over 24% of Armenia’s remittance market, with a goal of reaching 55% by the end of 2027.

“Remittances are not just financial transactions; they’re stories of families, support, and enduring connections across borders. Armenia’s experience demonstrates how vital remittances are to both the economy and people’s daily lives. At UBPay, we’re proud to contribute to that journey—building a more connected, affordable and innovative remittance ecosystem,” said Seyran Sargsyan in his keynote.

Over the past decade, remittances have shown a steady growth trend, underscoring their crucial role in supporting household incomes, stimulating economic activity, and contributing to the overall financial stability of the country.

Armenia has long been among the top recipients of remittances relative to GDP, with these funds serving as a financial lifeline for many families. The Armenian diaspora plays a crucial role in this financial support. Key countries with significant Armenian diaspora populations include Russia, the United States, Georgia, Canada, and the EU. This reliance on remittances underscores the importance of continuing to innovate and improve the systems that facilitate cross-border money transfers.

“At UBPay, our core focus is innovation. We offer fast, secure, and user-friendly transfers—via phone number, card, or wallet. Our mobile application will launch next month, providing an even smoother experience,” he added.

Seyran Sargsyan also noted that, according to RA regulations, foreign payment systems operating in the field of money transfers can cooperate with Armenian participants only through national payment systems like UBPay.

“We’ve built strong partnerships across Armenia’s banking sector and are actively expanding our international network. UBPay has signed agreements with 10 high-rank international systems and banks that will provide the main transfer corridors” said Seyran Sargsyan.