Armenia is creating a national money transfer system, Deputy Chairman of the Central Bank Vakhtang Abrahamyan has told Sputnik Armenia, revealing that the STAK Money Transfer system should start operating in the first quarter of 2022.

The purpose of the system is to make money transfers without opening a bank account, both within Armenia and to other countries. In the future, the system will add the possibility of transferring to a bank account and an electronic wallet.

STAK will enable users to receive transfers from any bank in Armenia will be connected to the system, with the ArCa payment processing system and other transfer systems operating in the republic also set to be connected to the new platform.