YEREVAN, June 23. /ARKA/.  The Armenian government has decided today to allocate 5.66 billion drams to support a cashback project designed for pensioners and beneficiaries of social allowances.

The cashback initiative was approved by the government on June 23.  According to the government's decision, pensioners and beneficiaries of social allowances will receive a monthly 10% cashback for non-cash transactions, but no more than 5,000 drams if they use their bank cards to pay for goods and services.

The decision comes into force on July 1, 2022. The program will be implemented in cooperation with commercial banks.

The government believes that the cashback initiative is supposed to mitigate the negative effects of inflation, boost non-cash transactions, increase consumer knowledge about modern financial instruments and technologies and expands the scope of their application.

The Ministry of Labor and Social Affairs said that the decision will also apply to utility payments if they are made through ATMs of the bank that issued the pension card.

VTB Bank Armenia, Ardshinbank and Armbusinessbank have already joined the project. ($1 - 410.82 AMD). --0--