The rapid advancement of digital technologies is redefining how financial services are delivered. Today, nearly the entire banking process is shifting from physical branches to the user’s mobile device.
Globally, almost 3 billion people use digital banking, representing a combined capital of 1.8 trillion dollars, with the sector growing by about 15% annually. Neobanks – operating entirely online – offer lower fees and faster services. One leading neobank alone has more than 45 million users and a valuation of 45 billion dollars. Overall, the number of neobank users worldwide is estimated at 350–400 million.
Armenia is also part of this evolving digital landscape. In 2024, cashless transactions accounted for over half of all payments in the country – around 52%. In 2023, the digital payments market exceeded 6.8 billion dollars.
“These “data” show that digital banks don’t just support the traditional system – they’re becoming the main tool millions of people rely on. A bank is no longer a place – it is an app in your pocket. It is crucial to acquire the right knowledge in time, because financial progress begins with learning, and continuous education fosters a mindset for success,” said Armen Virabyan, Chief Financial Officer of Easy Pay, addressing participants of the Youth Internet Governance Forum of Armenia – YouthIGF Armenia 2025.
According to him, digitalization in the banking sector brings convenience, speed, and accessibility without time or geographic limitations – but it also introduces new risks and challenges. Effective risk management largely depends on individuals’ online behavior, which directly influences the quality of life for both individuals and society.
The rapid growth of digital banks and financial solutions demonstrates that the future of the financial sector will be more flexible, inclusive, and personalized. Yet, alongside digital convenience, it is essential to strengthen financial literacy and security awareness to ensure that digitalization becomes an opportunity rather than a threat.
Public Television of Armenia has also covered the topics discussed at YothIGF Armenia 2025 – you can learn more in their report.
