A new pension payment system has taken effect in Armenia this year. Pensioners can now get their money by means of banks. At present, 15 Armenian banks are involved in the system: Haybusinessbank, Araratbank, Bank Anelik, VTB-Armenia Bank, Hayeconombank, Prometeybank, BTA Bank, Armenian Development Bank, Converse Bank, ACBA Credit Agricole, Artsakhbank, Areximbank, Gazprombank Group, Unibank, Ardshininvestbank and Mellat Bank. Also, the following nonblank organizations are involved in the system: Adalev Ria, I-Dram, Quadracom, Homeward, MEGA PANTERA and Hay  Post.

The new system, allows pensioner to get their pensions either in cash brought by a distributor or by means of a bank account.

Bank accounts are opened, and cards are issued, free of charge.