Armenia has become only the second country in the world (after Singapore) to launch the Payment Express system. The system, also known as PayX, is a single payment system that uses QR codes, facilitating easier cooperation between financial institutions and payment systems. In order to use the contactless payment system, customers must download the PayX app to a smartphone and link it with a credit card. To execute a payment, customers need merely scan the QR code for the payment and select the pay option. PayX can also be used for online purchases, linked to existing mobile apps of partner financial institutions and even for peer-to-peer money transfers.
PayX currently works with 10 payment systems, including 7 Armenian financial institutions.