WorldRemit, a London-based online money transfer service, has teamed up with MobiDram, the mobile wallet offered by VivaCell, to launch its remittance services to Armenia.
The remittance service will allow customers in 52 countries to now transfer money instantly to MobiDram mobile wallets.
Using the WorldRemit app, customers can send quick and low-cost money transfers to their friends and family abroad.
A World Bank study points out that remittances are estimated to have contributed more than $2bn to Armenia’s economy in 2014, equivalent to almost 20% of its GDP.
WorldRemit senior mobile analyst Alix Murphy said: "We know how Mobile Money will be the first and only means of financial services for hundreds of millions of people – we are therefore delighted to bring mobile-to-mobile remittances for the very first time to Armenia.
"Armenians in the diaspora will no longer have to pay extortionate fees to send or receive cash at inconvenient agent locations – they can now send money home just like an instant message."