Proceedings of the International scientific and practical conference ―Synergy of Modern Science and Education‖ (February 2-4, 2026) / Publisher website: www.naukainfo.com. – New York, USA, 2026. - 324 p.

40 Figure 2. The volume of transactions made by payment cards through the virtual POS terminal in 2020-2024 (million AMD) [8]. The volume of the above-mentioned transactions made on cards issued by the Banks of the Republic of Armenia has also been constantly increasing over the period presented. In 2020, the total volume of transactions made through the virtual POS terminal amounted to 617.019 million drams, in 2021 the volume of transactions reached 680.068 million drams, in 2022 an increase of 42.68% was registered compared to the previous year, in 2023 the growth was about 85.7%, reaching 1,803.793 million drams, In 2024, the volume increased again and amounted to 2.182.995 million drams. The vast majority of transactions are made on the territory of Armenia using payment cards issued by Armenian banks. This growth can be attributed to various factors, including the improvement of the banking system through digital platforms, increased security of digital payment systems, as well as the introduction of new services and business models provided to customers. The development of fintech in the banking system also creates new challenges in the legal field, where it is often necessary to quickly adapt to new technologies. The study of legal gaps is an important process, as they can hinder the introduction of fintech or lead to risks such as data protection violations, banking secrecy issues and - 500 000 1 000 000 1 500 000 2 000 000 2020 2021 2022 2023 2024 Transactions made by payment cards through a virtual POS terminal Operations on cards issued by banks of the Republic of Armenia in the Territory of the Republic of Armenia Operations on cards issued by banks of the Republic of Armenia abroad Transactions on cards issued by foreign banks in Armenia