ArmInfo. On May 7, Visa, the global leader in digital payments, announced the appointment of Sergey Martinchuk as Senior Vice President and Regional Manager for Ukraine, Moldova, Southern and Eastern Europe, Central Asia, and the Caucasus. Based in Kyiv, Martinchuk will be responsible for Visa's operations and strategy in 17 countries, according to a Visa announcement.
Sergey Martinchuk replaces Cristina Dorosh, who recently assumed the position of Head of Value-Added Services at Visa and relocated to Visa's San Francisco headquarters. Sergey Martinchuk's focus will be strengthening collaboration with financial institutions, merchants, technology, and government partners, as well as promoting digital payments adoption in the region.
Martinchuk has nearly two decades of senior leadership experience in the region, including at Cisco. He has led large organizations, driving growth and building trust with clients, partners, and regulators. Sergey Martinchuk holds an academic background in computer science and finance.
Dr. Tarek Abdullah (Muhamud), Visa's Regional President for Central Europe, Middle East, and Africa (CEMEA), noted: "Sergey's deep technology expertise, significant regional leadership experience, and proven ability to lead diverse teams will strengthen our capabilities and help us create even greater value for our clients and partners across 17 countries." Martinchuk, noting that he is honored to join Visa and lead this multi-market region at such a crucial time for the payments industry, said: "Together with our teams and partners, we will continue to advance digital payments for people and businesses, expand cash flow solutions, and enable customer growth through additional services, all built on technology, security, and rigorous market compliance."
In Armenia, Visa has been partnering with banks, merchants, and government agencies for 24 years to build an advanced, secure, and inclusive digital payments ecosystem. Through this partnership, Visa continues to drive innovation in tokenization, biometric payments, and e-commerce.
Visa (NYSE: V) is the global leader in digital payments, annually enabling payment transactions between consumers, businesses, financial institutions, and governments in more than 200 countries and territories. Visa's mission is to connect the world through the most innovative, reliable, and secure payment network, empowering individuals, businesses, and economies to thrive. At Visa, we believe an inclusive economy empowers everyone, everywhere, and we see accessibility as the foundation of the future of money.
Twelve of the 17 banks operating in Armenia issue and service Visa cards. According to the Central Bank of Armenia, as of December 31, 2025, there were 2.7 million Visa cards in circulation in the country, accounting for 54% of the total number of payment cards in circulation (over 5 million). Year-on-year, the number of these cards increased by 22%, or 480,600 cards. This supported the double-digit annual growth rate of the total number of cards in Armenia at 16%.
According to Issue #32 of the analytical review "Armenian Banks in the Card Business" (based on the results of the first nine months of 2025), prepared by ArmInfo Investment Company, the top 5 banks by number of active Visa cards are Ameriabank, IDBank, Acba Bank, Ardshinbank, and Converse Bank, which together hold 1.7 million cards, or 68% of the total number of Visa cards. Four Armenian banks- ArmSwissBank, Artsakhbank, Byblos Bank Armenia, and Mellat Bank-have not issued and will not issue Visa cards. VTB Bank (Armenia) suspended issuing Visa and Mastercard cards effective November 3, 2023.
