Agentic Commerce, Women’s Entrepreneurship, and 2025 in Review: Interview with Visa Regional Manager

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Diana Kiguradze, Visa Regional Manager for the Caucasus and Moldova, spoke with CivilNet about Visa’s deepening commitment to Armenia, the impact of the She’s Next, Empowered by Visa initiative, the role of financial literacy, AI-driven innovation, and the priorities that will shape Visa’s strategy in the Caucasus in 2026.

1. 2025 marked a major milestone with Visa establishing its legal entity in Armenia after more than two decades of presence. What does this step represent for Visa’s long-term commitment and strategic vision in the country? 

After more than two decades in the market, establishing a legal entity in Armenia is a clear signal of Visa’s long-term confidence in the country’s digital potential. It brings us closer to our partners, enables faster local decision-making and technology deployment, and strengthens our ability to support Armenia’s transition toward a cashless economy. This milestone also reinforces our role as a leader in the country’s payment ecosystem and creates a stronger foundation for future innovation, investment, and talent growth.

Beyond infrastructure and innovation, this also enables us to better serve our cardholders. Throughout 2025, we worked closely with our partners to deliver compelling benefits through card value propositions, cashback programs, and rewards tailored to Armenian consumers. These initiatives ensure that cardholders feel valued and supported, transforming everyday purchases into rewarding experiences. 

Armenia is a dynamic and fast-growing market, where consumers and businesses are eager to adopt new technologies. With a bigger dedicated team on the ground, we will be able to introduce safer and secure money movement solutions, develop the payment infrastructure, and deliver greater value to our partners and clients.

2. Your role expanded last year to include Moldova alongside the Caucasus region. How does this broader regional responsibility shape your strategic approach?

Adding Moldova to my responsibilities alongside Armenia and Georgia creates an opportunity to connect markets that share similar digital transformation journeys. These countries have digitally savvy populations and a strong appetite for innovation, where targeted support can unlock significant potential.

This broader regional scope also allows us to create synergies by transferring best practices and insights between the three countries. It also strengthens Visa’s presence across emerging markets by ensuring our strategies are locally relevant while still aligned with a global vision.

3. She’s Next has been successfully implemented in several markets, and Armenia is among the countries where the initiative has already created strong interest. Why is this program important for the Armenian market?

Female entrepreneurship is a vital driver of Armenia’s economic growth, yet women remain significantly underrepresented in business ownership. 

While women make up the majority of the population, only 28% of local businesses have women among their owners, and access to finance remains a key barrier. The financing gap for women-led SMEs in the country exceeds 2% of GDP, representing a significant missed opportunity for the economy.

This is exactly the challenge She’s Next is designed to address. The initiative focuses on strengthening skills, increasing visibility, and helping women entrepreneurs overcome structural barriers to growth, particularly in accessing funding and professional networks. By emphasizing practical, real-world capabilities and market readiness, She’s Next aligns closely with the needs of women entrepreneurs in Armenia and supports the development of a more inclusive and competitive business ecosystem.

4. How do financial literacy, empowerment programs like She’s Next, and Visa’s broader social impact agenda intersect in supporting women and small businesses? 

Financial literacy is the foundation of entrepreneurial confidence and resilience. Many entrepreneurs—especially early-stage, micro, and women-led businesses—still have misconceptions about digital payments and managing cash flow. Addressing these fears through awareness is essential.

At Visa, we see the greatest impact when education, mentorship, and practical tools are combined. Within She’s Next, we move beyond theory, equipping entrepreneurs with actionable skills, profound resources, and real-world guidance from mentors. This integrated approach supports long-term economic participation and gender equality, contributing to Armenia’s economic prosperity. According to estimates, increasing women’s participation in the labor force could boost the country’s GDP by 4–6%.

5. Secure digital payments and fraud prevention remained major areas for Visa in 2025. What challenges do you see in Armenia’s market, and how is Visa addressing them?

As digital payments grow, awareness becomes just as important as technology. In 2025, Visa held the SecurePay campaign in Armenia to raise awareness of secure digital payments and fraud prevention, supported by a nationwide consumer survey.

The results were encouraging. Armenians tend to be cautious online—most ignore unsolicited messages and the majority have never fallen victim to scams. However, there's room for improvement, as less than half feel very confident in their ability to spot fraud. This research-driven approach helps us understand local payment habits and create education campaigns that match how people actually behave, so they can embrace digital finance with greater confidence. 

6. What technologies and AI-driven tools is Visa deploying to strengthen security for consumers and businesses? 

Security is embedded into everything we do. One of the core technologies protecting everyday payments is Visa Token Service, which replaces sensitive card data with unique tokens, significantly reducing the risk of fraud. Since tokenization was introduced in Armenia in 2020, e-commerce adoption has grown significantly, with 76% of Armenians shopping online several times a month and nearly 38% doing so several times a week.

We are also advancing digital identity through Visa Payment Passkey, which offers a safer and more convenient alternative to one-time passwords by using device biometrics for payment authentication. In parallel, AI and machine learning systems analyze millions of transactions in real time to detect and prevent fraud. Supported by $13 billion invested in technology over the past five years, these capabilities helped us block nearly twice as many fraudulent e-commerce transactions in 2025 compared to the previous year and reduce e-commerce fraud rates by 8%.

7. From AI applications to corporate payment solutions, 2025 showcased various innovations, including Visa Intelligent Commerce. What opportunities do these global technological advances create for the local market? 

The Visa Intelligent Commerce initiative marks a breakthrough in how consumers and businesses interact. The era of agentic commerce will transform how people shop and manage finances, introducing AI assistants that can search for products and complete purchases autonomously while maintaining transparency and user control. The introduction of the Trusted Agent Protocol this October further advances this vision by providing the framework for secure communication between AI agents and merchants.

For Armenia, this new chapter of commerce will bring a new level of personalization and solutions designed around real consumer and business needs. Consumers will benefit from smarter, more intuitive digital experiences. Banks will gain stronger capabilities to deliver tailored products and services, while SMEs will gain access to advanced business tools that were once reserved for large corporations. Overall, payments will become more seamless than ever before, opening vast possibilities for the country’s digital economy.

8. Which current trends in digital payments and finance do you see as most relevant for Armenia and the wider Caucasus region? 

As the Caucasus is a part of the world economy, global trends are increasingly reflected locally. One key area is the globalization of businesses, which calls for simple, swift, and efficient cross-border payments. The launch of Visa B2B Connect in Armenia is particularly important in this regard, connecting local businesses to partners in 118 countries with quicker settlement times, clear fees, and enhanced security.

As we discussed earlier, AI adoption is also accelerating. In the future, more than $1 trillion of spending is predicted to be agent-assisted, representing about 50% of total e-commerce expenditure today.

At the same time, stablecoins and blockchain-based solutions show strong potential for cross-border money movement and value storage, especially in emerging markets. In 2024, Visa processed $3.7 billion in payments from 1.9 million stablecoin-denominated cards across the globe. In 2025, we also advanced this momentum through two innovative launches: facilitating cross-border payments with stablecoin prefunding for Visa Direct and a pilot enabling payouts directly to stablecoin wallets and providing creators and gig workers with faster, more flexible access to their earnings. 

Together, these trends point to a regional financial landscape that is becoming more global, more automated, and more blockchain-enabled. For Armenia, they open opportunities to improve competitiveness, support digital-first businesses, and expand financial access across borders.

9. Looking ahead to 2026, what opportunities do you see for deepening Visa's engagement in Armenia and across the region?

This year, our focus will remain on scaling impact. This includes expanding digital payment acceptance, continuing investment in security and financial literacy, and strengthening empowerment initiatives like She’s Next, while deepening collaboration with local stakeholders.

We'll also continue prioritizing cardholder satisfaction through enhanced card benefits, loyalty programs, and targeted campaigns that recognize and reward customer engagement. Our goal is to ensure that choosing Visa means choosing not just convenience and security, but ongoing value that makes every transaction more meaningful for Armenian consumers.

By combining advanced technology with strong ecosystems and partnerships, Visa will continue supporting inclusive growth and investing in accelerating digital transformation across the region.

10. What inspired you most during 2025 in Armenia?

What impressed me most was the pace at which Armenia is embracing digital innovation and the alignment between government, fintechs, businesses, and consumers around a shared vision of a cashless, flourishing country. From the rapid adoption of digital habits to the entrepreneurial energy of the She’s Next alumni and the successful launch of platforms like Visa B2B Connect, the ecosystem is moving forward quickly. This progress makes me certain that Armenia is on a fast track to a digital future, and Visa will continue working to bring world-class innovations to the country and help unlock the next chapter of its economic transformation—one defined by ambition, resilience, and global opportunity.