NBG announces on VISA/MASTERCARD issue
GBC offers the full statement of the National Bank of Georgia:"We
would like to respond to the misinformation spread in various media
outlets that it is planned to restrict the activities of payment
systems - VISA and MASTERCARD in Georgia.First of all, we would like
to clarify that this is disinformation and an attempt to misinterpret
real facts, which do not correspond to reality.One of the functions of
the National Bank of Georgia is to promote the safe, sustainable and
effective functioning of the payment system.To fulfill this function,
the National Bank constantly cares for the development of the
country's payment system, improving its accessibility, efficiency,
security, as well as creating a competitive environment in this
regard. In particular, the National Bank itself develops the payment
infrastructure, prepares proposals for legislative amendments, and
also cooperates with the world's leading technology companies,
including international card systems Visa and Mastercard.The
above-mentioned companies have been represented in Georgia for more
than 25 years and have made a great contribution to the development of
the country's payment sector, which was one of the main drivers of the
growth of non-cash payments in Georgia. Within the framework of
cooperation with Visa and Mastercard, new products are periodically
introduced, including cross-border transfer tools.However, the
development of financial technologies has allowed the world's leading
traditional payment systems to improve their efficiency, in
particular, a new generation system has been created - the instant
payment system, which has already been introduced in more than 120
countries. These systems work without the use of cards and have the
ability to offer the end user a payment method similar to card
payments, in certain cases with more advantages, such as the cost of
implementing the operation and immediate availability of funds to the
transfer recipient.Several years ago, the National Bank, together with
the World Bank, began working on a project to introduce an instant
payment system. This system will be available to our population and
business representatives from the second half of 2026. Moreover, this
system will further develop the so-called "Open Banking" services,
which are offered in Georgia by fintech companies registered by the
National Bank with the status of payment service providers. It should
be noted that the establishment of the Institute of Non-Bank Payment
Service Providers and the promotion of "Open Banking" services are one
of the requirements of Georgia's Association Agreement with the
European Union, which was fully implemented with legislative
amendments implemented in 2022. The synergy of instant payments and
open banking services will allow consumers and private entities to
receive services tailored to their needs and affordable. It should be
noted that despite the fairly high level of development of card
payments in Georgia, this payment method is still not widely available
to small entrepreneurs due to the high commission for its service.
"The instant payment system, in collaboration with fintech companies,
will increase the availability of electronic payments in a sector that
currently lacks this service.It should also be noted that the new
payment system will operate on the basis of international standards
and is compatible with the Single Euro Payments Area (SEPA) schemes,
which will allow us to integrate our country's payment system with the
European payment system after Georgia's accession to the SEPA
geographical area.We would like to clarify that the above-mentioned
non-card and traditional card (VISA, Master Card, American Express)
payment schemes operate in Georgia, as well as in leading countries of
the world, and will continue to operate in parallel with each other,
which will create more competition in the payment sector and provide a
wide choice of services for consumers", - NBG's statement reads.
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