Georgia is taking the lead among 17 countries in Visa's Commonwealth of Independent States and South-East Europe region in terms of contactless, cashless payments, according to the company.
"Georgians appear to be very progressive in terms of adopting payment technologies and banking technologies in general," Andrei Shcherbina, Visa's director of emerging products and innovations, said, according to Financial. "It can be compared to only a very limited number of countries worldwide. Therefore, we expect for Georgia to soon become one of the leaders in cashless payment systems in the CIS&SEE region."
Transactions via payment cards have increased by more than two million as of the end of May compared to the same period last year, according to the newspaper. Citing the National Bank of Georgia, it said the total number of Visa credit and debit cards in Georgia is approximately 3.9 million.
"Georgia was the first country in the region to have launched Visa payWave contactless payments back in 2009," Shcherbina said, Financial reports. "In 2013 banks in Georgia along with merchants were actively adopting Visa contactless payments. Since then the country has become a leader in volume and number of contactless payments in the region. The Georgian market is innovative, has good perspective, and continues to demand and successfully adopt payment innovations."
- Amirbekyan of Anelik Bank wins TFP Trade Expert award
- UniCredit sells non-performing mortgage loans
- European Investment Bank lends millions to AccessBank to finance small businesses
- First Ukrainian International Bank among most transparent financial institutions in region, study says
- VTB Bank named best trade-finance bank in Russia by magazine
- AtaBank, Central Bank of Azerbaijan Republic host financial literacy event
- Richard de Keijzer named managing director for ABN AMRO Commercial Finance in the UK
- Galt & Taggart named Best Investment Bank in Georgia by Global Finance magazine
- Armeconombank customers can repay loans via Idram, EasyPay terminals
- Kapital Bank joins American Bankers Association