The head of the Fintech Association says planned changes in Georgia’s payment services market, including the introduction of universal cash registers, are expected to reduce operating costs for retail businesses.
Speaking to BMG, David Kikvidze said the rollout of a “smart routing” system based on European standards would allow merchants to avoid multiple contracts with different banks and lower POS terminal-related expenses.
He explained that the new system would likely introduce a single universal terminal capable of processing all types of card payments, which could also increase competition by attracting both local providers and international vendors to the market. Kikvidze noted that the tender is expected to be highly competitive due to growing demand for digital payments in Georgia.
According to him, the reform could also have a broader impact on pricing, as reduced payment processing costs may eventually be reflected in lower consumer prices. Under the proposed legislative changes, a unified cash register system combining POS terminals and cash registers is expected to be introduced, alongside a cap on interchange fees of 0.3% for card transactions.
