In 2025, Tareq Muhmood was appointed Visa’s new Regional President for Central and Eastern Europe, the Middle East, and Africa (CEMEA), the company’s fastest-growing region, spanning 86 diverse and dynamic markets. During his first official visit to Georgia, Muhmood spoke with BMG about the country’s digital evolution and strategic regional role, the new era of AI commerce, and the future of money.
1. You lead Central and Eastern Europe, Middle East & Africa (CEMEA), Visa’s fastest‑growing region. What defines this moment for payments across the region?
We are at a pivotal moment in how people across CEMEA pay and get paid. Technology innovation, shifting consumer expectations, and strong public–private collaboration are reshaping how individuals and businesses interact with the world — including the nature of commerce. In 2026, for the first time in history, half of all global consumer payments are projected to be made with card credentials. In CEMEA, cash’s share of personal consumption has fallen from 80% to 60% in just five years, indicating that digital payments are becoming the default.
Commerce itself is evolving — from face‑to‑face to e‑commerce, to mobile commerce, and now toward agentic commerce, where AI-powered agents conduct transactions on behalf of consumers. Markets with strong innovation ecosystems, consumer trust, and public–private collaboration are emerging as the leaders in this transformation.
2. This is your first official visit to Georgia. What are your impressions, and how do you see Georgia’s role within CEMEA?
This visit has been inspiring. Georgia’s culture and hospitality are exceptional, but what stands out most is the country’s ambition and openness to innovation. For Visa, Georgia is strategically important and a strong example of how a market of any size can drive meaningful impact with a clear digital vision. Georgia ranks number one globally in contactless payment penetration among more than 200 countries and territories where Visa operates.Nearly every Visa transaction in Georgia is contactless, demonstrating trust and technological maturity. The country’s growing startup community, and dynamic fintech sector, in addition to its strong banks, further reinforce its position as a regional innovation hub.
3. What partnerships has Visa built in Georgia to support this digital evolution?
Collaboration is core to Visa’s approach, and Georgia is one of the strongest examples of effective public–private partnership in CEMEA. We work closely with the National Bank of Georgia, government agencies, banks, fintechs, and technology companies. These partnerships enable us to strengthen the payments ecosystem while contributing to broader economic modernization and financial inclusion. Together with our partners, we introduce new digital payment experiences, support SMEs, and enhance domestic and cross‑border money movement. A recent example is the launch of Tap to Add Card, which allows consumers to add Visa contactless cards to digital wallets with a simple tap. Our role is to connect Georgian innovation with Visa’s global network and help unlock the benefits of a modern digital economy. This visit reaffirmed our long‑term commitment to supporting Georgia’s journey toward a cashless and innovative future.
4. Visa is advancing agentic commerce. How will AI‑powered shopping shape the future, and what does it mean for Georgia?
We are moving into a new era of commerce. After face‑to‑face, e‑commerce, and mobile commerce, the next stage is agentic commerce — where AI agents can purchase on behalf of consumers. Imagine a “Buy for Me” button within a conversational AI app. Once activated, three things happen: the agent uses tokenized and authenticated payment credentials; it learns preferences using secure data inputs; and the consumer defines the rules — such as spending limits, categories, or preferred merchants. To support this future, Visa launched Intelligent Commerce and the Trusted Agent Protocol, enabling secure interaction between AI agents and merchants. Recently, we partnered with Aldar to complete the region’s first voice‑enabled agentic payment. As global brands invest in AI‑driven shopping, momentum will accelerate in 2026. With its strong fintech ecosystem, Georgia is well positioned to be an early adopter, and Visa is committed to supporting this evolution.
5. With AI driving new fraud risks, how is Visa helping to protect Georgian consumers and businesses?
Fraud is becoming more complex, shifting from stolen transactions to stolen identities, with generative AI enabling deepfakes, synthetic identities, and advanced scams. Trust is central to Visa’s mission. In 2025, we connected 4.9 billion credentials and processed 257.5 billion transactions globally. Visa has issued over 16 billion tokens globally, replacing sensitive card details with secure digital identifiers; Visa Token Service has been active in Georgia since 2016. We have invested $13 billion in technology and infrastructure over the past five years to maintain historically low fraud levels. Visa deploys over 100 AI models to detect fraud, and our Visa Scam Disruption team prevented more than $1 billion in attempted fraud in its first year. Tools such as Visa Payment Passkey — enabling biometric authentication — and deeper industry collaboration will be increasingly essential. Georgian consumers are vigilant, as shown in our 2025 Stay Secure report, and together with partners we will continue strengthening protections.
6. Consumer expectations in Georgia and the region are rising rapidly. How should banks and merchants respond?
Consumers increasingly expect hyper‑personalized experiences — to be treated as a segment of one. Delivering this requires trust and agility. Tokenization enables banks and merchants to gain insights while protecting sensitive data. Speed is equally important; consumers now switch providers quickly based on the quality and timeliness of digital experiences. Financial institutions need the ability to launch new features quickly and update user journeys in real time. Modern, cloud‑native platforms like Visa’s Pismo make this possible. Georgia’s digitally savvy consumers and advanced merchant ecosystem create a strong foundation. Those who modernize now will build deeper customer relationships and sustain long-term competitiveness.
7. What are your payment predictions for 2026, and how should markets like Georgia prepare?
2025 was transformative, and 2026 will accelerate this momentum. First, stablecoins — backed by fiat currency — are moving from speculative assets to trusted payment infrastructure, especially with clearer regulatory frameworks emerging across parts of CEMEA. Second, manual guest checkout is disappearing, replaced by tokenized, one‑click experiences such as Visa Click to Pay, which we plan to bring to Georgian consumers. Third, 2026 is expected to be the first year in which half of all global consumer payments are made with card credentials. We also expect rapid digitization of B2B payments, wider adoption of digital payments by micro‑merchants, and continued innovation in digital wallets and value‑added services. For Georgia, the message is clear: with strong digital adoption, high trust levels, and a thriving fintech ecosystem, the country is well positioned to scale innovation. Visa is proud to support Georgia in building an economy that works for everyone as the next wave of payment innovation takes shape.
