The National Bank of Georgia (NBG) issued a statement to clarify the activities of payment systems Visa and Mastercard in Georgia. It said that the reports on their alleged restrictions served as disinformation.
“We would like to address the misinformation circulating in various media outlets suggesting that the activities of payment systems Visa and Mastercard are being restricted in Georgia.
First and foremost, this claim is false and represents a misinterpretation of facts. It does not reflect reality.
One of the key functions of the National Bank of Georgia (NBG) is to ensure the safe, stable, and efficient operation of the country’s payment system. To fulfill this mandate, the NBG actively works to develop the national payment infrastructure, enhance accessibility, improve efficiency and security, and foster a competitive environment. This includes drafting legislative proposals and collaborating with leading global technology firms, including international card networks such as Visa and Mastercard.
Visa and Mastercard have been operating in Georgia for over 25 years and have played a significant role in advancing the country’s payment ecosystem. Their contributions have been instrumental in driving the growth of cashless transactions. Through ongoing cooperation with these companies, innovative products-including cross-border transfer services-are continuously introduced.
At the same time, the evolution of financial technologies has enabled traditional payment systems to enhance their efficiency. In particular, next-generation instant payment systems-which do not rely on physical cards-have been implemented in more than 120 countries. These systems offer users a payment experience similar to card transactions, often with additional benefits such as lower transaction costs and instant fund availability for recipients.
Recognizing this global trend, the NBG, in partnership with the World Bank, began working on the introduction of an instant payment system several years ago. This system is set to launch in Georgia in the second half of 2026. Additionally, it will further support the expansion of Open Banking services, which are already offered by fintech companies registered with the NBG as payment service providers.
It is important to note that the establishment of non-bank payment service providers and the promotion of Open Banking were part of Georgia’s commitments under its Association Agreement with the European Union, fully implemented through legislative amendments in 2022. The synergy between instant payments and Open Banking will enable consumers and businesses to access more tailored and cost-effective financial services. While Georgia has a well-developed card payment infrastructure, small businesses often face high service fees, limiting their access to electronic transactions. The introduction of an instant payment system-alongside fintech innovations-will significantly improve financial inclusion for this segment.
Moreover, the new system will be built in compliance with international standards and will be compatible with Single Euro Payments Area (SEPA) schemes. This will facilitate Georgia’s integration into the European payment system once the country joins SEPA.
To reiterate, both traditional card payment systems (Visa, Mastercard, American Express) and non-card instant payment systems will continue to operate in Georgia, just as they do in leading economies worldwide. This parallel coexistence will foster greater competition in the payments sector, providing consumers with a broader range of choices,” reads the statement.
