According to the decree of the National Bank of Georgia on June 15, 2023, Paysera Bank Georgia JSC successfully completed the test mode and received the right to provide customer service in real mode.
Paysera Bank Georgia JSC is the first digital banking license holder bank in Georgia, whose license was issued by the National Bank of Georgia on November 17, 2022, based on the principles of digital banking licensing. It combines and offers its customers the best European fintech products and services defined by the license of the commercial bank of Georgia.
Exclusively in Georgia, Paysera Bank Georgia will offer its customers payments in the countries of the European Economic Area (EEA) with the Single Euro Payment Area system (SEPA & SEPA Instant). And outside the EEA, payments in euros will be possible using the TARGET2 system.
As of 2023, SEPA unites 36 countries: all member states of the European Union, 3 countries of the European Economic Area (Norway, Liechtenstein, Iceland), as well as Monaco, Switzerland and the United Kingdom, and more than 52,000 banks from more than 180 countries of the world are involved in the TARGET2 system.
By offering the Single Euro Payment System (SEPA) and the Georgian National Payment System (RTGS) in one space, Paysera Bank Georgia practically combines these two payment systems and gives Georgian customers the opportunity to use both systems without restrictions.
As Dimitry Kumsishvili, General Director of Paysera Bank of Georgia told IPN, the bank can give customers the chance to open European and Georgian International Bank Accounts (IBAN) in one space and offer them an unprecedentedly low operating rate.
"We have passed very important stages, I would like to thank all the participants of the process: the team of the National Bank of Georgia, who worked tirelessly in the part of helping us to adapt products and processes, as well as the Georgian and international team of Paysera.
Through the promotion of the innovative business models of the National Bank of Georgia and our private initiative, the Georgian consumer is becoming a part of the SEPA system, which means that from today, payments in Euros are as easy as in GEL, and transactions up to EUR 100,000 will be carried out 24/7 if the receiving bank is also involved in SEPA. We will play an important role in bringing our country closer to the European family.
As a digital bank, the main channels of our services will, of course, be our Paysera Supper App and Internet Bank, however, we have one branch in Tbilisi on Akaki Tsereteli Avenue 2/4, where we will also serve customers for whom we will start opening accounts from June 26.
During 2023, we will offer many interesting banking operational products to our customers, and it is planned to offer credit products from 2024. Paysera Bank Georgia will be a place of limitless European opportunities for Georgian customers.
As for the fee, I will say one thing right now: the transfer to EUR in Europe will cost only 7 euros, both for individuals and legal entities.
I can confidently say that Paysera Bank Georgia was able to integrate a part of Georgia with the European financial system,” - said Dimitry Kumsishvili.
From June 26, Georgian users will have the opportunity to use the Paysera Supper App, where you will find a wide selection of products for both individuals and legal entities.
