National Bank of Georgia addresses misinformation over Visa, Mastercard operations

National Bank of Georgia on Friday addressed the misinformation circulating in various media outlets suggesting that the activities of payment systems Visa and Mastercard were being restricted in the country.

The Bank unequivocally stated that claims suggesting any restriction on the activities of Visa and Mastercard in Georgia were false and represented a misinterpretation of facts, stressing that these claims were not reflecting the reality of the situation.

“One of the key functions of the National Bank of Georgia 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”, the statement said.

The Bank further mentioned that Visa and Mastercard had been operating in Georgia for over 25 years and had 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”, the Bank noted.

“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”, the statement continued.

The National Bank of Georgia further emphasised that a few years ago, the National Bank of Georgia, in partnership with the World Bank, had initiated a project to introduce an instant payment system in Georgia.

“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”, the statement pointed out.

“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”, the NGB added.

The statement also stressed that the new system would be built in compliance with international standards and would be compatible with Single Euro Payments Area schemes, noting that this would facilitate Georgia’s integration into the European payment system once the country joins SEPA.

The NGB reiterated that both traditional card payment systems (Visa, Mastercard, American Express) and non-card instant payment systems would continue to operate in Georgia, just as they did in leading economies worldwide, and further added that this parallel coexistence would foster greater competition in the payments sector, providing consumers with a broader range of choices.