New regulations to improve payment system in Georgia

Georgia is taking actions to strengthen confidence in relationships between payment service providers and the customers and ensure the financial transactions are quick, safe and reliable for them.

Georgia has an extensive network of payment service providers such as commercial banks, micro-financing organisations and companies that allow customers of communication, utilities, banking and other services to quickly and effortlessly pay bills and make transactions both online and on the street-level.

New regulations adopted by the National Bank of Georgia (NBG) will come into effect starting on March 16, many of which aim to provide for transparency and customers’ rights protection.

Payment service providers will be obliged to respond and react to customers’ complains within seven working days.

This will ensure the timely resolution of service-related issues, explained the NBG.

The new regulations will also concern the registration of payment service providers.

Improving the legislative framework for the payment service providers was one of the obligations set for Georgia within the Association Agreement (AA) signed with the European Union (EU) in June of 2014.

The NBG further commented on the structure of payment systems in the country, naming them the "prerequisite for the smooth functioning of the financial and money markets that support the stability and efficiency of the Georgian economy”.