Georgia prepares to join Single Euro Payments Area - PM
Three bills will be sent today to the Georgian Parliament for approval to reflect related amendments in the legislation, PM Garibashvili noted, adding “this will be a great benefit for our citizens". Photo: PaymentsCM LLP
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Georgian customers will be able to make cashless Euro payments via credit transfer and direct debit anywhere in the European Union as well as a number of non-EU countries, with the country preparing to join the Single Euro Payments Area, Prime Minister Irakli Garibashvili announced on Monday.
Three bills will be sent today to the Georgian Parliament for approval to reflect related amendments in the legislation, Garibashvili noted, adding “this will be a great benefit for our citizens".
SEPA was introduced for credit transfers in 2008, followed by direct debits in 2009. The system was fully implemented by 2014 in the Euro area and by 2016 in non-Euro area countries that are members of the platform.
It is available in 36 countries that include 27 EU member states plus the United Kingdom, Iceland, Norway, Liechtenstein, Switzerland, Monaco, San Marino, Andorra and Vatican City State.
Georgia takes the first place globally in terms of the percentage of contactless payments in domestic transactions followed by Australia, Czech Republic, Hungary and Cyprus, announced Visa earlier today.
Tbilisi City Hall is providing a cashless and more convenient payment option for passengers of category A taxis in Tbilisi for customers of the Bank of Georgia.
Georgia launches innovative cashless payments
A global payments technology company Visa is launching an innovative Visa Token Service in Georgia in a bid to provide a secure environment and help drive innovation in online and mobile commerce.
Georgia is the leading nation among more than a dozen countries in the Commonwealth of Independent States (CIS) and South-East Europe (SSE) region to embrace a contactless payment service where users can pay for a product in a matter of seconds.
The Government of Georgia has supported three amendments in the country's financial legislation to facilitate the country joining the Single Euro Payments Area, the Ministry of Economy announced on Monday.
The National Bank of Georgia on Tuesday submitted an application for the country’s membership in the single euro payments area, which would make cross-border payments in the currency as simple as national payments.
The United States Agency for International Development and Visa are starting a new partnership aiming at supporting the strengthening of Georgian-based small and medium-sized businesses and the digitisation of their activities.
The “deepening” bilateral cooperation between Georgia and France, and the French Government’s support for Georgia’s European perspective were discussed on Monday in a meeting between Natia Turnava, the Acting Governor of the National Bank of Georgia, and Sheraz Gasri, the French Ambassador to the country.