Georgian central bank applies for country's membership in single euro payment area
The application for membership is reviewed by the European Payments Council, with its next session scheduled for November. Photo: Nino Alavidze/Agenda.ge
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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.
"Georgia is the first country in the [South Caucasus] region to apply for joining the SEPA [...]", the bank announced, pointing out the membership would benefit the credibility of Georgia's financial sector in the international arena, simplify trade relations with the European economic area, and provide Georgian citizens with simplified and cheaper services.
The NBG also stressed the significance of the latter point considering the "growing trend of remittances from EU countries".
The application for membership is reviewed by the European Payments Council, with its next session scheduled for November.
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.
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.
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.
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.
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.
With the involvement of experts from the World Bank, the national bank of Georgia has developed new transparency requirements for financial organisations operating in the country in a bid to ensure transparency of prices of financial products sold in combination and encourage competition in the market, the NBG said on Tuesday.
Revolut, a British financial technology company offering banking services, plans to launch a simplified version of the Revolut app for Georgian customers next year to enable money transfers to more than 50 countries using over 30 currencies, the company announced on Thursday.
Turkish financial technology service platform provider United Payment has plans to enter Georgia and introduce a “wide range of innovative products and fintech services” for financial transactions, the Georgian Ministry of Economy announced on Monday.
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.
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Monday said Georgia had “all the prerequisites” to develop as a regional hub for financial technology in the Middle Corridor, a logistics route connecting China with Europe through the South Caucasus region.