Georgian Payment Ecosystem


    Payment systemspayment channelspayment instrumentspayment service providerspayment system operators, Fintech companies and consumers create Georgia’s payment ecosystem, that works by general rules and standard procedures, ensures the movement of funds within the economy.




    1997 - Electronic payment is launched between the National Bank of Georgia and commercial banks. Unified formats and standards are introduced.


    1997 - Commercial banks join SWIFT.


    1997 – Georgian Card JSC, first private card processing company is established.


    1997 - The first local payment card is released.


    1998 - The first international VISA card is out.


    1999 - The first International Mastercard is issued.


    2000 - The first bank-client software is introduced.


    2001 - The first interbank payment system (real-time gross settlements system) is introduced with the support of international financial organizations (IMF and USAID).


    2001 - United Financial Corporation JSC, a card processing center is established.


    2001 - The first SMS-based remote service is introduced.


    2002 - The first Internet Banking is introduced.


    2003 - From this year, the information between the participants of the RTGS system (National Bank and commercial banks) is only in electronic form.


    2004 - Starting this year, all social assistance (pensions, IDP benefits, etc.) and salaries of public servants are gradually paid through the channels of banks and other credit institutions. In order to provide these benefits/salaries, the banks produce a payment card for the customers. They no longer need to go to a specific service center, but can withdraw their money from an ATM (service center) or make a payment at any card service point. This fact boosts the development of card payments.


    2005 - Telephone remote service is introduced.


    2007 - From April this year, the Treasury Service of the Ministry of Finance joins the RTGS system as a direct participant.


    2008 - The first mobile application is launched.


    2009 - The first contactless card is issued.


    2010 - On December 3, a new real-time gross settlement system (RTGS) is launched, replacing the system introduced 9 years ago. The process of introducing the new system is supported by the World Bank and USAID. Compared to the previous system, the new one offers improved and upgraded transfer processing, liquidity management tools, security and reporting for the participants. Innovative contemporary techniques of message processing are introduced. The system also offers improved systemic risk and operating day management, along with improved capacity in terms of transfer processing.


    2010 - On December 17, the first CSD system was introduced, closely integrated with the RTGS system that provided simultaneous settlement of securities and cash (DvP) and secured the liquidity needed for the RTGS system.


    2012 - The first Law on the Payment system and Payment Services was adopted, developed on the basis of 4 Eurodirectives settlement finality, payment services, electronic money and financial collateral directives).


    2012 - The first non-bank payment service provider was registered with the National Bank of Georgia.