Instruments
The payment order initiated by the payer is called the credit payment order. It is one of the most common payment instruments in Georgia. They are submitted by the user both in documentary and electronic form (see remote service).
A card instrument is a payment instrument, including a payment card, mobile phone, computer or other technology device that has appropriate payment application installed/integrated, and that the payer can use to initiate a card transaction. The card instrument also includes accessories equipped with card function, such as a sticker, bracelet, watch, etc.
Virtual card - a set of physical card details (at least - card number, validity period, security code), with which the client can make payments.
Payment application - software or its equivalent installed in the device, which permits to initiate a card transaction and allows the payer to give a payment order.
Contactless Card Instrument is a card instrument that transmits information through contactless transmission technology.
Contactless cards are most commonly issued in Georgia today. The simplicity and speed of payments are the advantages of the contactless card instrument.
Electronic money is a value equivalent to funds stored electronically by its issuer. Electronic money can be used to purchase goods/services as well as to transfer funds. Electronic money can be presented in different currencies.
There are several e-money providers in Georgia. They allow their users to make payments on the Internet within the balance of their e-money account, to purchase various services and products or to transfer money to another user's e-money account.
Payment service providers also offer mobile applications and prepaid cards, connected to the electronic wallet account. There may be some restrictions on prepaid cards such as its area of use, purpose, e-wallet deposit limit, cash transfer limit.
A collection order is a certain type of debit payment order, issued to the payer's bank by an entity with the pertinent rights under the legislation of Georgia. The entity issuing the collection order does not act as a payer and in some cases is not a recipient of the amount. Issuance of a collection order is allowed in strictly limited cases provided by the legislation of Georgia, such as a court decision or in case the taxpayer owes a tax debt, etc.