Visa supports increase in PIN-free contactless transactions
Visa Easy Payment Service limit increase to 160 GEL allows consumers to simply and securely tap-to-pay for larger purchases without the need to enter a PIN.
Tbilisi, Georgia – 13 April 2020 — Visa (NYSE: V) today announced it is supporting an increase in the Card Verification Method limit to 160 GEL in Georgia, allowing consumers to simply tap-to-pay using their card, mobile phone or contactless wearable device for larger purchases. The increased PIN-free limit is a 60% increase from the previous amount of 100 GEL, giving Georgian consumers even more convenience for more everyday transactions.
Contactless technology provides the fastest, most convenient and highly secure way to pay for both consumers and merchants, enabling simple ‘tap’ payments. With more than 95% of transactions in Georgia[1] already made with contactless, the increase will continue to improve consumers’ shopping experience.
“In terms of payments Georgia has been developing as a contactless country and today is globally #1 in terms of contactless penetration in domestic face-to-face transactions[2]. When consumers tap-to-pay they love the smooth, fast and secure experience, and we know that people want to use contactless to shop now more than ever,” said Cristina Doros, Visa’s country manager for the Caucasus region. “We are committed to driving innovation and offering consumers and merchants the best way to pay, and are looking forward to supporting the further growth of highly secure contactless technology by increasing PIN – free payment limits in Georgia.”
When paying by digital using your smartphone or smart watch, the PIN code is not required for a transaction for any amount.
In addition to convenience, contactless cards using Visa Easy Payment Service experience some of the lowest fraud rates of any type of payment, and fraud rates at point-of-sale remain at historic lows in countries where contactless payments are widely used.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit usa.visa.com/about-visa, www.visasoutheasteurope.com, https://www.facebook.com/VisaGeorgiaGE
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New Visa and Emerging Europe survey reveals women entrepreneurs want to develop their digital skills and take their businesses international
Results of recent research in Eastern and Southeastern Europe, Central Asia and the Caucasus- conducted by Emerging Europe as part of the She’s NextEmpowered by Visa campaign - show female leaders in the region have a keen interest in digital marketing and social media and are willing to expand their businesses internationally. The survey proves women entrepreneurs in Georgia tend to acquire additional funding
Tbilisi, March 1, 2023 – Visa today announced the results of research into female leadership and entrepreneurship in Eastern and Southeastern Europe, Central Asia & the Caucasus conducted by Emerging Europe, a prominent growth hub with expertise in the region, as part of the She’s Next initiative.
The extensive study comprised an online survey of 2,000 business owners or self-employed women in 11 countries, including Georgia, 75 in-depth interviews and focus groups. The findings provide a thorough profile of the average female entrepreneur from the region and will allow stakeholders to understand the struggles and challenges faced by women as they pursue their careers.
“As one of our interviewees said, it is harder for women to raise funds. It is harder in Silicon Valley. It is harder in her country of Armenia. And raising funds is only one of multiple challenges that female entrepreneurs are facing,” said Andrew Wrobel, Founding Partner of Emerging Europe. “In this research, we wanted to explore female entrepreneurship as deep as possible and understand all potential obstacles that might influence the businesses and start-ups women create. We also wanted to explore their needs, as well as potential solutions that could empower them and help their businesses thrive and grow internationally.”
Overall, most women-owned businesses in Eastern and Southeastern Europe, Central Asia and the Caucasus (84 per cent) don’t cross international borders, but female entrepreneurs are willing to learn about doing business abroad.
The leading sectors where women-owned businesses operate are beauty and wellness (17 per cent), retail (12 per cent), agriculture and food (12 per cent), education (eight per cent) and PR and marketing (seven percent). Two-thirds of female entrepreneurs do not use external financing, while three-quarters do not have any employees. Some 35 per cent of women-owned businesses in the region were set up with an investment of less than 1,000 US dollars. Only one in 10 women employs more than 5 people.
“From its start in 2019, the She’s Next programme was all about empowering female leaders and local communities and helping them thrive,” said Vira Platonova, Visa Senior Vice President and Group Country Manager for 17 countries. “That is why it is very important for Visa to learn about the specific needs and concerns of women entrepreneurs in the countries where the initiative is active. We are happy to see female leaders of Georgia and the whole region of Eastern and Southeastern Europe, Central Asia and the Caucasus gradually transition to e-commerce and enjoy convenient and reliable digital payments. We will use the results of the research to bring many more initiatives promoting gender inclusivity in the region.”
Key takeaways
- Women strive for professional and financial independence. The main sources of motivation for women to start their business are a desire to increase income (50 per cent), willingness to work for themselves (31 per cent) and fulfillment of a dream (21 per cent). In Georgia, the main motivation of women entrepreneurs is to increase their income (55 per cent).
- Female entrepreneurs care about their business and private lives almost equally. Respondents named business failure (29 per cent), a worsening financial situation (27 per cent) and neglect of family and children (25 per cent) among their biggest concerns. Women in Georgia are mostly concerned about business failure (41 per cent).
- Women-owned businesses struggle to survive competition and raise funding. Female entrepreneurs tend to face such challenges as high competition (40 per cent), raising capital (32 per cent), and unfavorable business conditions (31 per cent). Respondents in Georgia said that the biggest challenges of setting up and running a business in their country were high competition (36 per cent) followed by obtaining investments and financing (36 per cent).
- Female entrepreneurs want to learn about doing business online. The primary skills that respondents are willing to obtain are strategies to acquire additional funding (47 per cent), digital marketing and social media (37 per cent), e-commerce (24 per cent) and international business development (21 per cent). In Georgia, the most popular skills to be improved are obtaining additional financing (52 per cent), followed by e-marketing and management of social networks (42 per cent) and development of international business (25 per cent).
- Women-owned businesses stick to cash when paying employees and suppliers but tend to install POS terminals for customers. 42 per cent of female entrepreneurs pay their employees and suppliers in cash, while 37 per cent prefer card payments. For Georgia, those numbers are 22 per cent, who pay in cash and 45 per cent choose card payments. When it comes to customers, electronic payments are far more popular: 37 per cent of respondents named card payments the most frequent method to pay for their goods and services and 42 per cent said they prefer their customers to pay them by card. In comparison, 35 per cent of female entrepreneurs said their customers paid in cash more often, and only 28 per cent prefer clients to stick to cash. In Georgia 40 per cent choose card payments, only 29 per cent select cash.
The next stage of the Visa and Emerging Europe partnership — which has the ambitious goal of uniting female entrepreneurs throughout the region within the She’s Next community — is to provide them with a platform to communicate, mentor, exchange experiences, and expand the horizons of their businesses.
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About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating payments transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at visa.com.ge
About Emerging Europe
Emerging Europe is a London-based growth hub that empowers public and private organisations to grow and expand internationally. Our mission is to foster sustainable growth in emerging Europe. We are a go-to partner for those looking to navigate or grow in the region. Through in-depth analysis, market intelligence, research, programmes and engaging content we help businesses, governments, and civil society organisations thrive. We provide them with targeted insight, access to key stakeholders and data to make the right business decisions. Our online platform, Emerging Europe, is the world’s most prominent source of English-language analysis about the region.
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Visa: Georgia ranks 1st in contactless payments penetration globally
Tbilisi, Georgia, February 1, 2023– Georgia comes first in contactless payments penetration worldwide, the latest update of VisaNet data revealed.
The updated ranking saw Georgia being followed by Australia and Hungary among more than 200 countries and territories, where Visa operates. Georgia has been confidently taking the leading position in utilizing fast and secure contactless payment methods in recent years, including card tapping or payments made by smartphones, watches and other gadgets. Almost ten out of ten transactions using Visa cards in Georgia have been contactless, according to VisaNet recent data.
Visa as a world leader in digital payments, unremittingly continues driving innovative technologies in all the countries it covers through its fixed agenda to uplift everyone everywhere. Over many years, Visa has been cooperating with a number of financial institutions, merchants and governmental organizations in Georgia to shape the most up-to-date payment ecosystem and drive a cashless economy.
“This impressive achievement of Georgia makes us extremely proud at Visa. Claiming the first place in contactless payments penetration worldwide manifests the readiness of Georgian Visa cardholders to make safe, fast, and convenient payments. I would like to congratulate our cardholders and partners on this success. It also solidifies our unwavering imperative of facilitating digital payment ecosystem development in Georgia. In one way, it shows the result of our years-long efforts, and in the other way, it motivates us to get on. Overall, Georgia’s preparedness to accept all the technological advancement Visa can proffer stands out a mile,” – Diana Kiguradze, Visa Country Manager for the Caucasus region said.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.ge
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USAID and Visa starting a new partnership aiming at supporting SME Development and Strengthening Digital Ecosystem in Georgia
November 4, 2022, 10:15am, HotelPullmanTbilisi – the USAID Economic Security Program and Visa signed a memorandum of understanding for starting a new partnership aiming at supporting the strengthening of small and medium-sized businesses and the digitization of their activities, inclusive economic growth and extension of digital capabilities and access for citizens.
As part of the framework of cooperation, the USAID Economic Security Program and Visa will develop and implement joint programs that will focus on digital transformation, enhancement of digital literacy with specific focus on micro and small entrepreneurs, as well as on the economic empowerment of women and the integration of vulnerable groups.
“We are delighted to launch cooperation between the USAID Economic Security Program and Visa to facilitate the strengthening and development of the country’s digital economy. Visa has global and long-standing experience in the digitalization of the economy, economic empowerment of women and support of financial technology and E-Commerce, all of which are also core values of USAID. The partnership will enable Georgian companies to implement smart digital solutions to achieve development goals and connect with the international market,” Mark McCord, Chief of Party of the USAID Economic Security Program said.
„Today we are taking the partnership between Visa and the USAID Economic Security Program to a new level, to drive Georgia to the digital future. The expertise of both Visa and USAID Program will enable us to facilitate the digitalization of the country’s economy. For years Visa has been actively cooperating with the Government of Georgia, banks, financial institutions and donor organizations to assist the country’s advancement in terms of contactless penetrations worldwide. Strong multicultural organizations such as Visa and USAID play significant roles in bringing communities together and making progress, so I truly believe that our cooperation with USAID will contributes to Georgia’s economic advancement and bring value in coordination to your beautiful country, Georgia,“ Salvador Perez-Galindo, Senior Vice President, Head of Government Engagement for Visa CEMEA stated.
“We at Visa are extremely honoured to sign Memorandum of Understanding with USAID Economic Security Program and are looking forward to our fruitful collaboration in various fields. The document envisages four strategic directions, namely women entrepreneurs’ economic empowerment, SME development and digitalization, FinTech and E-Commerce. I truly believe that the deepened partnership would enable us to further support and achieve a long-term positive effect of our mutual work for society,” Diana Kiguradze, Visa Country Manager for the Caucasus region said.
The partnership between the USAID Economic Security Program and Visa will facilitate the extension of E-Commerce, financial inclusion and transactions, positioning Georgia as a regional hub and a safe place for investment.
About USAID
About USAID in Georgia: USAID is the world's premier international development agency and a catalytic actor driving development results. Over 30 years of partnership with Georgia, USAID has supported the country’s transformation into a developing democracy that is increasingly integrated into Western political, security, and economic institutions. Today, more than 35 USAID programs strengthen Georgia's resilience to malign influence, consolidate democratic gains through enhanced citizen responsive governance, and enable high-value employment through increased economic growth. For more information, please visit: https://www.usaid.gov/georgia
About the USAID Economic Security Program: a 5-year $23 million project funded by the United States Agency for International Development (USAID) and implemented by DAI Global. The program is aimed at accelerating the broad-based growth of sectors outside of agriculture that show strong potential to create jobs, generate investment, and increase micro, small, and medium enterprise (MSME) revenues. For more information, please visit: https://www.facebook.com/EconSecProgram
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating payments transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.ge
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Visa Partners Business Federation “Women for Tomorrow” and Announces Business Contest within She’s Next, Empowered by Visa in Georgia
Tbilisi, September 21, 2022 – Visa launches the third wave of She’s Next, Empowered by Visa in Georgia and in partnership with Business Federation Women for Tomorrow announces a public business contest for women entrepreneurs in Georgia. Women entrepreneurs are invited to share their business ideas in the competition for free mentoring sessions and money prizes, namely the first-place winner will be awarded with 25 000 Gel and the second-place winner with 15 000.
The contest is conducted in the form of Visa elevator pitch under the She’s Next, Empowered by Visa global initiative in Georgia designed for women, who have interesting business ideas or already run their own personal business, hold the position of a CEO or representative of a small or medium-size business, or be the founder of a startup company.[1]
“I am proud, that Visa established the tradition in Georgia of continuing support of female SMBs within the global initiative She’s Next, Empowered by Visa. We are extremely happy to announce the third wave of the campaign and conduct the joint contest with w4t, aiming to empower women entrepreneurs in Georgia. Within the contest, we invite women, who lead startup, or have an interesting business idea, eager to learn pitching techniques for allocating solid money prizes. I strongly encourage each and every woman, aspiring to put down roots in the world of business,to take part in this promising initiative and become part of the She’s Next” - said Diana KiguradzeVisa Country Manager for the Caucasus region.
„It is an honor for Women for Tomorrow to be part of the global initiative - She’s Next empowered By Visa since 2020 and support women entrepreneurs to boost their business knowledge and expertise and achieve economic independence. We are proud, to launch the business contest in partnership with Visa and announce the call, where only women start-upers and entrepreneurs are able to register, present their business idea, advance in pitching and presentation skills and compete for the financial support aiming to increase their progress and development. We encourage every woman from all over Georgia to participate in the program, make an opportunity to challenge yourself to become a winner Wish you the best of luck! – noted Nina Kobakhidze Chair of the Board of the Business Federation Women for Tomorrow.
The competition will be held in three stages:
- Application process[2], an independent jury will first check if each application meets all eligibility criteria and will be followed by the selection of TOP 10 most successful and highly promising women entrepreneurs who will be granted to access free mentoring consulting sessions.
- Mentoring Sessions, the TOP 10 female SMEs will undertake two-day free consulting sessions, be assisted by the field experts to learn pitching techniques and create effective presentation to attract investments and develop their business.
- Visa Elevator Pitch Day and Award Ceremony, at the third and final stage of the competition, the TOP 10 candidates will be required to pitch a business idea (in the form of Elevator pitch) in 90 seconds in front of jury. 2 winners will be selected by a professional jury on the same day. The first-place winner will be awarded with 25 000 Gel and the second-place winner with 15 000 Gel.
Interested candidates should carefully read rules of the contest and complete the application form, include a letter of motivation in Georgian and submitted by the link it by 10 October 2022.
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Visa (NYSE: V) is a world leader in digital payments, facilitating payments transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.ge
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Visa along with USAID Economic Security Program announces ICT Champion category winner of the Grace Hopper Award Program in Georgia
Tbilisi, June 10, 2022 – Today, Visa in partnership with USAID Economic Security Program in Georgia distinguished Nana Dikhaminjia as a winner of the ICT Champion category and awarded with special money prize - 5 thousand Gel. Visa, as supporter organization joined the Grace Hopper Award Program in Georgia, founded by the USAID Economic Security Program in partnership with TBC Bank and UN Women. The award ceremony of the program was held on June 10 and recognized the winners in six categories of the contest.
The winner of the ICT Champion category, Director of Digital Transformation Center at the Alte University - Nana Dikhaminjia is actively working in educational field and makes a special contribution to strengthening the role of women in the field of information and communication technologies.
The ICT Champion Award is a special nomination, that recognizes the most accomplished professionals and changemakers in the field of ICT who are making a significant impact within the organization, the community, or the country regardless of the type of sector they represent whether it’s education, private sector, government, consulting, or non-profit.
“We are thrilled to award Nana Dikhaminjia as the winner of the ICT Champion category. Being part of the Grace Hopper Award program corresponds our priorities to support women in tech and innovations, and advance them on a global level. Our team believes, that the winner receives our strong support and becomes a member of our big network. I am extremely happy to hand over special money prize 5 thousand Gel to Nana as our contribution in active work she does. I would like to thank to organizers for giving as an opportunity to support and empower women community in the country.” – noted Diana Kiguradze, Visa Regional Manager for Caucasus region and one of the members of the jury of established professionals assessing the nominations of the program.
Engaging as a supporter organization in the Grace Hopper Award Program and awarding the ICT Champion category winner is another step forward for Visa in its efforts of supporting women, advancement of innovations and also, contributing to development of an equal society. All three directions are an integral part of Visa’s mission to connect the world through the most innovative, convenient, reliable and secure payments network enabling individuals, businesses and economies to thrive.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.ge
