Visa launches #She’sNext educational online program for Georgian women entrepreneurs

Published in Economics
Thursday, 03 September 2020 12:08

Tbilisi, September 2020– Visa, the world’s leader in digital payments, announced the launch of #She’sNext free online educational program for Georgian women entrepreneurs and small business owners in partnership with Women for Tomorrow and Forbes Woman Georgia as part of the global She’s Next initiative.

Launched in 2019 in the United States, today She’s Next, Empowered by Visa is expanding globally as a part of Visa’s ongoing commitment to support micro and small businesses overall and female entrepreneurs in particular.

Small and micro businesses are at the heart of the current economic crisis, many have been forced to close or are struggling to stay afloat. While there is a high demand for e-commerce, to further elevate the capabilities of digital payment experiences in Georgia Visa has implemented a number of initiatives for secure and widely available online payment capabilities for SMEs. Visa has launched in Georgia Visa Small Business Hub, an online platform providing tools and information on how to start, run and grow small businesses, as well as special offers from Visa partners to support SMEs.

The She’s Next campaign is designed to further empower female entrepreneurs by offering educational and networking activities for female entrepreneurs.

Within the 1st wave of Georgia’s She’s Next campaign, Visa in partnership with Forbes Woman Georgia, is launching She’s Next portal to feature stories of women in business. The stories reflect on the way She’s Next Ambassadors have gone to build their business. As a part of the educational program, Visa and Women for Tomorrow will host 4 webinars from leading business women, coaches, experts and motivational speakers in the period of September, 7-28, 2020.

Women entrepreneurs and small business owners will be able to develop their practical skills and gain knowledge in various aspects of business management, personal development, crisis management strategies, and negotiation skills. The educational program and inspiring success stories will provide the program attendees with the necessary practical tools and inspiration to create, develop and scale a competitive business in different industries and fields.

The list of speakers of the program includes: Nina Kobakhidze, Chair of the board of Business leaders’ Federation “Women for Tomorrow”; Nino Zambakhidze, Chairwoman of Georgian Farmers’ Association; Irma Daushvili, Co-Founder and General Director, DIO; Tinatin Rukhadze, Founder and General Director of the global research-consultancy company “ACT”; Tamar Kerdzaia, Rector of the European University, Natalia Toloraia, Founder and General Director, Natali Group; Rusudan Telia, Co-Founder and Executive Director of ACT Global; Ketevan Qvartskhava, Partner of the BLC Law Office.

“Small businesses are the backbone of local economies around the world. They are the biggest employers, job creators and contributors to the national GDP. At Visa, empowering female entrepreneurs is a business imperative. We support their growth and success and are committed to providing women-owned small businesses with tools, resources, insights and networking opportunities that can help them grow their businesses.” – said Cristina Doros, Visa Country Manager for the Caucasus Region. “Our educational program in Georgia as a part of the global She's Next initiative will help women acquire the necessary knowledge and skills to develop and transform their businesses. Today, small and medium-sized businesses are one of the most affected by the pandemic sectors of the economy. Such assistance is extremely important for the adaptation of business to the new reality and its further sustainable development."

“Our main objective is to enhance women’s role in our country’s economic growth and development through supporting our members in pursuing their career goals. Women for Tomorrow is a strategic driver that unites women business leaders, entrepreneurs, top-level managers, young women in leadership and companies involved in mediation with public agencies and representative bodies. Together we will be able to enhance women’s economic role by eliminating financial, social and legal barriers.” – said Nina Kobakhidze, Chair of the board of Business leaders’ Federation “Women for Tomorrow”.

#She’sNext educational program in Georgia kicks off on Monday, September 7, 11:00 with the first webinar on the topic: “Power of Leadership - How Do Women Generate Leadership & What Skills Do Women Need to Be an Effective Leader?”

Speakers of the webinar:

  • Nina Kobakhidze, Chair of the board of Business leaders’ Federation “Women for Tomorrow”

Nino Kobakhidze’s name is associated in developing various initiatives in the public (governmental and community levels) and private sector. Among her multiple initiatives and achievements, there are: structural reforms for effective public administration, activation of the international education center, establishment of the Solidarity Fund and other student related social projects stand out. She held the position of the deputy chief of the Administration of the Government of Georgia.

  • Nino Zambakhidze, Chairwoman of Georgian Farmers’ Association.

Since 2013 Nino has been holding the position of agricultural advisor at Partnership Fund.  Since 2008 she has been an Executive Director of Agro Complex LTD “Georgian Business Zone”. In 2010 Nino founded “Regional Development Association”. She was awarded with a national business-prize “Merkury 2011” where she received an honorable title of “Woman Entrepreneur of the Year”. She was the first woman chosen as a coordinator of “Invest in Future” organization created in 2012 under the patronage of Hilary Clinton.

  • Cristina Doros, Visa Regional Manager for the Caucasus Region

Cristina Doros oversees Visa’s growth of the electronic payments business in Caucasus region. Since 2016, Cristina joined Visa to lead the regional Core Products team, and has been representing acting Vice-President, Head of Solutions, Visa CISSEE since 2019. Cristina is one of the CISSEE representatives in CEMEA Women’s Leadership Network and key lead of regional diversity initiatives.

The educational program is available free for all pre-registered participants.

Detailed information about #She’sNext educational program is available on Visa Facebook.

Online registration for the 1st webinar “Power of Leadership - How Do Women Generate Leadership & What Skills Do Women Need to Be an Effective Leader” is available via the link: bit.do/shesnextgeorgia

Explore the Black sea Jazz Festival with Visa

Published in Culture
Saturday, 22 August 2020 16:06
  • Visa became the official sponsor of the Black see Jazz Festival
  • Consumers paying with their Visa cards issued by TBC bank will get discounts at the Black sea Jazz Festival

Tbilisi, 21 August 2020 – Visa today announced that it will be sponsoring theBlack sea Jazz Festival, one of the most visited and popular music event in Georgia. The event, taking place in Batumi over three days from 21-23 August, will host thousands music lovers enjoying live performances from artists including headliners: Giorgi Mikadze, Nino Katamadze, Luka Topuria’s trio, Stephane, Young Georgian Lolitaz and MokuMoku.

To make the music experience even more enjoyable for the festival-goers, Visa and its partners TBC Bank and Eastern Promotions are offering some additional perks to all cardholders of Visa cards issued by TBC bank, including 10% cashback while purchasing tickets and 10% discount on spot in the bar.

“Visa is a partner of numerous major global and national projects, including the Olympic Games and FIFA™ World Cups," said Cristina Doros, country manager for the Caucasus region, Visa, CISSEE. “Regional and local sponsorship is also our focus, and we are proud of our successful partnership with music festivals in Ukraine, Georgia, Belarus and Serbia. Music brings people together and talks to everyone with universal language of melody, rhythm and emotion. For us as a global brand, partnering with Black Sea Jazz Festival is an opportunity to contribute to the cultural heritage of Georgia, interact with our business partners and Visa cardholders at an emotional level, and encourage cashless payments via explicit demonstration of their advantages for the consumers.”

“We are pleased to host 14th Black Sea Jazz Festival, despite difficult times, and we are honored to have such a reliable partner as Visa. In these times, it was crucial to support Georgian artists and not to break our annual tradition of hosting festival, which everyone is awaiting year after year. This year music lovers will enjoy the program specially prepared by the Georgian artists for this festival,” – noted the representatives of Eastern Promotions.

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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 www.corporate.visa.com, www.visasoutheasteurope.com, https://www.facebook.com/VisaGeorgiaGE, www.visanewscissee.com

Myhome and Visa launch a new campaign to support local tourism

Published in Economics
Monday, 13 July 2020 12:02

The campaign is a part of Visa’s global initiative to support small businesses around the globe

TBILISI, 13 July, 2020 - Visa today announced the launch of a joint 2-months, “Your Summer is here” campaign with a real estate platform Myhome.ge to support domestic tourism in Georgia.

Starting from August 1st, 2020 first 200 consumers booking a property through Myhome.ge with their Visa card will receive a 20% of cashback of maximum 100 GEL back to their account. The aim of the campaign is to promote local touristic destinations and support tourism business that have been most adversely affected by the pandemic.

The joint campaign “Your Summer is here” is part of Visa’s global initiative “Where You Shop Matters”, designed to support micro and small businesses around the globe as they go through the recovery following the COVID-19 lockdown. In Georgia the initiative has been launched in Georgia with Visa Small Business Hub, a merchant platform providing tools and information on how to start, run and grow small businesses and is powered by a number of Visa activities with banks and merchants.

“It has always been important for Myhome to support and promote domestic tourism, and for this purpose, during 2019, we’ve been introducing different destinations of Georgia to our customers and helped them create an adventure, loaded with impressions. Over the past summer, 125,000 users have found a place, where to stay daily, with the help of our platform. We want to simplify this process even more and create a platform where you can easily find and book a residential apartment, hotel, house or a cottage” – said Madona Kachkachashvili, Myhome Product Owner.

“Small businesses are at the center of our local communities and global economies. Being a global brand we’re well aware how important it is to be locally relevant and contribute to the communities we are part of. Especially now that we’re going through these hard times. With this campaign and “Where You Shop Matters” global initiative we support small business as well as encourage consumers to think of the positive impact each of them can make for the local travel industry. We are committed to helping small businesses thrive and expand their purchasing power through Visa’s fast, convenient and secure digital payment options and we will continue to support the big potential of small businesses, everywhere.” – said Cristina Doros, Visa Regional Manager for the Caucasus region.

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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 www.corporate.visa.com, www.visasoutheasteurope.com, https://www.facebook.com/VisaGeorgiaGE, www.visanewscissee.com

The Visa Foundation Announces Grantee to Support COVID-19 Recovery in Central Europe (including Georgia), Middle East and Africa

Published in Economics
Wednesday, 13 May 2020 17:44

Funds will support relief efforts being undertaken by the Red Cross

Tbilisi, May 13, 2020 – The Visa Foundation today announced its approval of a $1.6 million COVID-19 relief grant to the Red Cross to support their COVID-19 recovery programs across Central and Eastern Europe, Middle East and Africa. The Red Cross is supporting the frontline response to the pandemic and providing critical services for vulnerable communities through public health and disaster relief services.

This grant is part of the Visa Foundation’s previously announced $210 million global commitment, with $10 million in COVID-19 relief focused on the emergency needs announced this week for organizations worldwide and another $200 million to address longer-term needs of the small and micro business community over the next five years. Globally, the Visa Foundation is providing $4.3 million in funding to support the Red Cross’ COVID-19 programs.

“Societies around the world have faced unprecedented challenges as a result of the COVID-19 pandemic, with the outbreak placing immense strain on public health providers and other essential services,” said Andrew Torre, Regional President CEMEA, Visa. “We are incredibly grateful and inspired by the tireless work of all humanitarian organizations at this time, and are pleased the Visa Foundation grants will support the ongoing efforts of the Red Cross.”

Across the CEMEA region, COVID-19 has placed additional challenges on communities, with many already suffering the effects of poverty, insecurity, conflict or climate change. The grant to the Red Cross aims to provide much needed support to continue providing vital services across the region.

“We’re grateful for the amazing work humanitarian assistance organizations are providing to communities around the world affected by the COVID-19 pandemic, “ said Graham MacMillan, president of the Visa Foundation. “The Visa Foundation is proud to offer these grants to support these organizations’ mission-critical work during these perilous times.”

The forthcoming 5-year $200 million program will support small and micro businesses, with a focus on fostering women’s economic advancement, both of which will be critical to long-term economic recovery from the COVID-19 pandemic. This commitment expands the Visa Foundation’s long-standing support for small and micro businesses globally. Additional information on the Foundation’s grant and investment strategy will be shared in the coming months.

For more information: 

About the Visa Foundation

The Visa Foundation seeks to support inclusive economies where individuals, businesses and communities can thrive. Through grantmaking and investing, the Foundation prioritizes the resilience and growth of micro and small businesses that benefit women. The Foundation also supports broader community needs and disaster response in times of crisis. The Visa Foundation is registered in the U.S. as a 501(c)3 entity. For more information, visit https://usa.visa.com/about-visa/philanthropy/visa-foundation.html.

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, visa.com.ge, facebook.com/VisaGeorgiaGE

Visa informed banks of the mechanism to process transactions with expired cards

Published in Economics
Wednesday, 22 April 2020 12:21

Tbilisi, Georgia – 22 April 2020 — Visa provided guidance to merchants, issuers and acquirers for operations with expired cards during COVID-19 pandemic to ensure that all Visa cardholders in Georgia can use their cards for payments without interruptions.

During this period, Visa encourages issuers not to decline transactions on cards with expired date and check that their host is configured to accept transactions from expired cards.

If the issuer host is available, issuers should make decisions on the transaction depending on host setup, available funds and account standing. Additionally, if the issuer host is unavailable, on an issuer’s approved instructions, Visa may make changes to the settings to disable validation of the card expiration date.

Visa cardholders with expired cards should contact their issuing banks to check on the operations with their cards. 

“Recognizing the challenges banks may experience with reissuing and delivering cards to their cardholders during pandemic, Visa reminded our client-banks in Georgia of the authorization requirements should a cardholder present an expired card. As Visa we can and will support transactions even with expired date to help our client-banks manage the cards logistics and Visa cardholders pay with Visa - securely and conveniently as usual. We recommend banks to check the configuration on their side and are ready to work with all our client-banks to support the mechanism of processing transactions with expired cards”, said Cristina Doros, Visa’s country manager for the Caucasus region. 

 

# # #

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

Visa introduces ‘Visa Secure’ – a new program for frictionless payments and improved online experience

Published in World
Tuesday, 21 April 2020 15:46

Visa Secure uses EMV® 3-D Secure specification to provide customers with a better eCommerce experience and support merchants to reduce cart abandonment

Tbilisi, April 21, 2020 – Visa Inc. (NYSE: V), the world leader in digital payments, introduced Visa Secure (previously known as Verified by Visa), an updated program to help make online payments more secure. Available across the Central and Eastern Europe, Middle East and Africa (CEMEA) region, including Georgia, Visa Secure provides rules and policies merchants and issuing banks have to follow to authenticate eCommerce transactions and verify cardholder identity before a transaction can be authorized. 

Visa Secure uses the latest EMV 3-D Secure (3DS) specification, which is the new industry-wide messaging protocol designed to promote frictionless consumer authentication. It enables consumers to verify their identity with their issuing bank or other entity (issuer) when making card-not-present (CNP) eCommerce/online payments. The additional security layer helps prevent unauthorized CNP transactions and helps protect merchants from exposure to CNP fraud. 

Visa Secure has been designed to provide increased fraud protection, minimize cardholder friction, and increase the completion of sales, leading to a better experience for all parties involved. For merchants, Visa Secure delivers greater fraud prevention by sharing up to ten times more data with issuers for better risk analysis and advanced decision making. This helps both merchants and issuers detect and avoid fraud more effectively. Consumers can also benefit from a smoother and consistent user experience across multiple payment channels, including mobile web, in-app and digital wallet payments, without any compromise in security.

Cristina Doros, Visa country manager for the Caucasus region: “Visa has been helping online merchants and issuers identify potentially fraudulent transactions with 3DS for nearly 20 years. eCommerce in Georgia is growing rapidly. Consumers expect always-on connectivity with mobile devices and rely on retailers to provide payment experience both secure and frictionless. That is where the new Visa Secureprogram comes into effect. Visa Secure offers significant enhancements in eCommerce fraud detection capabilities for issuers and merchants and can reduce friction for cardholders at checkout.”

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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

 

Visa supports increase in PIN-free contactless transactions

Published in Economics
Monday, 13 April 2020 13:58

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



[1]& 2 Data source: Visa data, as of February 2020

 

Visa Foundation Commits $210 Million to Support Small and Micro Businesses and Immediate COVID-19 Emergency Relief

Published in Economics
Wednesday, 08 April 2020 14:51

SAN FRANCISCO/Tbilisi (April 7, 2020) – The Visa Foundation today announced a commitment of two programs totaling $210 million to support small and micro businesses, aligning with the Foundation’s long-term focus on women’s economic advancement and inclusive economic development, and to address an urgent need from local communities following the spread of COVID-19.

The first program of $10 million is designated for immediate emergency relief to support charitable organizations on the frontlines responding to the COVID-19 pandemic, such as public health and food relief, in each of the five geographic regions in which Visa operates: North America; Latin America and the Caribbean; Europe; Asia Pacific; and Central Europe, Middle East and Africa.

“As COVID-19 continues to unfold, communities are feeling the effects and need our immediate support,” said Al Kelly, CEO and chairman of Visa. “As a global company that operates a very local business, we recognize this need. We’re also committed to the long-term recovery and will continue to explore ways we can accelerate economic activity in line with our mission to help individuals, businesses and economies thrive.”

The second program is a five-year, strategic $200 million commitment to support small and micro businesses around the world, with a focus on fostering women’s economic advancement. This action expands the Visa Foundation’s long-standing support for small and micro businesses globally. The funds from the Visa Foundation will provide capital to non-government organizations (NGOs) and investment partners supporting small and micro businesses.

Small and micro businesses are the backbone of the global economy, accounting for more than 90 percent of worldwide businesses and contributing 50 to 60 percent of global employment.[i] There is a $300 billion annual credit deficit in funding for women-owned small and micro businesses, which is expected to grow given the recent economic turmoil unfolding due to COVID-19.[ii]

“Now more than ever, we must accelerate our support for small businesses on the frontlines driving economic growth,” said Kelly. “As many small and micro business owners are women, there will be a ripple effect supporting women’s economic advancement, which we believe is one of the most important ways to achieve gender equality, reduce poverty and foster inclusive economic development.”

Through the $200 million small and micro business program, the Visa Foundation will provide $60 million in grants to NGOs dedicated to supporting small and micro business owners, many of whom are women, in every region where Visa operates. The Visa Foundation will also allocate $140 million with investment partners that generate positive social and financial returns for small and micro businesses.

“Two hundred million dollars in new financial resources demonstrates our continuing commitment to support small and micro businesses, with a focus on women’s economic advancement globally” said Graham Macmillan, President of the Visa Foundation. “When women thrive, communities thrive. We know this matters now more than ever as the global economy seeks to recover and rebuild.”

For more information:

About the Visa Foundation

The Visa Foundation seeks to support inclusive economies where individuals, businesses and communities can thrive. Through grantmaking and investing, the Foundation prioritizes the resilience and growth of micro and small businesses that benefit women. The Foundation also supports broader community needs and disaster response in times of crisis. The Visa Foundation is registered in the U.S. as a 501(c)3 entity.

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

Georgia is leading the way in delivering fast, easy, secure payments at checkout

Published in Economics
Thursday, 16 January 2020 16:54

Consumers embracing benefits of tapping to pay with Georgia leading contactless penetration in domestic transactions globally followed by Australia, Czech Republic, Hungary and Cyprus

Tbilisi, Georgia, January 16, 2020— Visa today announced that Georgia is now leading the way globally to improve checkout through fast, easy and secure contactless payments. Georgia’s contactless penetration is now over 95% in domestic transactions[1].  

For many years, Georgia has been front and centre in terms of the adoption and use of payment innovations. Visa has been actively working to improve the checkout experience for consumers by introducing the speed, convenience and security of contactless payments. Consumers in Georgia have quickly embraced the benefits of tapping to pay with contactless cards and digital wallets with more than nine out of every 10 face-to-face domestic payment transactions occurring with a tap in the market.

“At Visa, we are proud of, and excited about yet another historic accomplishment achieved by Georgia. Georgia has always been a pioneer in adopting new payment solutions, right from being the first country in the CISSEE region[2]  to conduct a contactless transaction in a drugstore back in 2009 and now, with the recent launch of Apple Pay.  

Georgia reaching number one globally by contactless penetration is a success that’s shared with all our partner financial institutions and market stakeholders and I want to thank them all for their trust in Visa and passion towards bringing innovative solutions to Georgian consumers. We are committed to driving innovative payment solutions even further and offer our partners and Visa cardholders the most advanced and secure payment tools and experiences to maintain Georgia’s leadership in cashless payments and further support the country’s digital transformation goals.” – said Cristina Doros, Visa Country Manager for the Caucasus region.

Key milestones of Georgia’s contactless payment journey over the last 10 years[3]:

  • 2009- Together with Liberty Bank Visa completed the first Visa Contactless transaction in the CISSEE region;
    • 2013 - Jointly with Bank of Georgia, Visa launched contactless acceptance at McDonald’s restaurants across the country;
    • 2013 - TBC Bank initiated a large-scale deployment of contactless POS terminals and issued a series of iconic Visa contactless card designs and stickers. Later, TBC Bank cemented these achievements by enabling the 1st Visa Contactless mobile point-of-sale (mPOS) solution ;
  • 2015 - VTB Bank Georgia launched host card emulation (HCE) technology enabling mobile payment services – to enable payments just by tapping a mobile phone to any contactless POS terminal;
  • 2016 - Together with Bank of Georgia Visa launched Visa Token Services, to accelerate disruptive innovation in eCommerce and mobile payments;
  • 2019 – Georgia became the first country in the Caucasus where Apple Pay was launched.

 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 www.corporate.visa.com, www.visasoutheasteurope.com, https://www.facebook.com/VisaGeorgiaGE, www.visanewscissee.com



[1] Source: Visa data, as of November 2019

[2]CISSEE - Commonwealth of Independent States and South Eastern Europe

[3] Visa data, 2009-2019

Revolut Chooses Visa as Lead Issuing Partner to Drive Rapid Global Expansion

Published in Economics
Monday, 30 September 2019 17:32

Visa and Revolut expand successful partnership in Europe, adding 24 new markets globally to deliver more consumer choice and flexibility in personal finance management 

SAN FRANCISCO & LONDON – September 30, 2019 — Visa (NYSE:V) and Revolut, the leading fintech in Europe, today announced a new agreement that will help Revolut expand its business globally. Leveraging Visa’s brand, scale and global acceptance footprint, Revolut will be able to bring its product offerings to five new regions, reaching 24 new markets, for a total of 56 markets globally. Under the terms of the agreement, Revolut will primarily issue Visa-branded cards in the global expansion. 

Revolut offers consumers a range of digital financial services via a mobile application, including currency exchange, budgeting and person-to-person (P2P) payments, all linked to a Visa card. Building on the success of its existing agreement in Europe, Visa will enable Revolut to launch initially in Australia, Brazil, Canada, Japan, New Zealand, Russia, Singapore andthe United States, followed by Argentina, Chile, Colombia, Hong Kong, India, Indonesia, Korea, Malaysia, Mexico, Philippines, Saudi Arabia, South Africa, Taiwan, Thailand, Ukraine and Vietnam

“We are excited to build upon our existing collaboration with Visa, the world’s leader in digital payments, which will bring to life our shared vision for seamless, innovative payment experiences,” said Nikolay Storonsky, founder and chief executive officer, Revolut. “The new global agreement with Visa is timely for Revolut as we move into a number of new markets to offer even more consumers the control, flexibility and innovative features that our European customers have been benefiting from for years.” 

“Revolut has made great strides in delivering innovative and unique experiences to consumers in Europe. We are thrilled to extend our relationship as Revolut looks to achieve their global growth ambitions and collectively drive increased volume on the Visa network,” said Jack Forestell, chief product officer, Visa. “With Visa being accepted at nearly 54 million merchant locations across more than 200 countries, we have the scale, experience and expertise to help fintechs like Revolut go global.” 

Visa and Revolut have built a strong partnership over the last four years. The digital banking alternative first began issuing Visa cards to its customers across Europe in July 2017. Since that time, Revolut has been able to leverage Visa’s global network and capabilities to help drive their rapid global expansion, including issuing Visa-branded cards in every major European market today. 

Over the last four years, Revolut has been at the forefront of global financial innovation. In an effort to enable consumers to better manage their money digitally, Revolut and Visa will allow for: 

  • Flexible, Customized and Seamless Banking Services: Revolut customers can receive instant spending notifications, monthly spending breakouts and budgets by individual categories. The option to complement the existing Revolut app with Visa APIs, including Visa Token Service and Payments Attribute Account Inquiry, and Visa prepaid and debit cards, will offer the security and speed consumers expect when they use their Visa. 
  • Seamless, Low Cost Currency Exchange: As one of the most affordable options, Revolut customers can spend globally in over 150 currencies and hold and exchange up to 29 currencies and cryptocurrencies - including bitcoin, the Canadian Dollar, U.S Dollar, Mexican Peso, British Pounds and Euros - directly in the app using the interbank exchange rate. 
  • P2P Payments: With the tap of a button, consumers can instantly send and request money for free and split the bill at restaurants and bars with any Revolut customer globally. 

 The Visa and Revolut global deal builds on Visa’s long-term commitment to fintechs and bolsters the company’s strategic business priorities, including: 

  • Visa Direct, Visa’s platform that enables faster payments to over a billion financial accounts worldwide  
  • Visa’s suite of B2B payments solutions for small and medium businesses and global enterprises 
  • Visa’s ongoing commitment to bringing digital payment options to the unbanked via social impact programs 

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 digital commerce on any device, 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 About Visa, visa.com/blog and  @VisaNews

About Revolut  

Revolut was launched in July 2015 by former Credit Suisse and Deutsche Bank investment bankers, Nik Storonsky and Vlad Yatsenko, as a digital alternative to the big banks. While the fintech initially drew in customers by letting them spend and transfer money abroad with the interbank exchange rate, the company has since attracted over 7 million customers in Europe with its spending overviews, budgeting controls, savings features and cryptocurrency exchange. 

To date, Revolut has raised approximately $340 million in investments, from notable venture capital firms including Index Ventures, Ribbit Capital, Balderton Capital and DST Global. 

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