Visa and the Ministry of Economy and Sustainable Development sign MoU to boost economic, innovative and cultural development of Georgia

Published in Economics
Saturday, 18 December 2021 12:14

Visa and the Ministry of Economy and Sustainable Development of Georgia authorized a two-year partnership to support local tourism and SMEs, promote economic and financial inclusion and boost Innovations in Georgia

Tbilisi, Georgia – DECEMBER 17, 2021 -Visa, the world’s leader in digital payments, has signed a two-year Memorandum of Understanding (MoU) with the Ministry of Economy and Sustainable Development of Georgia to address the needs of small and medium-sized enterprises (SMEs) impacted by COVID-19, support local tourism, contribute to the progress of economic and financial inclusion, and drive innovations in Georgia.

The document on future cooperation was signed by Natia Turnava, the Minister of Economy and Sustainable Development and Diana Kiguradze, Visa Country Manager for Caucasus Region. The official signing ceremony of the Memorandum was held at the National Museum of Georgia, one of the must-see cultural destinations in the country.

This memorandum is aimed to foster cooperation between Visa and Ministry of Economy and Sustainable Development establishing a collaborative framework, which will entail the following aspired objectives:

  • Support of small and medium-sized enterprises (SMEs) impacted by COVID-19, by offering joint educational programs, such as launching Visa Business Skills platform in cooperation with Enterprise Georgia and accelerate digitization process;
  • Promote local tourism and increase number of local and international travelers through joint activities;
  • Explore and accelerate innovations in Georgia, within tailored projects to promote economic and financial inclusion.

The signing of a memorandum between Ministry of Economy and Sustainable Development of Georgia and Visa will help to accelerate the digital transformation for Georgiansmall and medium-sized enterprises. Within the upcoming years, Visa will support both the Entrepreneurship Incentive Program - “Enterprise Georgia” - and the National Tourism Administration, which is very important given the international image of the global company. As a result of the cooperation, educational programs will be implemented to accelerate the digital transformation of the local small and medium-sized companies, as well as joint marketing campaigns will be planned in order to stimulate domestic and international tourism using the specific data shared by Visa. It is important that Visa is a supporter of small and medium-sized businesses, including the development of the tourism sector in Georgia.” – said Natia Turnava, Minister forMinister for the Economy and Sustainable Development.

”Signing of this memorandum today marks creation of an important collaborative platform for Visa and Georgia aimed at further development of the national economy. Focusing on three strategic pillars, such as SME’s support, local tourism development, and bringing innovations to the country, together with the Ministry of Economy and Sustainable Development and all involved parties, we aspire to achieve a long-term positive effect of our mutual work for society. At Visa we also believe in innovative and technological future of Georgia, that also preserves and endorses national cultural heritage and promotes the country as one of the world’s best destinations”. - noted Diana Kiguradze, Visa Country Manager for the Caucasus region.

By supporting local tourism development, Visa will be sharing with the Ministry specific data, including deep analysis and insights of travelers’ patterns. Designed framework will enable effective tourist traffic stimulation strategy planning, helping to identify soft spots and gap analysis. It will help to promote and effectively explore touristic potential of the country, strengthening existing routes and opening new ones.

With a global financial literacy initiative and ambitious goal to digitalize 50 million small and medium enterprises worldwide, Visa will present in Georgia its global digital platform – Practical Business Skills (PBS). This education platform featuring more than 50 online modules will address needs of entrepreneurs at various stages of the business lifecycles.

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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.visa.com.ge,  https://www.facebook.com/VisaGeorgiaGE

Visa and World’s Leading Experts Explore Future of Payments at Visa Informal Cashless Forum 2021 (Video)

Published in Economics
Thursday, 11 November 2021 20:40

On November 3, the Visa Informal Cashless Forum 2021 has premiered online in the format of a visionary video story. The video is publicly available on the Visa CISSEE YouTube channel - Visa Cashless Forum 2021. The topics of the discussion with world’s leading experts on “The Big Bang in Payments” were:

  • What will be the next fintech revolution?
  • Is there a future for cryptocurrencies?
  • When will passwords become a thing of the past?
  • How will AI help us make financial decisions?

Experts sharing their vision include: David Birch,Nassim Nicholas Taleb,Mykhailo Fedorov, Alexey Khitrov and Visa experts:

    • Vira Platonova, Senior Vice President, CISSEE Group Country Manager, Visa
    • Oleksandr Yablunivskyi, Vice President for Solutions, CISSEE, Visa
    • Yevgen Lisnyak, Senior Director, Head of Strategic Partnerships, Fintech & Ventures, CISSEE, Visa
    • Visa country managers in the CISSEE region, including Diana Kiguradze, Visa Country Manager for Caucasus

Visa Digitally Enables 16 Million SMBs on Path to Reaching 50 Million Goal Worldwide

Published in Economics
Tuesday, 21 September 2021 13:05

New Visa research shows how essential digital capabilities are for SMBs to compete in a post pandemic world

Amidst record rise of entrepreneurism, a new class of digitally-native small businesses emerge

Georgia, Tbilisi – September 21, 2021 – Visa (NYSE: V) today announced it has helped to digitally-enable an estimated 16 million small and micro businesses (SMBs) worldwide, or just over 30% of the multi-year goal it set in 2020 to digitize 50 million SMBs. Since the start of the pandemic, Visa has launched community-based programs from Dubai to DC, to help more small businesses accept digital payments and gain greater access to the digital economy. The necessity for SMBs to continue to digitally accelerate is underscored by the 5th edition of the Visa Back to Business global study released today, which found that 68% of consumers say COVID-19 has permanently changed how they will pay.

“With a 19-month view into the pandemic, we’ve seen that small businesses who embraced digital commerce and cross-border sales have weathered the pandemic better,” said Mary Kay Bowman, global head of buyer, seller, core and platform products, Visa. “But it’s no longer just about pivoting and surviving. We’re now seeing a hopeful surge in entrepreneurship, and as we march toward our goal of 50 million, we’re helping a new breed of business owner come online as digitally-native for the first time.”

Visa Back to Business Study: A Global Pulse on Payment Preferences

The Visa Back to Business global research study has surveyed SMB owners and their customers since the onset of the global pandemic. With an extensive body of sentiment data accumulated through five editions, findings from the newest study highlight the economic opportunity that lies in connecting SMBs, communities and technology:

  • SMBs Still Working to Meet Consumer Expectations: The pandemic has dramatically increased consumers’ concern with touching cash and payment readers and correspondingly, increased the desire to tap to pay[1]. Seventy-four (74%) percent of SMBs around the world expect customers will continue to prefer contactless payments as much as, or more than they do now, with two in five (40%) SMBs citing contactless among the top investments needed to meet customer expectations.
  • Contactless as a Competitive Edge: Stores that don’t accept contactless payments could run an increased risk of losing customers as a result. More than two in five (44%) consumers say they wouldn’t shop at a store that only offers payment methods that require contact with a cashier or shared device.
  • Prioritizing Online Security: One year ago, just 17% of US SMBs started selling products or services online for the first time during COVID-19 and now, 57% expect to continue to do so in the next three months. Yet, many SMBs surveyed said the shift presented new challenges with the top concerns cited as data privacy and security (33%), cost to invest in digital infrastructure (31%) and having less of a personal connection with customers (30%).
  • Opportunity Knocks for New, Digitally-Savvy SMBs: While 54% of SMBs say the past year has been a challenge for their business, 46% have viewed it as an opportunity, up from 38% in November 2020. Among those who saw 2020 as an opportunity, their focus has been on new products (37%) and expanding their sales channels (34%), with 23% having started a completely new business.

Unlocking Access to the Digital Economy

Recognizing thatgreater digitization of commerce can bring enormous benefits to small businesses, Visa seeks to bring increased digital equity and inclusivity to the world through its multi-year commitment to digitally enable 50 million SMBs. With 3.4 million new U.S. business applications filed in the first seven months of 2021 alone[2], Visa’s efforts are focused on ensuring both existing and newly minted small businesses are well-equipped to meet changing consumer demands and embrace the digital future.

From London to North Dakota, Visa has directed resources to SMBs through dozens of programs tailored to fit the needs of local communities. Among them, Visa has committed more than $1 million in hyperlocal grants to U.S. SMB owners who have been disproportionately impacted by the pandemic, deployed Small Business Street Teams to 900,000 businesses in 18 markets, and transformed payment acceptance in 49 markets with Visa Tap to Phone, which enables sellers to accept contactless payments through a simple mobile app. Visa also expanded its global digital education platform for entrepreneurs, Practical Business Skills, which delivers free education resources to SMB owners and to support the digital transformation of their businesses. This builds on a $200 million, 5-year commitment from the Visa Foundation made in 2020 to support SMBs around the world, with a focus on fostering women’s economic advancement.

Visa will continue to celebrate the expansive role SMBs play within local communities and the global economy, starting with the launch of a new digital series today, “Voices of Access,” featuring SMB customers from around the world sharing their unique stories and empowering others to see the possibilities of the digital economy.

More information on the programs Visa has made available to small and micro businesses is available on the Visa Small Business Hub and the Visa Small Business COVID-19 support site.

Methodology: Visa Back to Business Study

The Visa Back to Business Study: 5th Edition, was conducted by Wakefield Research between June 15-28, 2021, among 2,250 small business owners at companies with 100 employees or fewer in Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore, United Arab Emirates and United States. The consumer portion surveyed 1,000 adults ages 18+ in the U.S., and 500 adults ages 18+ in Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore and United Arab Emirates.

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.visa.com.ge,  https://www.facebook.com/VisaGeorgiaGE.



[1] Source: US Contactless Online Research Study April 2020

[2] Source: U.S. Census Bureau, Business Formation Statistics

Meet Visa: Reintroducing the Iconic Visa Brand to Everyone, Everywhere

Published in World
Thursday, 22 July 2021 17:07

Multi-year brand evolution highlights the power of Visa’s trusted global network, enabling modern money movement and expanding economic access

SAN FRANCISCO, CA – JULY 22, 2021 – Inviting the world to ‘Meet Visa,‘ the global payments technology company today unveiled the initial phase of its brand evolution spotlighting the diverse capabilities of its network and commitment to enabling global economic inclusion. Aligned closely with the company’s business strategy, this phase includes the debut of a dynamic global marketing campaign and a preview of a modernized look for Visa’s iconic brand.

More than 60 years ago, when Visa was founded, few could imagine a world beyond cash and checks. Visa’s founding vision to introduce a more secure, reliable and convenient currency in digital form began with a simple question: what if money became fully electronic? Today, Visa continues to anticipate the future of digital commerce, providing access through its secure global network working for everyone, everywhere.

“People think they ‘know’ Visa. Consumers and businesses trust the power of those four letters and see it when they open their wallet, pay a vendor, walk into a store or check out online. What they don’t see is how those four letters operate the most dynamic network of people, partnerships and products,” said Lynne Biggar, Executive Vice President and Global Chief Marketing Officer, Visa. “We are on a mission to ensure that Visa is seen as more than a credit card company and understood as a trusted network that drives commerce forward.” 

While Visa continues to shape the physical and digital credit or debit card transaction, it also increasingly sits at the center of enabling money movement. A company built on access to economic inclusion, the Visa network connects 3.6 billion credentials, over 70 million merchant locations, tens of thousands of partners and powers more than $11 trillion in total volume annually. Over the last five years alone, Visa has invested $9 billion in technology to shape the future of commerce, delivering a differentiated set of products, services and benefits.[1] Visa’s network helps enable a gig-worker with the flexibility to get paid in real time, facilitates person to person payments that can send and receive money between billions of cards and accounts worldwide, and large corporate payments to be made more effortlessly across borders, as just a few examples.

Illustrating the scope of Visa’s capabilities, initial elements of Visa’s brand evolution include:

‘Meet Visa’ films spotlight the power of the network. Developed by Visa’s global creative agency of record, award-winning Wieden+Kennedy, Visa is unveiling a short film directed by Malik Hassan Sayeed that invites the world to ‘Meet Visa,’ a network working for everyone. Complementing this introductory film is a series of shorter digital films and photography that showcase the breadth of the Visa network working to provide access and advancing commerce for real people in real places around the world. Brought to life by some of the best and most diverse creative talent including Sayeed, Visa also worked with photographer Camilla Falquez and Argentinian directing team Pantera & Co. – Brian Kazez, Pato Martinez and Francisco Canton – to vividly capture moments such as:

New Visa brand identity symbolizes change. Visa has long stood for trust, security, acceptance and inclusion. These core values, in addition to the goal of enabling access for everyone to participate in the global economy, will be expressed through a modernized, dynamic visual brand identity, built in partnership with leading global brand design firm Mucho. The ‘Meet Visa’ campaign shares an initial glimpse into the evolved visual brand identity launching later this year, featuring refreshed colors for digital impact, a custom font created for optimal digital experiences and an updated brand symbol designed to express the purpose behind the organization.

our busines demands that the role of our company extends far beyond transactions.

Over the course of 2021, Visa’s new brand identity will become visible in all 200+ countries and territories Visa operates in, cutting across the company’s primary business strategy encompassing:

  • Consumer payments, focusing on expanding access and moving the $17 trillion spent in cash and checks globally to digital payments.
  • New payment flows including cross-border person-to-person payments and a range of value-added services that help businesses of all sizes navigate today’s landscape; identify new growth opportunities; and maintain our mission of making Visa the most secure, resilient and reliable network.
  • A diversity of offerings and solutions through burgeoning partnerships with fintechs and established brands, relationships with governments around the world and innovative technology built for the future.

“We are capturing the bold ambition of Visa with this brand evolution as a way to express what we stand for and what we strive for,” continued Biggar. “With the world reopening and with money increasingly moving in new ways, there’s no better time to showcase the work we do and the impact a purpose-driven brand with Visa’s scale can have to enable individuals, businesses and economies to thrive.”

For more information on “Meet Visa,” visit https://usa.visa.com/our-purpose/leading-by-example.html.

About Visa Inc.

Visa 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. As the world moves from analogue 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



[1] Visa Financial Analysis 2020

News Release of the Visa

Crypto-linked cards see continued growth

Published in World
Monday, 12 July 2021 13:37

Connecting digital currency to Visa's global network helps move money for the crypto community

Today the value of crypto assets held in regulated digital wallets is in the hundreds of billions. For the tens of millions of people using those platforms, one of the simplest ways to spend crypto is through a Visa card.

We’re partnering with 50 of the leading crypto platforms on card programs that make it easy to convert and spend digital currency at 70 million merchants worldwide. With more than $1 billion spent on crypto-linked Visa cards in the first half of 2021, it’s clear that the crypto community sees value in linking digital currencies to Visa’s global network.[1]

What’s more, these programs don’t require coffee shops, dry cleaners, or grocery stores to directly accept cryptocurrencies at the checkout. It’s the magic of “tap and go” without the complexity of new acceptance points or cryptographic keys.

We’ve been busy at Visa, connecting the crypto economy to our ‘network-of-networks,’ a strategy designed to add value to all forms of money movement, whether on the Visa network, or beyond. 

Here’s a look at the trends we’re seeing and the progress we’ve made against our digital currency roadmap.

  • An expanding and evolving ecosystem: We’ve been growing our relationships with today’s leading digital currency platforms— FTX, Coinbase, Crypto.com, and CoinZoom, to name a few. The expertise and treasury infrastructure we’ve built have helped establish Visa as the network of choice for crypto native companies. In fact, today one-quarter of the companies in Visa’s Fintech Fast Track program are working to issue Visa cards linked to a crypto platform.[2]

These platforms are diversifying to meet an array of consumer needs, with new tools and features spanning interest accounts, lending and direct deposits. In this context, it’s more important than ever for financial institutions of all stripes to establish a crypto strategy.

  • Rewards Reimagined: Consumers want choice in all things, and loyalty and rewards are no different. Programs like the BlockFi Rewards Visa Credit Card let users spend fiat and earn crypto rewards in a similar way other cards offer rewards programs for airline miles or hotel points.[3]By combining engagement in the crypto economy with the utility of a standard Visa card, these programs have potential to win long-term customer loyalty among both crypto enthusiasts and new adopters.
  • Stablecoins come to the fore: With more than $100 billion worth of stablecoins in circulation and hundreds of billions exchanged each month on public blockchains, stablecoins are starting to live up to the promise of “digital fiat”: the developer-friendly characteristics of cryptocurrency combined with the reliability of fiat-backed reserves.

We’re seeing digital wallets and crypto platforms build payment products entirely with digital currency. For example, the fast-growing FTX platform, a new Fintech Fast Track member we’re announcing today, is paying fifty per-cent of their remote employees in USDC. We’re making our network more accessible to this growing ecosystem with capabilities like USDC settlement and through our partnership with Circle. As we look to the future, stablecoins are on track to become an important part of the broader digital transformation of financial services, and Visa is excited to help shape and support that development.

Interested in learning more? Check out Visa’s outlook on digital currency



[1] Cumulative payment volume for Visa card programs linked to a digital currency platform, January 2021-June 20211

[2] Visa Fintech Fast Track Participants for North America with plans to issue Visa card programs.

[3] Please see the BlockFi Rewards Program and Crypto Rewards Account Terms for more information.

 

Payze of Georgia is 2021 Winner of Visa Everywhere Initiative for Central Europe, Middle East and Africa (CEMEA) Region

Published in Society
Thursday, 10 June 2021 16:38

760 fintech applicants from CEMEA region entered the competition with innovative payment and commerce solutions to solve the payment challenges of tomorrow

Tbilisi, June, 10, 2021 – Visa Inc. (NYSE: V) Visa today announced the regional winners for Central and Eastern Europe, the Middle East and Africa (CEMEA) in its Visa Everywhere Initiative, a global innovation program and competition for startups and fintech companies.

First place for CEMEA and $15,000 in prize money went to Payze of Georgia. Payze now advances to the global finals being held on September 14 with $100,000 in prizes available including $50,000 for the overall winner.

Founded in 2020 by Giorgi Tsurtsumia and Kakha Gelashvili, Payze is an innovator of financial transactions, helping businesses in CIS countries accept payments from around the world through a single integration. By April 2021 Payze has been processing more than serving more than 200 merchants growing 35% month over month in gross transaction volume.

“We are excited  and proud to share that the winner of Visa Everywhere Initiative in CEMEA is originated from Georgia. The fact that the Georgian startup became the main finalist of Visa Everywhere Initiative in CEMEA among 760 applicants proves that Georgia is not only the world’s leader in contactless payments, but also has a great influence on the world’s fintech map. We are proud, that Visa, leading the way in the development of cashless economy in Georgia and the Caucasus region, is an active initiator of a such range of programs and strives to create a stable cohesion between the ideas and their implementation connecting fintech companies and traditional players of the financial system all over the world. Success attend you during the finals, Payze!”,mentioned Diana Kiguradze, Country Manager for the Caucasus region.

Also honored at the June 9 CEMEA regional finals was Safepay of Pakistan, which took the Audience Favorite award and $10,000 in prize money. 

TechCrunch is a leading online publisher focused on the tech industry, being the heart of the global startup ecosystem. As a media partner of Visa Everywhere Initiative, TechCrunch hosted the CEMEA regional finals in the live-streamed format. Thanks to their continuing support, the finalist virtually presented their solutions to the payment challenges of tomorrow to an expert panel of judges.

The expert panel of judges included:

  • Shereen Abdulla, Senior Manager, DIFC Fintech Hive;
  • Neil Caldwell, Senior Vice-President, Head of Merchant Sales & Acquisitions, Visa CEMEA;
  • Ines Rocha, Director for Financial Products, SME Finance & Development Team, EBRD; 
  • Tad Tilahun, Senior Vice-President, Head of Products and Solutions, Visa CEMEA;
  • Otto Williams, Senior Vice-President, Head of Partnerships, Innovation & DigitalSolutions, Visa CEMEA;
  • Rena Zuabi, Value Creation, Disruptive Investments, Mubadala.

 "Winning Visa Everywhere Initiative is a testament of the hard work our team is putting forward, and we are extremely proud of this achievement. It was fascinating and at the same time challenging experience competing against the best startups in the region, but it was a growth point to us as a startup which has been contributing to the process of receiving and managing online payments of any tech company or person in the CIS region. We are grateful to Visa for providing all 760 applicants in CEMEA with this unique opportunity and believe that the tools and technologies Visa offers are crucial for the further development of payment ecosystem”, told Giorgi Tsurtsumia, co-founder, Payze.

The Visa Everywhere Initiative helps fintech innovators in two ways: as a program, it plugs them into the network of startups that our product teams from all over the world access when searching for solutions; and as a competition, it gives them a forum in which to make a pitch to a panel of payments experts, win prizes and gain wider attention.

The competition is tailored to startups and fintechs with great products already in market and gaining traction - and looking for an extra push from a global, trusted brand like Visa to gain scale.

In all, five companies advanced to the CEMEA regional finals. Besides Payze and Safepay, the other three finalists were:

  • Habtamu Tadesse, Founder & CEO, ArifPay, Ethiopia
  • Alexander Grishin, Executive Director, Corp.bank, Russia
  • Michael Femi Simeon, Co-Founder & CEO, VPD Money, Nigeria

The focus of this year’s competition is on products that deliver innovative payment and commerce solutions to consumers and businesses. These encompass the market areas of: Enablers of digital services and digital issuers; Digital issuance; Value-add for merchants and/or consumers in regard to finance; and Small to medium-sized business recovery. In overall more than 2000 applicants participated in the competition.

In the global finals, which will be live-streamed on TechCrunch, Payze will compete against regional winners from Asia Pacific, Europe, Latin America and North America.

About the Visa Everywhere Initiative

The Visa Everywhere Initiative is a global, open innovation program that tasks start-ups and fintechs to solve payment and commerce challenges of tomorrow, further enhance their own product propositions and provide visionary solutions for Visa’s vast network of partners. The program launched in the U.S. in 2015 and quickly expanded into a global program with more than 7,000 participating startups. To date, startups have collectively raised over $2.5 billion in funding, and the program has been activated on six continents - touching more than 100 countries. For more information, visit visa.com

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

News Release of the Visa

Visa appoints Diana Kiguradze as Senior Director, Country Manager for Caucasus

Published in Society
Wednesday, 02 June 2021 11:09

In her new role, Diana Kiguradze will focus on growing the electronic payments business in Georgia and Armenia by enhancing the value Visa provides to banks, merchants, and cardholders.

Tbilisi, Georgia – June 2, 2021 – Visa today announced the appointment of Diana Kiguradze as Senior Director, Country Manager for the Caucasus region. In her new role, Diana Kiguradze will focus on growing the electronic payments business in Georgia and Armenia by enhancing the value Visa provides to banks, merchants, and cardholders.

"We are pleased to introduce Diana Kiguradze as a new Country Manager in the Caucasus. Diana has demonstrated her dedication and passion alongside the team of professionals in the Caucasus region, and we have no doubt she will play a key role in accelerating Visa’s expansion in the region by driving our strategy forward,” said Vira Platonova, SVP, Group Country Manager for Visa, Ukraine, Georgia & CISSEE.

Diana came to Visa in 2018, and as a Business Development Director managed clients in Georgia and Armenia. Diana is a great contributor to the Caucasus strategy as a whole supporting Products and Marketing, Fintechs and Digital Payments with her energy, proactivity and passion that has helped deliver outstanding results. Diana has more than 15 years of experience in retail banking, sales, business development, cards and digital channels. Prior to joining Visa, she was leading TBC Bank’s Remote Sales department and Cards Development department in VTB Bank Georgia. Earlier she was managing Smart Club as well as leading cards and remote products sales in TBC.

In her new role, Diana Kiguradze replaces Cristina Doros, who recently celebrated her five-year anniversary with Visa and with extremely well-deserved recognition of her strong performance and professionalism has been promoted to VP, Country Manager for Central Asia and Azerbaijan.

“I am delighted to step into my new role at Visa and thankful for this exciting opportunity. Having worked closely with our business partners, clients, and regulators over the past years, I am proud of Visa's leading role in driving digital payments in Caucasus. In my new position, I plan to focus on expanding this heritage by introducing innovative digital payment products and solutions,”Diana Kiguradze said.

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

News Release of the Visa Inc.

Visa Deepens Global Commitment to Environmental Sustainability with Pledge to Reach Net-zero Emissions by 2040

Published in Economics
Thursday, 22 April 2021 13:16

Visa marks Earth Day 2021 with industry-leading milestones, innovative partnerships and initiatives toward its vision of a sustainable future.

Tbilisi, April 22, 2021 – Visa (NYSE: V), a leading global payments technology company, announced today a new global commitment to reach net-zero emissions by 2040, and that the company achieved carbon neutrality across its operations in 2020.[i] Visa also outlined plans to become a climate positive company through new partnerships and expanded initiatives to support sustainable commerce and the transition to a low-carbon economy beyond the company’s own footprint.

“Visa is committed to creating a more sustainable future,” said Al Kelly, chairman and chief executive officer of Visa. “Our new net-zero commitment and enhanced efforts across our network in support of sustainable initiatives are immediate ways we will achieve our goals to help build a better future for our planet.”

Net-zero by 2040 – 10 years ahead of Paris Climate Agreement goal

As part of the commitment to reach net-zero emissions by 2040, Visa announced it is a new signatory of The Climate Pledge, an initiative co-founded by Amazon and Global Optimism, as well as a new member of the Climate Business Network, a World Wildlife Fund (WWF) initiative to accelerate action toward a net-zero future. Visa’s net-zero commitment is aligned with emerging global standards and definitions and will include efforts with suppliers to abate a significant portion of the greenhouse gas footprint of the company’s purchased goods and services. Visa also has committed to set science-based targets through the Science Based Target initiative at the 1.5 degree Celsius ambition level. These new commitments join Visa’s existing sustainability leadership, including its transition to 100 percent renewable electricity usage in 2020.

“This Earth Month Visa is using the power of our network to accelerate transformation in sustainability and economic recovery, while helping ensure that the planet and economies around the world thrive,” said Douglas Sabo, chief sustainability officer of Visa. “By prioritizing clean energy and sustainable practices, investing in environmentally innovative initiatives and engaging with corporate and civil society leaders on climate, we are committed to being a part of the global solution to climate change.”

Supporting Sustainable Commerce

Visa is expanding its initiatives to use its products, services, network, data, payments expertise and brand to support sustainable commerce and the transition to a low-carbon economy. Today, Visa announced its collaboration with the Cambridge Institute for Sustainability Leadership (CISL) to work together to identify new opportunities to apply electronic payments capabilities and the Visa network toward realizing a sustainable future. Results of the collaboration are anticipated in Summer 2021.

Visa’s collaboration with CISL complements the company’s efforts to work across its network to support a low-carbon future, including:

 

  • Partnerships advancing sustainable payment cards and accounts
  • Global initiatives supporting sustainable behaviors, such as in mobility and travel
  • Developing sustainable insights to support stakeholders in commerce in understanding consumer barriers and drivers of sustainable living behaviors
  • Using the brand’s platforms to inspire sustainable living among millions of consumers

 

Visa’s new goals and efforts to support sustainable commerce build upon the company’s existing recognized industry leadership in sustainability, including inclusion on the following: Dow Jones Sustainability North American Index, America’s Most Responsible Companies, 100 Best Corporate Citizens and 100 Most Just Companies.

 

For more information, please visit: https://usa.visa.com/visa-everywhere/blog/bdp/2021/04/15/sustainable-commerce-and-1618453815474.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



[i] This carbon neutrality achievement covers greenhouse gas emissions footprint from Visa’s Scope 1 (owned source), Scope 2 (purchased electricity) and business travel and employee commuting elements of Scope 3 (value chain) emissions.  Scopes 1, 2 and 3 are as defined by the Greenhouse Gas Protocol of the World Resources Institute (WRI) and the World Business Council for Sustainable Development (WBCSD).

Press release: Visa Announces 2021 Edition of Visa Everywhere Initiative

Published in Economics
Wednesday, 10 February 2021 17:51

Fintech companies from all over the world are invited to compete for a combined $125,000 in total prize money and a spotlight on the world stage

Tbilisi – February 10, 2021 – Visa announced the 2021 edition of the Everywhere Initiative – a global innovation program and competition for fintechs. This year, the focus is on expansion and accessibility, with Visa offering a one-stop experience to register and learn about upcoming opportunities and competitions – via the global website.

Fintechs started by everyone, everywhere will pitch their ideas in regional competitions to a panel of expert judges from across the payments industry. All applicants from Georgia are invited to compete first on a CEMEA stage to win a combined $25,000 in total prize and then on a global stage for a combined $100,000 in total prize money and to tell their companies’ stories.

Supporting companies across the globe who are building solutions that power seamless money movement everywhere is a top priority for Visa. We recognize fintechs as a force for innovation that is core to our business and encourage everyone to apply to Visa Everywhere Initiative. I am looking forward to seeing the many brilliant ideas from Georgia and across CISSEE this year,” noted Vira Platonova, Senior Vice President and Group Country Manager for Visa CISSEE.

Participants are invited submit applications in English to the CEMEA regional pitch before May 7, with the regional CEMEA finals scheduled for June 8 and global finals – for September 14, 2021.

Visa and TechCrunch will promote and host live-streamed and virtual events in North America, CEMEA and Latin America.

Participants can register and submit applications following the link: https://visaeverywhere.typeform.com/to/VxWIYB

About Visa Everywhere Initiative

The Visa Everywhere Initiative is a global, open innovation program that tasks start-ups and fintechs to solve payment and commerce challenges of tomorrow, further enhance their own product propositions and provide visionary solutions for Visa’s vast network of partners.

The program first launched in the U.S. in 2015 and quickly expanded into a global program with more than 7,000 participating startups. To date, startups have collectively raised over $2.5 billion in funding, and the program has been activated on six continents—touching more than 100 countries.

Prizes

Six monetary prizes will be awarded during the global finals event:

CEMEA Competition

Winner: $15,000 USD

Audience Favorite: $10,000 USD

The CEMEA winner will participate in the Global Competition

Global Competition

Overall Winner: $50,000 USD

Audience Favorite: $25,000 USD

2nd Place: $15,000 USD

3rd Place: $10,000 USD

Visa does not ask for any equity from Visa Everywhere Initiative competitors as part of this competition.

Who should apply for the Visa Everywhere Initiative?

Visa is looking for creative minds who are solving the payments and commerce challenges faced by businesses of all sizes and sectors, including but not limited to:

Enabler of Digital Services and Digital Issuers

  • Blockchain & Cryptocurrency
  • Crowdfunding
  • Banking as a Services
  • BIN Sponsors
  • Issuer / Processors
  • Program Managers

Digital Issuance:

  • Blockchain & Cryptocurrency
  • Alternative Lending
  • Personal Financial Management
  • Money Transfer & Remittance
  • Digital Banking (aka Neo Banks)
  • Digital Wallets, P2P &Transfers
  • Employee Benefits
  • Payables
  • Corporate Cards (aka expense management)

Value-Add for Merchants and/or Consumers when it comes to Finance

  • Data & Analytics
  • ID, Authentication & Security
  • InsurTech
  • Loyalty
  • Merchant Services & Tools
  • Process & Pay Infrastructure
  • Retail Technology
  • Other

      Small/Medium -Sized Business Recovery

  • Money Movement (disbursements, Intra-account, p2pvendor, payments)
  • Acceptance (e-commerce, mobile acceptance)
  • Risk Management (chargebacks, etc.)
  • Brand Management (Community building, etc.)
  • Other

For more details, please visit http://visa.com/everywhereinitiative

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 Tap to Phone Transforms Payment Acceptance for Sellers Worldwide

Published in Economics
Friday, 23 October 2020 18:55

Tbilisi—Oct. 23, 2020—As the world increasingly turns to digital payments amidst COVID-19, a simple mobile app can help millions of sellers worldwide quickly and securely accept contactless payments, while improving the checkout experience for customers. After piloting Visa Tap to Phone over the past year, Visa (NYSE:V) today announced product availability in more than 15 markets with plans to expand to the United States and accelerate global product growth in the rest of the world via more than 35 new partners, including  Visa Ready for Tap to Phone partners.

Tap to Phone transforms current generation Android smartphones or tablets into contactless, or tap to pay, software-based point of sale (softPOS) terminals without additional hardware. As part of Visa’s commitment to digitally-enable 50 million small and micro businesses, this cost-effective tool helps businesses quickly access the digital economy, prevent lost sales and improve cash flow by accepting contactless payments anywhere, anytime. Already, the number of sellers using Tap to Phone has grown by 200% over the past year and is now live in numerous countries across Europe, Middle East, Africa, Asia Pacific and Latin America. Recent launches for Tap to Phone include Belarus, Malaysia, Peru, Russia and South Africa, with upcoming launches planned in Brazil, Italy, United Arab Emirates, United Kingdom and more.

Opportunity for Tap to Phone by the numbers:

  • Two billion Android devices globally could transform to payment acceptance machines[1].
  • Tap to Phone holds particular promise for the 180 million micro and small merchants (MSM) around the world, where fewer than 10% of MSMs in many emerging markets currently accept digital payments[2].
  • In a survey conducted by Visa[3], 63% of MSMs said they would likely implement Tap to Phone in their own businesses and more than 50% of consumers said they would likely use Tap to Phone if offered to them.

“It was just five years ago when Visa set out to enable virtually any IoT or mobile device to make payments and now today, we are enabling many of those same devices to accept payments in a very simple way with Visa Tap to Phone,” said Mary Kay Bowman, global head of buyer and seller solutions, Visa. “With billions of phones around the world at the ready, the opportunity that comes with lighting them up as payment acceptance devices is enormous. Visa Tap to Phone could be one of the most profound ways to reinvent the physical shopping experience.”

Tapping to pay, or contactless payments, is growing rapidly in the COVID-19 era. Visa has seen tap to pay payments grow by 40% year-over-year[4],  In a recent Visa survey, nearly half of consumers (48%) said they would not shop at a store that offers only payment methods requiring contact with a cashier or shared machine like a card reader[5], making it critical for businesses to expand their acceptance methods beyond cash.

Reinventing In-store Shopping, No Longer Constrained to the POS

According to Visa data[6], casual dining, travel resources and grocery are currently the most typical category of use for softPOS solutions. However, Tap to Phone can elevate consumer experiences in additional ways including:

  • Line busting: With six-foot social distancing mandates in effect, lines can become overwhelming. Tap to Phone helps employees to checkout customers quickly, anywhere around the store. 
  • Transit: In Japan and Belarus, Visa was first to show how Tap to Phone can help eliminate the need for standalone ticket machines and additional validation hardware for conductors.
  • Nomadic and service-based businesses: Make a sale from anywhere and get paid on the spot without having a hardline POS or adding payment accessories.
  • Pay on delivery: Tap to Phone decreases friction when consumers pay for delivery, eliminating the need for cash and limiting touch during the transaction.

We always look for ways to improve our customer experience, from personalized service to ease of payment. That's where Tap to Phone comes in. Customers are always curious and impressed when we process their payment using nothing but our mobile phone. Not only has Tap to Phone been helpful for our in-store sales, but we also use it for our contactless product deliveries, helping customers stay at home and pay with their cards, which makes them gain confidence in our brand,” said Karla Avila, founder of Extenclip in Costa Rica.

Building a Global Partner Network to Accelerate Product Availability

Also announced today, the Visa Ready for Tap to Phone program will help to fast track global product availability and could reduce the functional evaluation for solution providers from almost two months to a few hours. Visa Ready for Tap to Phone now enables technology companies to become Visa Ready certified, giving sellers the peace of mind that the technology solution they choose meets Visa’s high standards for security. Initial participants of Visa Ready for Tap to Phone include Cellfie, Center of Corporate Technologies M4Bank, Digitsecure, GeoPagos, IBA Group, iCARD AD Bulgaria, MYPINPAD, PayCore, Phos, Quest, Rubean, SmartPesa, SoftPos, Soft Space and Techno.  

Additional Visa approved technology, acquirer and government partners include Alfa Bank Kazakhstan, BPS Sberbank Belarus, CIMB. FirstData, FT Technologies, Halyk Bank, Hong Leong Bank, Kazpost, MagicCube. Maybank, Niubiz, Oschadbank, Paymentsense, PostePay, Priorbank, Promerica, Russian Standard Bank, Sberbank Kazakhstan, Symbiotic and Worldline/SIX Payment Services.

If you are a solution provider or acquirer interested in learning more, please visit the Visa Ready website for more details.

Tap to Phone: How It Works

Sellers download an app, supported by their acquirer, and after registering and selecting their participating bank, the sellers can start accepting contactless payments in just a few minutes. Tap to Phone builds on top of the security of an EMV chip transaction, in which each transaction contains a dynamic cryptogram that cannot be reused. To see more about how Tap to Phone works, a video demonstration is available here.

###

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



[1] IHS Markit cited by NFC Forum; December 2019

[2] “Small Merchants, Big Opportunity, The Forgotten Path to Financial Inclusion,” Dalberg

[3] “Understanding The Future of International Tap to Phone Acceptance Study,” Visa

[4] Visa Inc, Q2 2020 Earnings

[5]Visa Back to Business Study,” August 2020

[6] Data provided by Visa’s Tap to Phone program participants from January 2019 through September 2020.

 

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