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.

 

Visa announces results of the research among Georgian female entrepreneurs within #She’sNext initiative

Published in Economics
Thursday, 01 October 2020 13:39

She’s Next Empowered by Visa research highlights a focus on the challenges and motivations among women business owners in Georgia

Tbilisi,October 2020– Under She’s Next, Empowered by Visa global initiative in Georgia, Visa commissioned a research that analyzed and surveyed female entrepreneurs and business owners to better understand their attitudes, experiences and challenges they face.

She’s Next, Empowered by Visa connects like-minded female entrepreneurs with industry experts for education, inspiration and networking opportunities that help deliver immediate impact for their business. 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 female entrepreneurs.

The research in Georgia is designed to take the national pulse of female business owners: the goals they aim toward, the challenges they face and motivations that drive them the most.

Key regional findings of the Women entrepreneurs research in Georgia include[1]:

  • What drives female entrepreneurs:  financial independence (68%) and the desire to make more money (59%), making a lifelong dream come true (21%) are the top three motivators for women in Georgia to start a business.

 

  • Funding is a tremendous hurdle: Main challenges faced by women entrepreneurs when starting their business were capital raising and funding. 50% of women said that they encountered difficulty obtaining the funding they needed to start their business. At the same time 72% of women entrepreneurs financed the business on their own, 45% took a bank loan and 11% received a grant.

 

  • Having a network empowers: 88% of women in Georgia knew another female entrepreneur before deciding to start their own business, and 45% wish they would have received an advice from other female business owners before starting their own business.

 

  • Expanding business: The main area for which women entrepreneurs need additional investment is creation of new products and services, entering new markets (41%).

 

  • Impact of COVID-19: 54% of the female entrepreneurs respond that running business compared to the previous years has become harder. The difficulty faced during the pandemic for the respondents was that they had to close the outlets partially or completely (49%). 44% of respondents mention that sales have dropped as customers have reduced their purchases. Two out of ten respondents experienced failures in the supply of products to consumers (22%). 

 

  • Shift to digital: 37% of the respondents are going to switch their business online. For 65% it was hard to answer what opportunities does online shopping channel bring to their business and only 13% responded that the switch will increase sales and competitiveness.

 

  • Educational platforms and tools: 74% of female business owners are interested in additional workshops to grow their business. The most interesting topics for them are payment systems and new technologies; dealing with crisis and stress; effective work in conditions of uncertainty; getting additional funding; developing a brand strategy;

 

“Running a business requires a lot of hard work, investment and dedication. Scaling She’s Next initiative across the globe, now it’s turns to drive it in Georgia too. Visa is committed to empowering women business owners through a long-term program of education, cutting-edge digital payment technology and a powerful peer network. We will keep championing female business owners as they build, sustain and advance their businesses and local economy”. - said Cristina Doros, Visa Country Manager for the Caucasus region.

Within the 1st wave of #She’sNext educational program Visa hosted 4 webinars with the leading business women, coaches, experts and motivational speakers. Up to 600 Women entrepreneurs and small business owners were able to develop their practical skills and gain knowledge in various aspects of business management, personal development, crisis management strategies, and negotiation skills.

To ensure the connection within the participants of the program local networking community, a Facebook group #She’sNext has been established. After the 1st wave of the program, the online community for female entrepreneurs has reached more than 600 participants.

Check out the She’s next platform created in partnership with Forbes Woman Georgia

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

 

###

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] Visa research, conducted by ACT Global in September, 2020 on behalf of Visa to 300 adult, women entrepreneurs in Georgia

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.

###

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. 

 

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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 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

 

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