Payment Card Year Books

Georgia Statistical Report 2024

Name: Georgia Statistical Report 2024
Brand: Payment Card Year Books
Price: 270.00 GBP
Availability: InStock

£270.00

Product variants

Quantity

INTRODUCTION

Georgia is a presidential republic with a unicameral parliament, the Supreme Council (Umaghlesi Sabcho).

In June 2014, Georgia took an important step towards eventual EU membership with the signature of a formal association agreement, which entered into force in 2016. This provides for Georgia to enter into a DCFTA (Deep and Comprehensive Free Trade Area) in order to integrate its economy into the EU’s internal market, with the goal of eventual full EU membership. Association agreements with Georgia and Ukraine were signed at the same time.

Under the DCFTA process, with EU support, Georgia will undertake work on domestic reforms in areas such as the judicial system and anti-corruption measures. The process also requires Georgian banks to adopt EU standards of governance, but in this respect, Georgia has already made significant strides.

Georgia’s relationship with the EU is based on the EU-Georgia Association Agreement, including a Deep and Comprehensive Free Trade Area (DCFTA) agreement, which entered into force in July 2016, reflecting Georgia’s aspiration for closer political association and economic integration with the EU. On 3 March 2022, Georgia officially applied for EU membership. However, on 23 June 23rd the European Union declined to grant Georgia candidate status, while granting Ukraine and Moldova’s applications. The EU emphasised the need for Georgia to speed up reforms in areas such as the rule of law, the independence of justice, and media freedom before it can be granted the status of a European Union membership candidate. The Commission put forward a list of priorities that Georgia should address, including the political polarisation, the proper functioning of all state institutions, and the need for “de-oligarchisation”.

Bank of Georgia and TBC Bank, the two biggest banks, are listed on the London stock exchange (Bank of Georgia since February 2012 and TBC following its IPO in June 2014) and comply fully with EU regulations.

Another advantage possessed by Georgia in its alignment with the EU is its relatively open economy under government’s long-standing espousal of free market principles.

In terms of digital banking and payment usage, Georgia lags behind other countries in the Eurasian region, due to sparse telecom infrastructure. However, the influence of foreign banking groups who have ownership stakes in several Georgian banks is helping the sector to modernise and digitise many banking processes. An interesting anomaly is that Georgian consumers are prolific users of contactless payments, which comprise over 90% of in-store payments.

At the same time, the National Bank of Georgia is proactively developing regulations to harmonise and standardise payment service provision, including Open Banking to encourage financial inclusion. In 2023, the NBG approved the regulation on inclusion in Open Banking which will allow non-banking institutions to engage in Open Banking as providers of both access to account information and payment initiation services. This inclusion is conditional on the institutions meeting the stipulated requirements by the regulation. The NBG is also exploring the use of a central bank digital currency and has engaged with multiple entities to study how this might be implemented.

Mobile banking transactions have overtaken internet banking transactions in number, and it’s likely that mobile banking apps will be the primary channel though which Georgian consumers access most digital payment services.

STATISTICAL KEY FIGURES FOR 2023/24 PROVIDED IN THIS PROFILE:

NEW IN 2024:

THE FULL IMPACT OF COVID-19 ON DIGITAL PAYMENTS, CARD PAYMENTS, E-COMMERCE AND M-COMMERCE BY MARKET.
REAL-TIME PAYMENTS INFRASTRUCTURE AND GROWTH STATISTICS BY MARKET.
OPEN BANKING INFRASTRUCTURE, API ROLL-OUT, KEY PLAYERS AND KEY INITIATIVES BY MARKET.
CONTACTLESS AND MOBILE PAYMENTS STATISTICS BY MARKET.
CRYPTOCURRENCY, STABLECOIN AND CBDC INITIATIVES BY MARKET.
FULL UPDATE ON BANK CHANNEL DIGITISATION BY MARKET.
FORECASTING COLUMN ADDED FOR ALL THE MAJOR TABLES.
READER-FRIENDLY DESIGN WITH ENHANCED DATA VISUALISATION.
INDUSTRY DEVELOPMENTS AND BANK DEPLOYMENTS OF EID, BIOMETRICS AND AI.
THE INTEGRATION OF DIGITAL CHALLENGERS AND NEOBANKS INTO THE BANKING INFRASTRUCTURE.

UPDATES FOR 2023-24:

UPDATED – BANK M&A, RESTRUCTURING AND MARKET POSITIONING.
CUSTOMER NUMBER KPIS AND ADOPTION OF DIGITAL CHANNEL KPIS.
REAL-TIME PAYMENTS INFRASTRUCTURE AND GROWTH STATISTICS BY MARKET.
OPEN BANKING INFRASTRUCTURE, API ROLL-OUT, KEY PLAYERS AND KEY INITIATIVES BY MARKET.
CONTACTLESS AND MOBILE PAYMENTS STATISTICS BY MARKET.
CRYPTOCURRENCY, STABLECOIN AND CBDC INITIATIVES BY MARKET.
FULL UPDATE ON BANK CHANNEL DIGITISATION BY MARKET.
FORECASTING COLUMN ADDED FOR ALL THE MAJOR TABLES.