Georgia
Georgia, a strategic country at the crossroads of Eastern Europe and Western Asia, is renowned for its rich history, stunning landscapes, and role as a regional trade and logistics hub connecting Europe, the Middle East, and Central Asia. With a population of around 3.7 million, Georgia’s economy thrives on tourism, agriculture, trade, technology, and digital services, establishing it as a leader in the South Caucasus economy.
The Georgian economy has shown strong resilience, rebounding 10.4% in 2021 and growing around 7% in 2022, fueled by tourism, exports, construction, foreign investment, and remittances. Tourism in Georgia remains a major economic driver, with popular destinations including Tbilisi, Mtskheta, and the Kakheti wine region, attracting millions of international visitors annually.
Georgia’s strategic location along the Silk Road enhances its position as a trade and transit hub, strengthened by a free trade agreement with the EU and regional market partnerships. Government investments in infrastructure, ports, highways, and railways, combined with a focus on fintech, renewable energy, and digital transformation, support economic diversification and sustainable growth.
Inflation averaged 6% in 2023, managed by the National Bank of Georgia. With ongoing economic reforms, foreign investment initiatives, and a growing digital economy, Georgia is well-positioned for long-term growth, financial inclusion, and expansion as a regional business and tourism hub.
Top banks
Georgia's financial sector is relatively well-developed, with a range of commercial banks, digital banks, and financial institutions providing essential banking services, loans, savings, and investment solutions. Here are some of the notable banks in Georgia:
TBC Bank
One of the largest banks in Georgia, TBC Bank offers comprehensive retail banking, corporate banking, SME financing, loans, savings accounts, and digital banking services. Known for its innovative financial solutions, customer-focused approach, and secure online banking, TBC Bank supports individuals, businesses, and entrepreneurs across Georgia.
Bank of Georgia
The largest bank in Georgia, Bank of Georgia provides comprehensive retail banking, corporate banking, investment services, SME financing, and digital banking solutions. Renowned for its innovative financial products, loans, savings accounts, wealth management, and secure online banking, Bank of Georgia delivers customer-focused financial solutions that empower individuals, businesses, and institutions across the country.
Liberty Bank
A leading bank in Georgia, Liberty Bank offers retail banking, corporate banking, SME financing, loans, savings accounts, and digital banking solutions. Known for its customer-focused services, innovative financial products, and secure online banking, Liberty Bank supports individuals, businesses, and entrepreneurs across Georgia.
BasisBank
A leading bank in Georgia, BasisBank provides comprehensive retail banking, corporate banking, SME financing, loans, savings accounts, and digital banking services. Known for its customer-focused approach, innovative financial solutions, and secure online banking, BasisBank supports businesses and individuals across Georgia.
ProCredit Bank Georgia
A leading bank in Georgia, ProCredit Bank specializes in retail banking, SME and corporate banking, loans, savings accounts, and digital banking solutions. Known for its customer-focused financial services, responsible lending, and innovative online banking, ProCredit Bank Georgia supports business growth and financial inclusion across the country.
Top payment methods
In addition to traditional banking, Georgia is experiencing rapid growth in digital payments and mobile banking solutions. Popular apps like TBC Pay and Bank of Georgia digital wallet are gaining strong traction, enabling users to make secure, contactless payments conveniently via smartphones. These platforms support bill payments, peer-to-peer transfers, online shopping, and other digital financial services, promoting a cashless society and driving financial inclusion across Georgia.
TBC Pay
TBC Pay is a digital payment platform by TBC Bank in Georgia, offering secure and convenient financial transactions. It allows users to pay bills, transfer money, and make purchases through its mobile app, integrating seamlessly with TBC Bank accounts. TBC Pay supports peer-to-peer payments, merchant transactions, and access to financial services like loans and savings. Widely used for utilities, government fees, and online shopping, it plays a vital role in Georgia’s shift toward a cashless economy. By promoting digital payments, TBC Pay enhances financial inclusion and simplifies transactions for individuals and businesses across the country.
Visa
Visa is the world’s largest global card network by transaction value, accepted almost everywhere. It’s known for secure, fast, and reliable payments, positioning itself as “the best way to pay and get paid by everyone.”
Mastercard
Mastercard is a global payments leader, dominating the co-branded card market in Europe and key countries like Brazil, Canada, and Germany. Known for secure, contactless, mobile, and digital payment solutions, Mastercard drives e-commerce, fintech, and online banking innovation worldwide.
ApplePay
Google Pay
Google Pay enables secure digital payments using stored credit or debit cards for online, in-app, and in-store purchases. It offers a fast, seamless checkout experience on Android devices and supports 3D Secure authentication for EU and UK-issued cards.
Concluding remarks
In conclusion, Georgia is a dynamic emerging economy that blends rich cultural heritage with modern economic development. Its strategic location, robust economic growth, and focus on financial innovation, digital payments, and fintech development position Georgia as a key South Caucasus economy and an attractive fintech hub for international investors.
Cash
Cash is still widely accepted, especially in rural areas, though digital payments are becoming more common in urban centers.
Credit and Debit Cards
Cards are a popular payment method, particularly in cities, with major international credit card companies operating in Georgia. Contactless payments are increasingly available.
Mobile Payments
Mobile payment platforms like TBC Pay, Bank of Georgia’s mobile app, and international services like Apple Pay allow users to make secure payments via smartphones, supporting both peer-to-peer and retail transactions.
Bank Transfers
Commonly used for larger transactions, including rent payments, business expenses, and utility bills.
Checks
Checks are rarely used, as digital payments and bank transfers are more prevalent in both personal and business transactions.
Digital Wallets
Digital wallets are on the rise, offering consumers a convenient way to store payment information and make online or in-store purchases.
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