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 Georgia's largest banks, offering comprehensive financial services to individuals and businesses.
Known for its extensive branch network and digital banking services.
Liberty Bank
Focuses on providing banking services to Georgia's pensioners and rural populations.
BasisBank
A mid-sized bank known for its investment and lending services.
ProCredit Bank Georgia
A bank with a strong focus on small and medium-sized enterprises (SMEs) and sustainable banking practices.
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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