VISA and EC/MC: The Battle of Credit and Debit Cards in Georgia
According to recent statistics from the National Bank of Georgia, the use of bank plastic cards continues to grow on the Georgian market, with a total of 7,950,110 cards in circulation as of February. However, the data also reveals a clear domination of payment debit cards, with 7,380,023 units in circulation, while the number of credit cards stands at 570,087.
Interestingly, the data also shows that VISA leads the credit card market with 145,082 units, while EC/MC follows with 96,521 units. Other payment companies account for 328,484 units. Meanwhile, the lion's share of payment debit cards belongs to EC/MC, with 3,974,313 units, followed by VISA with 2,289,985 cards. Other companies account for 1,115,725 debit cards.
It is noteworthy that the number of payment credit cards increased slightly by 1,596 units in February compared to January, while the number of payment debit cards decreased by 19,463 units. This trend may reflect a shift towards credit card usage or may simply be a seasonal fluctuation.
VISA and EC/MC have long been fierce competitors in the credit and debit card market globally. The data from Georgia shows that this rivalry also holds true in the country, with VISA leading the credit card segment, while EC/MC dominates the debit card segment.
Overall, the increase in the use of bank plastic cards in Georgia reflects a growing trend towards cashless transactions, which can bring greater convenience and security for consumers. As the competition between payment companies continues, it remains to be seen which company will come out on top in the battle for dominance in the Georgian market.