Mastercard Regional Director Affirms Georgia's Openness to Innovation

Davit Zgudadze, the Regional Director of Mastercard, highlighted the growing consumer demand for e-commerce services and purchases in Georgia, based on recent market analyses.

"Ultimately, the key is ensuring high levels of trust. Consumers are familiar with several major suppliers, but it's crucial to foster the growth of small and medium-sized businesses in Georgia. When introducing modern payment methods to these businesses, we also prioritize ensuring complete safety for the customer," Zgudadze explained.

He elaborated on the goals of the recently signed memorandum between Mastercard and USAID, emphasizing the intention to present international standards to the National Bank of Georgia.

"We've accumulated some experience in launching digital currencies, but the technology is still very new. Its potential benefits for businesses and the state haven't been fully realized yet. However, Georgia is notably receptive to innovation. We lead the region in the percentage of contactless payments, and there’s an increasing trend in electronic wallet usage. The financial sector in Georgia is robust and readily embraces technological innovations. With blockchain technology, we can offer various solutions tailored to Georgia's unique context," Zgudadze remarked.

He acknowledged that there's considerable work ahead, particularly in educating and engaging customers.

"There's a significant task ahead in terms of customer engagement and acceptance. Despite the prevalence of paper money, we believe that with the introduction of new, accessible technologies by the National Bank, we will move closer to a fully digitized society," concluded Davit Zgudadze.