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The National
Bank of Georgia and the Bank of Korea have officially launched a cashless payments development project. According to the National Bank, the initiative is being implemented under the Knowledge Partnership Program (KPP) established between the central banks and aims to promote the development of cashless payments in Georgia.
NBG Vice President Ekaterine Galdava noted that the development of cashless payments is “particularly important” for Georgia, as the country is currently implementing a project to upgrade its Real-Time Gross Settlement (RTGS) system and introduce instant payment systems.
According to the NBG, Georgia is the first non-Asian country with which the Bank of Korea and the Korea Financial Telecommunications and Clearing Institute are collaborating on cashless payments development.
The project is based on the Bank of Korea’s successful practices and international experience in payment system modernization. Its main objectives include supporting technological innovation, analyzing consumer behaviour and infrastructure challenges, and promoting financial inclusion, particularly in regional areas.
The project’s subsequent phases will include detailed analysis and assessment, based on which recommendations will be developed for appropriate policies, regulations, and technological advancement.
