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Bank of Georgia Group PLC

Bank of Georgia Group PLC Launches innovative payment mechanism QR PAY

Bank of Georgia Group PLC (LON:BGEO) today announced that JSC Bank of Georgia has introduced a new payment method “QR PAY” to the local small business market. QR PAY has been designed by the Bank as an alternative payment mechanism to the traditional point of sale terminal for small Georgian businesses that previously relied on cash transactions as a means for their customers to settle payments. In order to connect to QR PAY and enjoy the benefits of cashless payments, small businesses should have an account in Bank of Georgia. Once connected, they will start receiving QR PAY services free of charge for the first year. Thereafter, a service commission will be based on the turnover of the enterprise. This is a significant advantage for small businesses with low turnover. For customers who use Bank of Georgia’s mobile bank and a debit or credit card, settling payments with QR PAY application is simple and user-friendly. Currently, there are already up to 800 small businesses connected to QR PAY.

Kaha Kiknavelidze, the Bank of Georgia CEO commented: “We are very pleased to introduce yet another innovative digital instrument that will help small Georgian businesses thrive and make transactional banking effortless and comfortable for everybody with minimum costs. Bank of Georgia is the only bank in Georgia with this payment mechanism. Over the last few years we have been successfully supporting cashless transactions among our retail clients by continuously designing and offering them cutting edge digital products such as our fully integrated mobile bank. With QR PAY we have now taken a step further and aim to make digital transactions even more widespread among both our retail and business clients.”