{"id":142086,"date":"2023-04-26T17:46:07","date_gmt":"2023-04-26T13:46:07","guid":{"rendered":"https:\/\/forbes.ge\/brandvoice\/gadakhdebis-gatsiphrulebis-shesadzleblobebi\/"},"modified":"2023-04-26T17:50:39","modified_gmt":"2023-04-26T13:50:39","slug":"identifying-opportunities-to-digitize-payments","status":"publish","type":"brandvoice","link":"https:\/\/dev.forbes.ge\/en\/brandvoice\/identifying-opportunities-to-digitize-payments\/","title":{"rendered":"Identifying Opportunities to Digitize Payments"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"142086\" class=\"elementor elementor-142086 elementor-142080\" data-elementor-post-type=\"brandvoice\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-432bfb68 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"432bfb68\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-65151988\" data-id=\"65151988\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-86c4a43 elementor-widget elementor-widget-audio\" data-id=\"86c4a43\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"audio.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-soundcloud-wrapper\">\n\t\t\t\t<iframe width=\"1200\" height=\"200\" frameborder=\"no\" src=\"https:\/\/w.soundcloud.com\/player\/?visual=false&#038;url=https%3A%2F%2Fapi.soundcloud.com%2Ftracks%2F1500711391&#038;show_artwork=true&#038;maxheight=1000&#038;maxwidth=1200&#038;auto_play=false&#038;buying=false&#038;liking=false&#038;download=false&#038;sharing=false&#038;show_comments=false&#038;show_playcount=false&#038;show_user=false&#038;color\"><\/iframe>\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-17d1199e elementor-widget elementor-widget-text-editor\" data-id=\"17d1199e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: #000000;\">Globally, the share of cash as a proportion of consumer expenditure is on the decrease, falling from 56 percent to 43 percent between 2015 and 2021.<a style=\"color: #000000;\" href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a> However, while the trend towards the digitization of payments may be on the rise, there is still a lot of cash in circulation and scope to digitize payments further.<\/span><\/p><p><span style=\"color: #000000;\">Levels of payment digitization vary across countries, with the top three most digitalized countries considered to be Norway, Sweden and South Korea.<a style=\"color: #000000;\" href=\"#_ftn2\" name=\"_ftnref2\">[2]<\/a> Meanwhile, the three countries that have made the best progress in payment digitization between 2015 and 2020 are Argentina, China and the UAE \u2013 showing that there are real opportunities to accelerate the payments-digitization journey.<\/span><\/p><p><span style=\"color: #000000;\">Regardless of its small geographical scale, Georgia was able to claim the first place worldwide in contactless payments penetration as of March 2023, based on VisaNet data. It means that almost ten out of ten transactions using Visa cards in Georgia have been contactless.<\/span><\/p><p><span style=\"color: #000000;\">Mentioning this, Visa Regional Manager for the Caucasus region, Diana Kiguradze, called it an \u201cimpressive achievement\u201d of Georgia which \u201cmakes us extremely proud\u201d at Visa. \u201cClaiming the first place in contactless payments penetration worldwide manifests the readiness of Georgian Visa cardholders to make safe, fast, and convenient payments. In one way, it shows the result of our years-long efforts, and in the other way, it motivates us to get on. Overall, Georgia\u2019s preparedness to accept all the technological advancement Visa can proffer stands out a mile,\u201d Diana Kiguradze said.<\/span><\/p><h5><span style=\"color: #000000;\"><strong>How can financial institutions and governments drive the adoption of digital payments?<\/strong><\/span><\/h5><p><span style=\"color: #000000;\"><strong>Recommendation #1: Investigate the opportunity for regulatory solutions<\/strong><\/span><\/p><p><span style=\"color: #000000;\">Across the world, some of the most effective measures to accelerate cash reduction have included tax incentives. For example, the Swedish government introduced tax incentives in 2008 to encourage digital payments in traditionally cash-heavy environments. Customers could apply for tax deductions from their contractor who, in turn, applied to the tax authorities for a waiver of up to 50 percent. An electronic invoice was then issued to the customer for the remaining works. This generated a dramatic increase in electronic payment volumes and drew large numbers of people into the financial mainstream.<\/span><\/p><p><span style=\"color: #000000;\"><strong>Recommendation #2: Explore partnerships across the payment ecosystem<\/strong><\/span><\/p><p><span style=\"color: #000000;\">Actors in the payment\u2019s ecosystem can identify and unlock opportunities for market-wide growth and development through collaboration. Individually, financial institutions can increase the use of their own digital payment solutions. However, if they work together to overcome larger barriers, the impact can often be beneficial many times over.<\/span><\/p><p><span style=\"color: #000000;\">Over many years, Visa has been cooperating with a number of financial institutions, merchants, and governmental organizations to shape the most up-to-date payment ecosystem and drive a cashless economy. Visa in Georgia has recently signed MoU with the Ministry of Economy and Sustainable Development and USAID Economic Security Program in Georgia, in order to drive digital transformation and enhance digital literacy with a specific focus on micro and small entrepreneurs, explore and accelerate innovations in Georgia, within tailored projects to promote economic and financial inclusion.<\/span><\/p><p><span style=\"color: #000000;\"><strong>Recommendation #3: Invest in financial literacy programs<\/strong><\/span><\/p><p><span style=\"color: #000000;\">Globally, there is a strong correlation between a country\u2019s dependency on cash and the prevailing level of financial literacy. By investing in financial literacy programs, higher levels of the digitization of payments should follow. There are also the added benefits for banks in investing in these programs, of enhancing their reputations and securing higher levels of loyalty.<\/span><\/p><p><span style=\"color: #000000;\"><strong>Recommendation #4: Take advantage of existing product and service solutions<\/strong><\/span><\/p><p><span style=\"color: #000000;\">Ready-made products and services targeted at digitizing payments have been made available within the payment\u2019s ecosystem. One example is Cash-at-POS, which enables people who are paying by card to receive a cash advance at any participating retailer. Another is Visa Tap to Phone, which allows merchants to turn their phones into POS devices and to securely accept payments from contactless cards and NFC-enabled mobile wallets.<\/span><\/p><p>\u00a0<\/p><p>\u00a0<\/p><p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"#_ftnref1\" name=\"_ftn1\">[1]<\/a> Joint consumer expenditure study by Visa and Euromonitor<\/span><\/p><p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"#_ftnref2\" name=\"_ftn2\">[2]<\/a> Visa Consulting &amp; Analytics research 2021<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Globally, the share of cash as a proportion of consumer expenditure is on the decrease, falling from 56 percent to 43 percent between 2015 and 2021.[1] However, while the trend towards the digitization of payments may be on the rise, there is still a lot of cash in circulation and scope to digitize payments further. [&hellip;]<\/p>\n","protected":false},"author":675,"featured_media":142087,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","format":"standard","meta":{"footnotes":""},"brands":[1821],"class_list":["post-142086","brandvoice","type-brandvoice","status-publish","format-standard","has-post-thumbnail","hentry","brands-visa-en","has-thumb"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Identifying Opportunities to Digitize Payments &#8226; Forbes Georgia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.forbes.ge\/en\/brandvoice\/identifying-opportunities-to-digitize-payments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Identifying Opportunities to Digitize Payments &#8226; Forbes Georgia\" \/>\n<meta property=\"og:description\" content=\"Globally, the share of cash as a proportion of consumer expenditure is on the decrease, falling from 56 percent to 43 percent between 2015 and 2021.[1] However, while the trend towards the digitization of payments may be on the rise, there is still a lot of cash in circulation and scope to digitize payments further. [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/dev.forbes.ge\/en\/brandvoice\/identifying-opportunities-to-digitize-payments\/\" \/>\n<meta property=\"og:site_name\" content=\"Forbes Georgia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/forbesgeo\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-26T13:50:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/dev.forbes.ge\/wp-content\/uploads\/2023\/04\/Article3_1920x1080_ENG.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@forbesgeorgian\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/brandvoice\\\/identifying-opportunities-to-digitize-payments\\\/\",\"url\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/brandvoice\\\/identifying-opportunities-to-digitize-payments\\\/\",\"name\":\"Identifying Opportunities to Digitize Payments &#8226; Forbes Georgia\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/brandvoice\\\/identifying-opportunities-to-digitize-payments\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/brandvoice\\\/identifying-opportunities-to-digitize-payments\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/dev.forbes.ge\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/Article3_1540x1080_ENG.jpg\",\"datePublished\":\"2023-04-26T13:46:07+00:00\",\"dateModified\":\"2023-04-26T13:50:39+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/brandvoice\\\/identifying-opportunities-to-digitize-payments\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/brandvoice\\\/identifying-opportunities-to-digitize-payments\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/brandvoice\\\/identifying-opportunities-to-digitize-payments\\\/#primaryimage\",\"url\":\"https:\\\/\\\/dev.forbes.ge\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/Article3_1540x1080_ENG.jpg\",\"contentUrl\":\"https:\\\/\\\/dev.forbes.ge\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/Article3_1540x1080_ENG.jpg\",\"width\":1540,\"height\":1080},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/brandvoice\\\/identifying-opportunities-to-digitize-payments\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"BrandVoice\",\"item\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/brandvoice\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Identifying Opportunities to Digitize Payments\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/\",\"name\":\"Forbes Georgia\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/#organization\",\"name\":\"Forbes Georgia\",\"url\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/forbes.ge\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/forbes-georgia-logo.svg\",\"contentUrl\":\"https:\\\/\\\/forbes.ge\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/forbes-georgia-logo.svg\",\"width\":197,\"height\":49.39,\"caption\":\"Forbes Georgia\"},\"image\":{\"@id\":\"https:\\\/\\\/dev.forbes.ge\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/forbesgeo\",\"https:\\\/\\\/x.com\\\/forbesgeorgian\",\"https:\\\/\\\/www.instagram.com\\\/forbesgeorgia\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/forbes-georgia\\\/\",\"https:\\\/\\\/www.youtube.com\\\/forbesgeorgian\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Identifying Opportunities to Digitize Payments &#8226; Forbes Georgia","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/dev.forbes.ge\/en\/brandvoice\/identifying-opportunities-to-digitize-payments\/","og_locale":"en_US","og_type":"article","og_title":"Identifying Opportunities to Digitize Payments &#8226; Forbes Georgia","og_description":"Globally, the share of cash as a proportion of consumer expenditure is on the decrease, falling from 56 percent to 43 percent between 2015 and 2021.[1] However, while the trend towards the digitization of payments may be on the rise, there is still a lot of cash in circulation and scope to digitize payments further. [&hellip;]","og_url":"https:\/\/dev.forbes.ge\/en\/brandvoice\/identifying-opportunities-to-digitize-payments\/","og_site_name":"Forbes Georgia","article_publisher":"https:\/\/www.facebook.com\/forbesgeo","article_modified_time":"2023-04-26T13:50:39+00:00","og_image":[{"width":1920,"height":1080,"url":"https:\/\/dev.forbes.ge\/wp-content\/uploads\/2023\/04\/Article3_1920x1080_ENG.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_site":"@forbesgeorgian","twitter_misc":{"Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/dev.forbes.ge\/en\/brandvoice\/identifying-opportunities-to-digitize-payments\/","url":"https:\/\/dev.forbes.ge\/en\/brandvoice\/identifying-opportunities-to-digitize-payments\/","name":"Identifying Opportunities to Digitize Payments &#8226; Forbes Georgia","isPartOf":{"@id":"https:\/\/dev.forbes.ge\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/dev.forbes.ge\/en\/brandvoice\/identifying-opportunities-to-digitize-payments\/#primaryimage"},"image":{"@id":"https:\/\/dev.forbes.ge\/en\/brandvoice\/identifying-opportunities-to-digitize-payments\/#primaryimage"},"thumbnailUrl":"https:\/\/dev.forbes.ge\/wp-content\/uploads\/2023\/04\/Article3_1540x1080_ENG.jpg","datePublished":"2023-04-26T13:46:07+00:00","dateModified":"2023-04-26T13:50:39+00:00","breadcrumb":{"@id":"https:\/\/dev.forbes.ge\/en\/brandvoice\/identifying-opportunities-to-digitize-payments\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/dev.forbes.ge\/en\/brandvoice\/identifying-opportunities-to-digitize-payments\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/dev.forbes.ge\/en\/brandvoice\/identifying-opportunities-to-digitize-payments\/#primaryimage","url":"https:\/\/dev.forbes.ge\/wp-content\/uploads\/2023\/04\/Article3_1540x1080_ENG.jpg","contentUrl":"https:\/\/dev.forbes.ge\/wp-content\/uploads\/2023\/04\/Article3_1540x1080_ENG.jpg","width":1540,"height":1080},{"@type":"BreadcrumbList","@id":"https:\/\/dev.forbes.ge\/en\/brandvoice\/identifying-opportunities-to-digitize-payments\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/dev.forbes.ge\/en\/"},{"@type":"ListItem","position":2,"name":"BrandVoice","item":"https:\/\/dev.forbes.ge\/en\/brandvoice\/"},{"@type":"ListItem","position":3,"name":"Identifying Opportunities to Digitize Payments"}]},{"@type":"WebSite","@id":"https:\/\/dev.forbes.ge\/en\/#website","url":"https:\/\/dev.forbes.ge\/en\/","name":"Forbes Georgia","description":"","publisher":{"@id":"https:\/\/dev.forbes.ge\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/dev.forbes.ge\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/dev.forbes.ge\/en\/#organization","name":"Forbes Georgia","url":"https:\/\/dev.forbes.ge\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/dev.forbes.ge\/en\/#\/schema\/logo\/image\/","url":"https:\/\/forbes.ge\/wp-content\/uploads\/2020\/10\/forbes-georgia-logo.svg","contentUrl":"https:\/\/forbes.ge\/wp-content\/uploads\/2020\/10\/forbes-georgia-logo.svg","width":197,"height":49.39,"caption":"Forbes Georgia"},"image":{"@id":"https:\/\/dev.forbes.ge\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/forbesgeo","https:\/\/x.com\/forbesgeorgian","https:\/\/www.instagram.com\/forbesgeorgia\/","https:\/\/www.linkedin.com\/company\/forbes-georgia\/","https:\/\/www.youtube.com\/forbesgeorgian"]}]}},"_links":{"self":[{"href":"https:\/\/dev.forbes.ge\/en\/wp-json\/wp\/v2\/brandvoice\/142086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dev.forbes.ge\/en\/wp-json\/wp\/v2\/brandvoice"}],"about":[{"href":"https:\/\/dev.forbes.ge\/en\/wp-json\/wp\/v2\/types\/brandvoice"}],"author":[{"embeddable":true,"href":"https:\/\/dev.forbes.ge\/en\/wp-json\/wp\/v2\/users\/675"}],"replies":[{"embeddable":true,"href":"https:\/\/dev.forbes.ge\/en\/wp-json\/wp\/v2\/comments?post=142086"}],"version-history":[{"count":4,"href":"https:\/\/dev.forbes.ge\/en\/wp-json\/wp\/v2\/brandvoice\/142086\/revisions"}],"predecessor-version":[{"id":142098,"href":"https:\/\/dev.forbes.ge\/en\/wp-json\/wp\/v2\/brandvoice\/142086\/revisions\/142098"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dev.forbes.ge\/en\/wp-json\/wp\/v2\/media\/142087"}],"wp:attachment":[{"href":"https:\/\/dev.forbes.ge\/en\/wp-json\/wp\/v2\/media?parent=142086"}],"wp:term":[{"taxonomy":"brands","embeddable":true,"href":"https:\/\/dev.forbes.ge\/en\/wp-json\/wp\/v2\/brands?post=142086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}