BOG launches innovative payment mechanism QR PAY

RNS Number : 5608J

Bank of Georgia Group PLC

05 December 2018

 

London, 5 December 2018

Bank of Georgia becomes the first bank in Georgia to launch its innovative payment mechanism "QR PAY" for small Georgian businesses

Bank of Georgia Group PLC ("Bank of Georgia Group") is pleased to announce that JSC Bank of Georgia ("the Bank" or "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 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." 

Name of authorised official of issuer responsible for making notification: Natia Kalandarishvili, Head of Investor Relations and Funding

About Bank of Georgia Group PLC

Bank of Georgia Group PLC ("Bank of Georgia Group" or the "Group" - LSE: BGEO LN) is a UK incorporated holding company, which comprises: a) retail banking and payment services, b) corporate investment banking and wealth management operations and c) banking operations in Belarus ("BNB"). JSC Bank of Georgia ("Bank of Georgia", "BOG" or the "Bank"), the leading universal bank in Georgia, is the core entity of the Group. The Group targets to benefit from superior growth of the Georgian economy through both its retail banking and corporate investment banking services and aims to deliver on its strategy, which is based on at least 20% ROAE and 15%-20% growth of its loan book. 

JSC Bank of Georgia has, as of the date hereof, the following credit ratings:
Fitch Ratings	'BB-/B'
Moody's	'Ba3/NP' (FC) & 'Ba2/NP' (LC)

For further information, please visit www.bankofgeorgiagroup.com or contact:

Kaha Kiknavelidze	Michael Oliver	David Tsiklauri	Natia Kalandarishvili
Group CEO	Adviser to the CEO	Group CFO	Head of Investor Relations
[phone]	[phone]	[phone]	[phone] (9282)
[e-mail]	[e-mail]	[e-mail]	[e-mail]

This news report is presented for general informational purposes only and should not be construed as an offer to sell or the solicitation of an offer to buy any securities

 

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