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VISA Card Does not Require Additional Insurance

Bank should provide the user of the card security, VISA with the new platform works on zero-liability of the client.

“With the speed of payment innovations in the world and in Georgia particularly, our role as one of the world’s leading payments network is to make sure every time a Visa cardholder enters their card details online or dips, swipes, or taps their Visa card at the point-of-sale, they know they are accessing the most secure way to pay.”

we are working with Georgian issuers to strengthen consumer protection in the market by introducing rules that will provide Visa cardholders peace of mind whenever and wherever they use their Visa cards”, – Hector Rodriguez, Regional Risk Officer, CEMEA declared at the press-conference held in Georgia.

Rodriguez refrained to give advise on the offer of service of 5 GEL for insurance of the card and noted, that VISA International cares on reset of client risks with innovative technologies. However, insurance offer from banks is bank’s prerogative and cooperation with VISA, does not restrict that.

The speakers summarized the successful performance of the company in Georgia highlighting that in terms of cards penetration and readiness to accept innovations, Georgia is one of the leading countries in the region. For example, in 2015 Georgia was the first country to launch Host Card Emulation in the region, as well as, Visa payWave cards.

According to Mandy Lamb, Group Country Manager, CIS&SEE, Visa’s business is focused on growing electronic payment and displacing cash in the system. With Georgia being one of the most progressive and innovative country’s in the region, and a flagship market for Visa payWave and contactless payments, we believe that we are very much on track to achieving this goal.”

The world is rapidly becoming more connected, millions of devices will be connected to the internet, and the ability to pay or be paid will be at the heart of many everyday devices and services.

Visa is offering the payments ecosystem – financial institutions, their technology partners and vendors – the tools and services that help develop new deliver secure, fast and reliable payments services across diverse commerce experiences.  This is why we opened up our network through Visa Developer, an open platform for developers, offering API interfaces for direct access to new Visa services.

In doing so, we aim to accelerate the migration to new digital commerce experiences and support of consumers who increasingly rely on connected devices to shop, pay and get paid”, Andrei Aleikin, Senior Director, Emerging products & innovations CIS&SEE declares.