Georgia’s E-Payment Market to Rise by 10.91% till 2028
The electronic payment market in Georgia, US, could predictably rise by 10.91% on average, as a study covering the 2024-2028 timeframe discloses. Statista thus reveals that the market volume could hit a whopping $292MN by that time, disclosing a somewhat smooth and progressive growth of the sector during the most recent years.
The spike in the growth of such payment methods is pushed by the widespread acceptance of mobile payment and e-commerce stemming from the pandemic and gaining speed up to this day. Numerous payment trends became ubiquitous ever since physical shops experienced a sudden drop in customer activity, with mobile payment apps like Cash App, Venmo, and PayPal serving as examples. At the same time, some payment methods rose to unforeseeable international prominence, including the cryptocurrency used only by the crème de la crème of investors. Moreover, fintech startups’ expansion and blockchain technology’s integration into payment systems have pushed the digital payments market up. As more and more people started looking for where to buy Bitcoin to pay remotely, pseudo-anonymously, and in a decentralized manner, the factors prompting Georgia’s rising e-payment market became increasingly popular.
Numerous future-oriented retailers and merchants implement digital payment gateways and solutions to reduce cart abandonment, unlock new customer categories, rise as tech progress promoters, and the list can go on. Let’s delve deep into the payment trends that bring businesses and customers closer today and secure a competitive advantage among Georgian enterprises.
Georgian top payment options to introduce
Credit cards take the lion’s share of the digital payment market and are bound to secure it well into the future, with no less than 89% of e-purchases being carried out via them. At the same time, 5% of payments involve e-wallet usage, with prepaid cards, bank transfers, and mobile payments each standing at 1% usage. Notably, Georgia’s internet penetration is estimated to exceed the 84% mark, with 810K households using this facility.
Credit Cards
Credit cards are some of the most widespread and preferred alternatives for Georgian clients to make purchases online. Giant multinational financial corporations, including Discover, American Express, Maestro, Visa, and MasterCard, handle payments between card-issuing banks and merchants, aiding millions of individuals internationally in paying for services and products through their branded credit cards.
Payment apps like those enumerated above rank the highest in Georgia’s top most reliable payment solutions. Let’s see what some of the best ones offer so you can more easily discover the alternative you should keep looking into from now on.
PayPal
In light of the expanding gig economy, businesses and freelancers across Georgia need to implement safe and dependable payment methods familiar to most customers. This economic trend propels PayPal’s eminence and secures its recognition as a go-to payment solution thanks to its ease of use, security, and reliability, helping Georgian freelancers collect payments from international customers. Moreover, the platform speeds up transactions and reduces their fees and processing times as conventional bank transfers are removed from the equation. PayPal boosts protection on both ends, improving users’ confidence in their business transaction conduct.
The app also offers invoicing features that streamline businesses’ tasks when crafting and submitting pro-quality invoices to customers. This platform helps account owners track their gains effortlessly, withdraw money to their general bank accounts, and handle their finances, among other things.
The PayPal Pay Later solution attracts many big businesses looking to offer Buy Now Pay Later (BNPL) options for their Georgian or international clients with effortless integration. Of the four users of PayPal Pay, 35% belonged to Generation X, whereas 51% were Gen Z and millennial shoppers, according to a 2023 study released by the mammoth.
Venmo
Venmo is working on expanding its products internationally, but to date, only users across the U.S. can use the site, meaning that a U.S. bank account and mobile number are necessary to obtain concrete access. This is a P2P payment app that allows account owners to rapidly transfer and collect money on their mobile devices from other Venmo users.
An increasing number of businesses and customers take advantage of the platform’s convenience, which offers a few unmatched perks compared to other payment providers. For example, the app doesn’t charge customers any fee for their monthly app usage. At the same time, sending and receiving money to banks, debit cards, or individual accounts doesn’t imply commissions. The only fee you may come across is the one imposed for using an instantaneous transfer solution or a credit card.
At the same time, it is crucial to examine the company’s downs. For instance, Venmo isn’t FDIC-insured and doesn’t pay interest, putting customers at risk of losing their funds if the enterprise ever goes bankrupt or out of business.
Venmo allows people to make transfers in any merchant location that accepts Q.R. codes.
Google Pay
Like PayPal and Venmo, Google Pay now allows users to carry out peer-to-peer transactions. Through NFC, companies and customers in Georgia can leverage the perks of instant, secure, and commission-free payments, assuming no more than 8 inches exist between the mobile device and POS.
NFC offers an anonymized link between the two parties, allowing the transfer to pass through safely and live without leaking the actual credit card number. One click is enough and the payment is made, pushing the digital transformation even further across Georgian businesses.
Digital wallets
Digital wallets have become increasingly popular, with half of 18—to 38-year-olds possessing such an account and using it frequently. The race is tight, and other generations are also figuring out what’s going on, according to cuofga.org.
There are a number of considerations to keep in mind when pondering using digital wallets over traditional ones. Firstly, the digital wallet is always locked unless you open your phone and access the installment purposely. At the same time, you’ll need a successful fingerprint scan, passcode, or facial recognition, which slashes the risks of encountering some types of theft.
The card number isn’t stored on your mobile, so you may secure your money by contacting a third party if the device goes missing or is stolen. You must consider more aspects before you can confidently say you’re in the know about digital wallets, so conduct your research thoroughly!
Fortunately, you now better know what your enterprise needs to strike it big and stay on top of its digital payment game.
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