Law of Georgia on Payment System and Payment Services

At a glance

Full text

Official full text: Law of Georgia on Payment System and Payment Services (PDF, en)¹ · 164 KB · file checked 2026-09-24 · consolidated version of 2015-06-12

Official page: matsne.gov.ge¹ · Official English translation: matsne.gov.ge¹

Summary

The Law of Georgia on Payment System and Payment Services (No 6304-Is, 2012) sets the framework the National Bank of Georgia (NBG) uses to regulate and supervise payment systems and payment service providers (PSPs). It requires system operators to register with the NBG before managing a payment system (Art. 3), defines 'important payment systems' subject to extra requirements (Art. 4), and protects settlement finality and financial collateral arrangements. Payment services may only be provided by an NBG-registered payment service provider, a commercial bank, a microfinance organisation, or a person otherwise exempted (Art. 15); PSPs may use agents but remain liable for them. 'Significant' PSPs face NBG-set minimum capital requirements (Art. 17). It regulates payment orders, execution time frames, refunds and liability for unauthorised transactions, and user-fund protection. The NBG may sanction breaches with warnings, fines, or revocation of registration (Art. 46), and maintains a public register of operators and PSPs (Art. 47). It applies to payment system operators and non-bank/non-MFO payment service providers operating in Georgia.

Summary written by the Atlas from the official text; the law itself prevails.

Main articles

• Art. 3: Requires a legal person to be registered by the National Bank of Georgia before managing a payment system.
• Art. 15: Bars providing payment services except as an NBG-registered PSP, a bank, a microfinance organisation, or an exempted person; NBG registers/deregisters PSPs.
• Art. 17: Lets the NBG designate 'significant' PSPs subject to minimum capital requirements by capital type.
• Art. 42-45: Give the NBG powers to regulate, supervise, and inspect system operators and payment service providers.
• Art. 46: NBG sanctions for breaches: written warning, pecuniary fine, or revocation of registration, escalated by gravity.
• Art. 47: NBG maintains and publishes a public register of system operators and payment service providers.
• Art. 51: Transitional rule: persons already doing this business when the Law took effect had 3 months to register.
• Art. 52: Entry into force fixed at 1 July 2012.

Licences it governs

• PI · Georgia

  Registration as a Payment Service Provider (PSP) with the National Bank of Georgia

  NBG

Regulators that apply it

• Georgia

  National Bank of Georgia (NBG)

  The National Bank of Georgia is Georgia's independent central bank. It sets monetary policy and price-stability targets, issues the lari, an