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Competition on Fast Payment Market

Published: October 21, 2013 | 1:45 pm
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Sharp competition on the fast payment market – TBC Pay has followed the Bank of Georgia in abolishing commission charges. The Director of TBC Pay Davit Kenchadze has stated that the aim of the move is to increase customer satisfaction and to attract new customers. According to him, the difficult socio-economic situation in the provinces has been taken into consideration, and the commission charges have been abolished outside the capital. Mr. Kenchadze expects the competition between the BOG’s Epress Pay and TBC Pay to increase in the near future. However, it is still unknown whether or not the 0% commission charges will be introduced in Tbilisi as well.
Bank of Georgia spokeswoman Sopo Balavadze has declined to comment both on the subject of TBC Pay, and on whether the Express Pay machines are profitable for the bank. According to her, the main aim of the machine’s is to increase customer comfort, rather than to make a profit.
In response, Pay Box spokesman Akaki Chargeishvili has accused the banks of trying to establish a monopoly on the market. According to him, the banks have completely taken over the fast payment business, leaving the other players on the market facing bankruptcy. The Bank of Georgia’s 0% commission offers considerably reduced the number of Pay Box customers, Mr. Chargeishvili has claimed.

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