Mastercard EMV cards in Georgia

Effective May 15, 2008. Georgian Card launched the issuing of MasterCard EMV* cards. Strategy involves gradually replacing magnetic stripe card, and creating what it believes a superior PIN-based processing capability with new MasterCard EMV Cards. All MasterCard debit and Credit cards issued in Georgia will be able to initiate PIN based secured payments at 3000 merchant’s outlets.  GC initiated the issuing the VISA EMV cards in Georgia at 2006. Following the Visa, banks with MasterCard EMV Cards, can boost MC market share from 20%  to 30%.

*EMV- a standard for interoperation of IC cards ("Chip cards") and IC capable POS terminals and ATM's, for authenticating credit and debit card payments. The name EMV comes from the initial letters of Europay, MasterCard and VISA, the three companies which originally cooperated to develop the standard.