Regulatory Alerts2020-09-02 | 155/04Regulation on Card-based Instrument
The National Bank of Georgia issued Order № 155/04 to approve the Regulation on Card-based Instrument, which governs relations between issuers, acquirers, merchants, and customers. The regulation establishes comprehensive rules for the issuance, servicing, and security of various card types, including debit, credit, prepaid, and virtual cards, while defining key terms and operational standards. It mandates specific transparency requirements for currency conversion, dispute resolution timeframes, and consumer protection measures to ensure confidence in cashless payments.
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