Wallet One, an international payments system with offices in 12 countries, recently announced its multi-currency electronic wallet is now available in the South Caucasus country of Georgia, according to a press release. Consumers can use the wallet online or download an Android or iOS app to their smart device of choice and register for the service using either an email address or mobile phone number.

Georgian consumers can use the wallet to pay more than 350 local service providers such as telecoms, paid TV providers, and other utilities. Users can also send fund transfers to others within the country at 0.5 percent of the amount but for no more than $26, according to Wallet One.

Users can fund their wallet via a payment terminal network that accepts cash. "The two terminal networks in Georgia which accept cash for our wallet covers about 99 percent of the local market," a spokesperson told Mobile Payments Today. In other countries where Wallet One is active, users can link a bank card to their account. Wallet One hopes to add this feature for Georgia users in the future, the spokesperson said.

"Georgia is one of the most attractive markets in the region," Anna Ivanova, international development director at Wallet One, said in a statement. "It has registered a steady increase of non-cash and internet payments, and mobile penetration has reached 120 percent in 2014.

"We also see a great potential in international P2P money transfers between the users in Georgia and other countries where Wallet One system is already in operation. Further on, we intend to expand out foothold in the region, developing our business in other countries of the Southern Caucasus."

Wallet One said one of its key features is the ability to do currency conversions within the service. The local Central Bank or electronic issuer bank sets the exchange rate as well as a small fee for the service, according to the spokesperson.