Electronic Payments

12/ 07/ 2012

As the result of EBA Electronic Payments Committee’s efforts the issues related to electronic payments were included into the Draft President Decree on the Strategy for Increasing Financial Literacy of Population and Protection of Financial Services’ Consumers (hereinafter – the Draft Strategy).

Back in March 2012 after EBA Electronic Payments Committee meeting with the Vice Prime Minister, Minister of Social Policy Sergiy Tihipko, the EBA was included into the Working Group on the elaboration of the Draft Strategy. We have submitted our commentaries as for the necessity to add the questions related to non-cash payments in the text of the document.

EBA representatives took part in several meetings of this Working Group and our proposals have been taken into account. In particular, the Draft Strategy includes EBA’s comment as for the need to conduct mass awareness campaign on the benefits of non-cash payments, and in particular, as for the use of modern technologies on the access to accounts.

Moreover, according to EBA’s proposals, the Draft Strategy is highly likely to contain the issue of Ukraine’s  economy unshadowing by the means of non-cash payments expansion.

The Draft Strategy is now pending for the approval by line state authorities and afterwards will be forwarded to the President’s Administration.

We will keep you posted on further developments in this regard.

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