Electronic Payments

12/ 01/ 2018

The Ministry of Economic Development and Trade of Ukraine published the draft CMU Resolution “On approval of requirements to business entities on the acceptance of electronic payment means for payment for goods and services”. The draft Resolution aims to replace the CMU Resolution #878 d.d 29.09.2010, which has partially lost its relevance in the current market conditions.

The draft Resolution takes into account previously submitted EBA proposals on this issue and provides the following:

  • expansion of the number of business entities, which will accept electronic payment means. According to the draft Resolution, such a requirement will apply to business entities that operate in small settlements and in e-commerce area;
  • the possibility of sharing usage of a payment device by several business entities;
  • definition of state authorities entrusted with the function of monitoring compliance with the requirements of the Resolution.

According to EBA experts, approval of the draft Resolution will give a significant push for the development of cashless payments sphere and infrastructure for their acceptance, provide the opportunity to implement the legal rights of cardholders, promote the economy unshadowing and establishment of equal competitive conditions for market participants.

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