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Electronic Payments

12/ 11/ 2012

As the result of EBA Electronic Payments Committee’s efforts the issues related to electronic payments were included into the Cabinet of Ministers’ Instruction which approves the Strategy for Reforming the System of Consumers’ Rights Protection in Financial Sector for 2012-2017 (hereinafter – the Strategy).

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 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 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 Strategy contains the issue of Ukraine’s economy unshadowing by  means of non-cash payments expansion.

The Strategy was approved by the Cabinet of Ministers Instruction No. 867-p as of 31 October 2012.

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

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