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Electronic Payments

19/ 06/ 2013

State authorities in Ukraine make substantial steps towards promotion of electronic payments. On 6 June 2013 the NBU issued a Resolution on thresholds for cash payments.

The EBA has always stressed the necessity to stipulate on a legislative level the thresholds for cash settlements. In March 2013 the NBU elaborated a respective draft Resolution aimed at defining the limit sum of money which is allowed to be paid in cash. Such a limitation is a common practice for developed European economies and is needed for deshadowing of valuable transactions and stimulation of electronic payments. The adopted NBU Resolution foresees that thresholds for settlements between legal entities during a day may be conducted in cash in case they do not exceed 10,000 UAH. For settlements between legal entity and individual this sum is 150,000 UAH.

We have also pointed out in our letter to the NBU that such limitations must be supported by a range of other measures (in particular, for ensuring  fair bank commissions during transactions, accessible infrastructure for conducting non-cash payments, etc).

We sincerely hope for smooth and effective implementation of this Resolution.

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