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Electronic Payments

17/ 05/ 2016

The Verkhovna Rada of Ukraine registered the Draft Law which will allow cardholders to provide transactions of cash withdrawal from card account and its replenishment at outlets’ cash desks. This document was jointly developed by the Deputy Chairman of the Tax and Customs Policy Committee of Verkhovna Rada Andrii Zhurzhi and experts from EBA Electronic Payments Committee.

Cash withdrawal at cash desk is widespread in the UK, Ireland, Germany, Finland and other foreign countries. And, in case of the abovementioned document’s approval, Ukraine will soon join this practice that, in our opinion, for sure will contribute to the development of retail cashless payments using electronic payment tools.

In fact, this innovation will be especially important for inhabitants of areas that are not covered by ATMs network or by bank branches (rural areas, petrol complexes, etc). Along with it, this service is interesting for sale outlets, as partially solves the issue of cash collection. In the same time, even in areas with developed banking infrastructure, introduction of this service can minimize necessity to use ATMs. It is possible for cardholder to get cash at minor expenses during purchase of goods (for example, at supermarkets).

LEGAL BACKGROUND

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