Electronic Payments

23/ 01/ 2019

Cash withdrawal at POS service has been launched in Ukraine

This service is already running and is popular in Europe, Asia, USA and now became available to cardholders on the Ukrainian market. The service provides the possibility to cardholder to get some cash at cashdesk at the same time as payment for goods. This service aimed to solve the problem of uneven development of ATM network, create new opportunities for cardholders to have access to account, and for merchants, it will help attract new customers and optimize cash management expenses.

Despite the fact that legislation provides the possibility for merchants to provide cash withdrawal services, some requirements may be interpreted ambiguously. However, due to the efforts of the European Business Association, legal conditions were created to launch such service in Ukraine. In particular, a number of explanations were received from the National Bank of Ukraine, the Ministry of Finances and the State Fiscal Service on the possibility of providing such service and specific of the application of legislation requirements in terms of accounting and fiscal treatment of cash withdrawal transactions.

Also, the National Bank of Ukraine supported and introduced to the draft proposals developed by the Association to the Regulation on cash transactions in the national currency in Ukraine, aimed at simplify the procedure of registration of such operations.

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