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Vse bude cashless

20/ 02/ 2017

Evgenii Veremeychenko decided to live without cash in Kiev for a month. During this experiment, he found himself realising that for some people it may be challenging to expand the use of bank accounts as a lot of organisations still pay their salaries and benefits in cash, so a lot of people are just not motivated to go through a cash-to-cashless transition. Despite wide support amongst the business community, including the EBA, the Ukrainian government is hesitating to pass a law which would allow the employees in Ukraine to choose their bank by themselves for their salary to be transferred to.

As statistics suggests, Ukraine lacks POS terminals, especially outside Kyiv. The number of cash machines, however, is much higher in Ukraine than in any other European countries. Lack of appropriate infrastructure suggests that the system itself discourages people to use cards and leaves them nothing but take the cash out of their accounts. Apart from the Kyiv tube,
public transport currently doesn’t accept cards, however this could be the factor which could trigger wider use of cashless payments. With law reforms regarding fiscal operations, this would be easier to implement. It is also vital that online shopping is accessible for people who want to carry out online payments.

There are many benefits to using cards for payments, including all the ones mentioned above and in some cases even discounts that some premium cards offer in certain places. The future of money is to be cashless. There is, however, a lot of work for the Ukrainian government and
banks to do before the majority of the population will be using cards over cash, such as the provision of infrastructure which would encourage cashless life.

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