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Last year was marked by the rapid growth of the non-cash payments market in Ukraine. Thus, the National Bank of Ukraine reported that eight out of ten payment transactions in 2020 were non-cash. At the same time, the number of institutions accepting payment cards increased by a third and the number of contactless terminals increased by 11.2%. Under the conditions of quarantine restrictions, non-cash instruments have shown their advantage over traditional payment methods, so it is expected that the cashless will continue to develop in Ukraine.<\/p>\n
To discuss promising trends in this area, the European Business Association at the initiative of the Electronic Payments Committee held a unique industry event – EBA Cashless Day, which took place for the first time on May 27 with both business and government representatives.<\/p>\n
During the 2 sessions, participants discussed the following issues: status quo and prospects for the development of cashless economy in Ukraine, the current market structure and regulation, international experience of cashless, digitalization of the payment ecosystem, financial inclusion, integration of fintech, and government services, strategic forecasts of fintech-technologies, etc.<\/p>\n
It is important for the business to promote non-cash payments in Ukraine because with a developed cashless market, the demand for paper money weakens and opportunities for uncontrolled cash transactions are limited. In other words, the level of the shadow economy would decline. It is worth noting that a significant amount of shadow transactions is carried out in cash. According to the calculations of the Mineconomy, the level of the shadow economy in Ukraine in 2019 amounted to 28% of GDP. According to the state strategy for the development of the financial sector for 2025, it is planned to reduce it to 20%. Thus, business representatives consider that the non-cash forms of payment will lead to the desired level of the economy de-shadowing, as well as significantly reduce the risks of suspicious cash transactions.<\/p>\n
Meanwhile, further development of the cashless economy in Ukraine can be possible only if there are relevant regulatory conditions. In this regard, promising is draft law \u2116 4364″On Payment Services” developed by experts of the EBA Electronic Payments Committee. It envisages comprehensive changes to the legal regulation of the payment market and its modernization, so for the first time in a decade, the Ukrainian legislation on payment services would get an update.<\/p>\n
In general, the Electronic Payments Committee is actively working on such priority areas as ensuring fair competitive conditions for all market participants, expanding the scope of non-cash payments, launching new cashless services, introducing innovative technologies in electronic payments, etc. The Committee member companies can make their proposals on banking and non-cash payments, develop relevant initiatives in this field, as well as discuss them directly with key stakeholders. Therefore, all businesses interested in developing this area are invited to join the Committee<\/a>. We hope that together we will be able to create the necessary conditions for Ukraine’s transition to a cashless economy!<\/p>\n