30.03.2021

Interchange and cashless payments are the basis for the development of the Ukrainian economy

UKRSIBBANK BNP Paribas Group has been developing a culture of cashless payments, providing all its customers with flexible conditions for using remote services and methods of making cashless payments. All UKRSIBBANK clients are active users of cashless payments, among them there are individuals, entrepreneurs, representatives of medium and small businesses and international corporate clients.

Owing to banks’ efforts aimed at the development of payment infrastructure, the level of cashless payments is growing rapidly, and this trend having positive economic growth forecasts can be stopped by an attempt to regulate the interchange.

Interchange (interbank commission) is a commission that the acquiring bank serving the seller pays to the issuing bank that issued the buyer’s card for each payment for goods or services made with the card.

Ukrainians have become less likely to use cash and prefer operations with payment cards. This became especially relevant during a pandemic, when contactless payments became safer and more convenient. So, in 2020 alone, the volume and number of contactless payments increased by 50%, and in general, the number of transactions using payment cards in Ukraine increased by 18%. This is one of the highest rates in Europe. At the same time, the level of penetration of cashless payments is about 20%, while on average in the EU countries it is more than 60%. Compared to European countries, Ukraine is less developed in terms of accepting cashless payments – there are only 9 POS terminals for every 1000 adult population. The average for European countries is more than 22.

«Banks are businesses that invest in the transparent development of the economy. Due to the interbank commission, payment terminals and processing centres are developed, new payment methods appear, and free cash withdrawals from ATMs from salary cards are sponsored. All participants in the payment market ensure the speed and stability of cashless turnover of funds», – said Konstantyn Lezhnin, Deputy Chairman of the Management Board of Retail Banking of UKRSIBBANK BNP Paribas Group.

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