The European Business Association (EBA) predicts cashless payments will surge in volume in Ukraine, from 12-15% in 2018, to 17-20% in 2019.
In a press release, the organisation stated: “This can be favoured by the appearance of new technologies on the market that are interesting and convenient for consumers, for example, Apple Pay, Google Pay and others. In addition, the list of points where it is possible to pay using noncash – transport, cultural events, markets and shops – is expanding.”
According to Coordinator of the EBA Electronic Payments Committee Ievgenii Veremiichenko: “Certainly, we want a payment revolution now. One does not need cash to go anywhere and one could pay with a card everywhere, and also to have the card tied to the owner’s fingerprint. However, there are conditions and rates of market development.”
The EBA added that it will expect the launch of several new services in 2019, including the supply of cash through POS terminals at retailers’ checkout counters.
Experts in the business believe that the introduction of this service will provide a solution for the issue of underdeveloped banking infrastructure, and give customers the opportunity to access their funds without requiring the need for physical branches.
According to the EBA, the regulatory foundation for setting this service in motion has already been created, market players are implementing the final touches and are getting ready to begin distributing this service soon.
Expectations for market changes will also include currency exchanges being made through Internet banking, without requiring the use of cash. The association said this service will be made available in February 2019.