PAYMENTS IN UKRAINE
Ukraine is a parliamentary republic with a unicameral legislature, the Supreme Council (Verkhovna Rada) under a semi-presidential system with separate powers: legislative, executive, and judicial branches. Its capital and largest city is Kiev.
Two brief periods of independence occurred during the 20th century, once near the end of World War I and another during World War II, but both occasions saw Ukraine’s territories consolidated into a Soviet republic, a situation that persisted until 1991; when Ukraine gained her independence from the Soviet Union in the aftermath of its dissolution at the end of the Cold War.
By the end of 2013, Ukraine faced difficult choices over its future adherence either to the EU or to Russia’s Eurasian customs union, with both partners warning that “Ukraine must choose one side or the other.”
The geopolitical consequences of Ukraine’s subsequent decision continue to unfold. To try and stabilise the economy, in March 2014 the IMF agreed a two-year, stand-by loan of $17 billion with the Ukrainian government, with conditions including a 30% devaluation of the hryvnia, fiscal austerity and raising domestic gas prices, subsidised to the extent of over 7% of GDP, to market levels. The loan was payable in tranches, subject to the conditions being met.
The Ukraine–European Union Association Agreement was signed in March 2014. It is an agreement between the European Union (EU), Euratom, Ukraine and the 28 EU Member States. It establishes a political and economic association between the parties. The agreement entered into force on September 1, 2017.
The parties committed to co-operate and converge economic policy, legislation, and regulation across a broad range of areas, including equal rights for workers, steps towards visa-free movement of people, the exchange of information and staff in the area of justice, the modernisation of Ukraine’s energy infrastructure, and access to the European Investment Bank.
On 1 January 2016, Ukraine joined the Deep and Comprehensive Free Trade Area with European Union, in order to modernise Ukraine’s economy, governance and rule of law to EU standards and gradually increase integration with the EU Internal market.
Mobile banking is used by nearly 70% of the population, showing how Ukraine has achieved a high level of payment digitisation. In 2020, the National Bank of Ukraine and the Ministry of Digital Transformation of Ukraine (MDTU) joined forces to digitise the banking system via the Diia mobile app for ID. The partnership aims to allow bank customers that have an electronic passport or ID app to no longer require paper documents to confirm their identification in a bank office. As of the end of 2020, 94% of payment card users could access online services using the NBU’s BankID system.
STATISTICAL KEY FIGURES FOR 2020 PROVIDED IN THIS PROFILE
• UPDATED: tables with card business data 2016-2020; growth rates: Y-o-Y, CAGR
• Population, Cards per Capita, Card Value per Capita
• Debit Cards, Credit/Delayed Debit Cards, Total Cards
• Card payments by number and by value, ATV per card, payments per card/year
• ATMs, POS terminals, ATMs/POS terminals per 1 million capita
• ATM withdrawals by number/by value, ATV per withdrawal, TXs per ATM/month
• POS payments by number/by value, ATV per POS payment, TXs per POS/month
• Internet Use, e-payment mix, B2C e-Commerce by value and growth rate
• Issued Card brands by individual major issuer bank
• Accepted card brands by individual major acquirer
• Drill down into the debit card use and credit cards use details
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Version 1.0 - last updated Wednesday 26th January 2022