Photo from UNIAN
The list of venues where one can use cashless payment is expanding.
The European Business Association (EBA) says cashless payments in Ukraine in 2019 will account for 17-20% of the country's total transactions.
"Starting from 2016, the market of cashless payments has been showing growth in the number of cards, points accepting non-cash payments, as well as the number of transactions and payments. Some indicators grew by 40-50% per year. This year the trend will continue. According to experts, if the share of cashless payments in the total amount of payments late in 2018 was about 12-15%, it would grow by a few more percentage points, to 17-20% in 2019," according to an overview titled "Scope of Cashless Payments Continues to Rise in 2019," posted on the EBA's website on January 17.
Read alsoKyiv's Metro Subway ticket offices to allow cashless payments from Nov 24
EBA experts believe that the growth in the number of cashless payments is facilitated by the appearance on the market of new service technologies that are convenient for consumers' cashless transactions. In addition, the list of venues where one can use cashless payment is expanding. They are becoming possible in transport, markets, shops, family entertainment centers, and others.
New services, in particular, cash withdrawals via POS terminals at retail outlets' checkout points are expected to be launched as early as in 2019.
"This service can significantly solve the problem of insufficient development of banking infrastructure and provide consumers with access to funds on accounts where bank branches are not available. The legislative basis for launching such a service has already been formed. Market participants are now making final adjustments and are preparing to start providing the service soon," the EBA said.
In addition, forex transactions are to go cashless due to Internet banking. There will also be possible to choose an instant installment payment plan when buying commodities with the use of a bank card. What is more, QR code payment is expected to be widespread.
As UNIAN reported earlier, the share of cashless payments in Ukraine with payment cards more than tripled from 12.4% (as of January 1, 2013) to 39.3% (as of January 1, 2018).
UNIAN memo. Cashless payments are carried out using current and card accounts, as well as via transfers without opening an account.