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Paypong becomes Ukraine’s eleventh domestic payment system created by a non-banking institution as the National Bank approved the rules of Paypong and issued a certificate to the system operator, European payment system (Kyiv), dated March 9, 2016.
As reported on the NBU website, information about Paypong system had already been put in the register of payment systems.
According to the rules of the system, its participants can be Ukrainian banks and non-bank financial institutions that are licensed to transfer funds without opening an account and provide Paypong funds transfer services according to an agreement with a payment organization. NK Bank is reported to be a settlement bank.
Read alsoNBU clarifies procedure for receiving online payments from non-residentsUNIAN memo. Paypong is designed for cash or non-cash transfers in the national currency from individuals in favor of individuals or legal entities within Ukraine.