1. Home
  2. > Financial Services
  3. > Banking
  4. > Payments Market Trends
Payments Landscape in Ukraine: Opportunities and Risks to 2022

Payments Landscape in Ukraine: Opportunities and Risks to 2022

  • February 2019
  • 48 pages
  • ID: 5440340
  • Format: PDF
  • GlobalData


Table of Contents

Search Inside

Payments Landscape in Ukraine: Opportunities and Risks to 2022

Ukraine’s economy was severely affected by the global financial crisis of 2008 and the political crisis of 2013-14, which had a significant impact on the country’s banking industry.As a result, over 90 banks were declared insolvent between 2014 and 2017.

To improve this situation, the Ukrainian government has undertaken several initiatives, such as financial inclusion, enhancing and modernizing banking access through the digital channel and the deposit insurance program to foster consumer confidence in the banking sector.

The government also introduced restrictions on cash use for both individuals and businesses, in order to reduce the dependence on cash and to promote electronic payments.Banks are also encouraging card use through reward programs, discounts and cashback offers.

Meanwhile, the rising adoption of contactless payments and emergence of the e-commerce market, coupled with the emergence of alternative payments, is expected to further drive the overall payment market growth over the forecast period. These efforts led to a rise in the overall banked population, with the Ukrainian population aged 15 or above with a bank account standing at 65.6% in 2018 - up from 52.7% in 2014.

The Ukrainian payment cards market is entirely driven by debit cards, which accounted for 96.6% of transaction value of the total payment cards market in 2018. In Ukraine, payroll and social programs are a major way of issuing cards, and have led to the widespread issuance of debit cards. Debit cards were also the most preferred card type for payments, with the frequency of debit card use for payments (per card per year) accounting for 96 times in 2018 - more than six times that of credit cards.

Rising preference for contactless payments for low-value transactions is also driving the overall payments.Major banks in Ukraine such as PrivatBank and Oschad Bank now offer cards with contactless features.

There were 3.6 million contactless cards in circulation as of September 2018, increasing by 31.4% in January 2018, while 78.8% of POS terminals are enabled with contactless.

E-commerce transactions registered a review-period growth of 30.9%, supported by rising consumer confidence, coupled with the availability of affordable internet and smartphones. The growing e-commerce market also attracted Ukraine’s largest bank - PrivatBank - to launch its own market place, PrivatMarket, in April 2016. Major banks such as Oschad Bank and PrivatBank are also offering payment cards exclusively for online shopping to drive consumer confidence in e-commerce transactions.

The report "Payments Landscape in Ukraine: Opportunities and Risks to 2022", provides a top-level market analysis, information and insights into the Ukrainian cards and payments industry, including -
- Current and forecast values for each market in the Ukrainian cards and payments industry, including debit and credit cards
- An overview of the country’s key alternative payment instruments
- E-commerce market analysis
- Analysis of various market drivers and regulations governing the Ukrainian cards and payments industry
- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards

Companies mentioned: Privatbank, Oschad bank, Raiffeisen Bank, Ukrsotsbank, BNP Paribas, Visa, Mastercard, PROSTIR, UkrKart

- In December 2018, the central bank announced to introduce International Bank Account Number (IBAN) to harmonize the Ukrainian payment area with that of Europe.Following this, from April 1, 2019, all banks in Ukraine are mandated to open accounts with the IBAN standard.

The use of IBAN will become mandatory for customers of all Ukrainian banks when making funds transfers both in national and foreign currencies, including during cross-border transfers.
- In order to promote electronic payments in the country, the National Bank of Ukraine (NBU) imposed restrictions on cash transactions between individuals and businesses. Effective from September 2013, cash transactions were restricted to UAH150,000 ($5,410.45) per day between individuals and businesses; in January 2017 this limit was reduced to UAH50,000 ($ 1,803.48). Ukrainian law also mandates that merchants must support non-cash transactions. At the time of the announcement, over 140,000 trade and service enterprises were equipped with POS terminals.
- To capitalize on payment card market growth, international companies are also moving into the Ukrainian market. American Express does not have a presence in terms of card issuance, although scheme providers offer accept its card services, in exclusive partnership with Ukreximbank, which is the sole acquirer of American Express cards in Ukraine. Most recently in July 2018, China UnionPay collaborated with PrivatBank. With this agreement, UnionPay cards will be accepted at 60% of POS terminals and 40% of ATM terminals in Ukraine from 2019.

Reasons to buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the Ukrainian cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the Ukrainian cards and payments industry.
- Assess the competitive dynamics in the Ukrainian cards and payments industry.
- Gain insights into marketing strategies used for various card types in Ukraine.
- Gain insights into key regulations governing the Ukrainian cards and payments industry.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Grace helps you find the right report:

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

Pakistan Cards and Payments - Opportunities and Risks to 2026

  • $ 2750
  • January 2023
  • 55 pages

Pakistan Cards and Payments - Opportunities and Risks to 2026 Summary ‘Pakistan Cards and Payments - Opportunities and Risks to 2026’ report provides detailed analysis of market trends in the Pakistani ...

  • Pakistan
  • Payments
  • Debit Card
  • Industry analysis
  • Credit Card Transaction
  • Card Transaction


Reportlinker.com © Copyright 2023. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on