Ukraine's payments market as well as the global payments market has experienced rapid growth in recent years. Payment systems are crucial for efficient functioning of the financial system. In particular, they are an essential vehicle for the implementation of monetary policy by the National Bank of Ukraine. This is what Deputy Governor of the National Bank of Ukraine Valerii Prokhorenko said at the international conference on "Payment forum" held on 28 May 2013:

"Certain payment systems handle significant cash flows. Under these circumstances, the task of the central bank is to detect and prevent risks that might arise in the payment systems in order to avoid their adverse impact on the financial system stability and public confidence in money". Mr. Valerii Prokhorenko emphasized that the draft law amending the Law of Ukraine "On Payment Systems and Funds Transfer in Ukraine", which had been drafted by the National Bank of Ukraine and adopted by the Verkhovna Rada of Ukraine on its final reading in 2012, was aimed at fulfilling three main tasks: ensuring the financial independence and security of the Ukrainian payment system, developing electronic payments in Ukraine and protecting the rights of consumers in the payment services market.

"The revision of Ukrainian laws resulted in a more streamlined legal framework for cashless payments, adoption of a unified approach towards the government regulation of payment systems in Ukraine, and greater economic security for citizens – users of payment systems. The adoption of this law will promote the growth of cashless payments and reduce government and corporate costs on processing and handling of cash" said Mr. Valerii Prokhorenko.

We would like to remind you that about 20 payment systems created by residents and 30 international payment systems launched by non-residents operate in Ukraine.