Ms. Nataliia Lapko, Director of Payment Systems Department of the National Bank of Ukraine, has communicated that in accordance with the laws, the National Bank of Ukraine has so far approved the rules of 18 payment systems created by residents including 5 bank funds transfer systems, 5 non-bank payment systems and 3 intrabank payment systems.

29 international payment systems created by non-residents, including 23 cross-border funds transfer systems are eligible to operate in Ukraine.

In addition, the National Bank of Ukraine has approved the rules of 2 electronic money systems where banks are issuers. Another 17 Ukrainian banks are eligible to carry out e-money transactions in accordance pursuant to the laws.

According to data provided by the banks-issuers, electronic money in circulation amounted to UAH 7.5 million as of 1 April 2013. In the first quarter of 2013, the users carried out e-money transactions to pay for goods for the amount of UAH 511 million.

Information on all the payment systems created by residents and non-residents, as well as a list of banks eligible to issue electronic money in Ukraine has been posted on the NBU's official website in the section "Payment System".

For Reference

In 2012, the Verkhovna Rada of Ukraine adopted amendments to some laws of Ukraine, in particular, the Law of Ukraine "On the National Bank of Ukraine". According to the amended Law, maintenance of a Register of payment and settlement systems, participants therein, and operators of payment infrastructure (hereinafter referred to as the Register) has been assigned to the National Bank of Ukraine.

In accordance with the amended Law of Ukraine "On the Payment Systems and Funds Transfer in Ukraine" (hereinafter referred to as the Law on Payment Systems),

payment institutions of payment systems, participants in payment systems, and operators of payment infrastructure shall become eligible to perform activities in Ukraine only after their registration when information on them is entered in the Register;

the National Bank of Ukraine shall enter the following information into the Register:

information on the national payment system and international payment system whose payment institution is a resident;

information on the international payment system whose payment institution is a non-resident;

information on an intrabank payment system;

information on the participant in the national payment system and international payment system whose payment institution is a resident;

information on the participant in the international payment system whose payment institution is a non-resident;

information on an operator of payment infrastructure;

the bank that intends to issue electronic money is obliged to agree the rules governing the use of electronic money with the National Bank of Ukraine in accordance with the procedure established by the NBU regulation.

In accordance with the applicable law, the National Bank of Ukraine drafts regulations regarding the registration procedure for payment systems, participants therein, operators of payment infrastructure, and the procedure for maintaining the Register.