The National Bank of Ukraine has selected the name, logo, and slogan for the national payment system.
“Soon every Ukrainian payment system card will feature an ambitious name – PROSTIR (SPACE). We have selected this name because of its meaningfulness reflecting the simplicity with which payment transactions are settled via the national payment system and the broad scope of its use. These are forward-looking objectives we are aiming to achieve,” said NBU Deputy Governor Mr Yakiv Smolii, commenting on the revamped name of the National System of Mass Electronic Payments based on open international standards.
Mr Smolii explained that when picking a new name for the national payment system, the regulator paid attention to its authenticity and the associations it has with domestic payments/settlements. In an effort to avoid a duplicate name, the NBU wanted a unique name that would stand out from the names of other brands available in the market. “The word “PROSTIR” is rich in connotative meaning. It sounds good, regardless of whether it is spelt in Cyrillic or Latin letters. Its logo is comprehensible, clear, and versatile. We have also selected a unique slogan that reads, “Simple Settlements.” This slogan truly reflects our ambitious goals,” stated Mr Smolii. He added that the logo would retain its traditional yellow and blue colors, the colors of the Ukrainian national flag, which underscore the patriotism of the national payment system.
“About 98% of transactions involving the use of payment cards issued by domestic banks are carried out in Ukraine. Therefore, it is logical, appropriate, and secure that all domestic payment transactions be processed through the domestic payment system. We call for payment card market participants to effect transactions through this system,” stressed the NBU Deputy Governor. According to him, the new name will contribute to the promotion of the national payment system.
Director of the NBU Retail Payments Department, Mr Serhii Shatkyi, said that the domestic payment system is expanding fast. Last year the network of ATMs and POS terminals accepting payment cards increased its market share to 80%. There are over 50 payment system participants. The national payment system is capable of competing in the payment card market.
This system is regarded as an alternative to international payment systems, which can offer banks and bank customers many opportunities to cut transaction costs.
According to Mr Shatkyi, the regulator has various plans to develop and expand the national payment system, including the launch of contactless payments with the use of mobile devices, transactions involving Р2Р-money transfers, financial accounting instruments capable to select differentiated interbank and/or trading system commission fees depending on the traders’ codes, and the development of e-commerce.
“We will distribute a brand book to those banks that intend to issue payment cards under the trademark of Ukrainian Payment PROSTIR. At the same time, we are fully aware of the fact that not only the new name but also a wide range of new and customer-focused competitive services offered by the domestic payment system are key to its future success,” said Mr Shatkyi, adding that the regulator would do its utmost to achieve this goal.
For reference
The trademark Ukrainian Payment PROSTIR has been submitted for registration to the State Service of Intellectual Property of Ukraine.
The NBU has received a notice from the State Service of Intellectual Property of Ukraine, notifying it that an application for registration No. m 2016 01358 was filed on 29 January 2016.