National Bank of Ukraine continues its active work on development of cashless settlements in our country, and on 6 June 2016 it organized regular strategic session on Project A.9 Cashless economy of the Comprehensive Program of the Ukrainian Sector Development up to 2020.
This time, in addition to payment market representatives, representatives of public authorities attended the meeting.
In particular, it was attended by representatives of the Verkhovna Rada of Ukraine, the Ministry of Economic Development and Trade of Ukraine, the Ministry of Social Policy of Ukraine, the State Fiscal Service of Ukraine, Kyiv City State Administration, the Deposit Guarantee Fund, Ukrainian State Enterprise Ukrposhta, the European Business Association, IndependentAssociation of Banks of Ukraine, the US Agencyfor Intenational Development(USAID) and international payment systems VISA and MasterCard.
National Bank of Ukraine was represented by NBU Deputy Governors Mr Yakiv Smolii and Mr Vladyslav Rashkovan, as well as Director of Payment Systems and Innovative Development Department Mr Serhii Shatskyi, and Head of Office for Banking System Strategy and Reform Mr Mykhaylo Vidiakin.
As Mr Yakiv Smolii, the NBU Deputy Governor, stressed, for the effective implementation of Cashless economy Project the consolidation of efforts and cooperation of all stakeholders are needed. “We invite representatives of all ministries and public authorities to join the active work on useful thing for Ukrainian economy - the higher level of cashless payments, which are more transparent and safe forcitizens”, he said.
Participants had the opportunity to discuss the detailed plan, which contains specific measures to ensure further development of cashless circulation and development of retail cashless payments with the use of electronic means of payment.
“NBU considers wide impementation of cashless settlements to be a key strategic course for the Ukrainian banking system development. Cash outside banks is not a resource for economic growth of the country as it frequently serves the shadow economy or it’s used in corruption purposes”, mentioned Mr Vladyslav Rashkovan, the NBU Deputy Governor.
He told that as the courses for CashlesseconomyProject implementation, the regulator determined the development of cashless payments and payment infrastructure, lower demand on cash and higher level of public financial awareness as well as formation of habit to carry out cashless payments.
Mr Serhii Shatskyi, Director of the NBU Payment Systems and Innovative Development Department, acquainted all present with the current state of promotion of cashless settlements in Ukraine and presented for discussion the detailed action plan on the Cashless economyProject, which implies cooperation of all public authorities, banking environment and international organizations.
Mr Serhii Shatskyi added that among main project objectives is to enhance transparency of settlements in Ukraine: “Transparency of cashless payments is higher revenues from taxes, which furtherly are directed at satisfaction of greatest households needs; these are funds used for lending to the real economy, growth of which implies higher social standards; it is a guaranteed control over target orientation of social payments and benefits and executing the state budget.”
Participants of strategic session agreed upon further work aimed at wide implementation of cashless setllements in Ukraine and the need to hold meetings with representatives of ministries and public authorities to generalize approaches to resolve this task with high priority for the country.