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Cashless Payments

The National Bank of Ukraine (NBU) is helping develop payment infrastructure as part of Ukraine’s broader efforts to promote cashless payments. 

Cashless payments are a quick, convenient, and secure way of paying for goods and services. Increasing the number of cashless payments makes payments more transparent and fosters economic growth.

The NBU seeks to achieve:

  • a cashless economy
  • well-developed payment infrastructure
  • transparent, secure, and reliable payments
  • the use of innovative means of payment

The NBU regulates cashless payments and ensures their security and reliability.

Individuals and companies can make cashless payments using:

  • payment cards
  • mobile payment instruments
  • e-money
  • payment documents
  • trade finance transactions and tools
Payment order

This is a document used to initiate a payment transaction from the payer’s account to the payee.

Payment order can be drawn either in electronic or printed form.

The form and procedure of the payment order, remote communication means for initiating a payment transactions are prescribed by agreement terms and conditions between the user and the payment service provider.


Electronic money (e-money) shall be a unit of value stored in electronic form issued by e-money issuer for executing payment transactions (including using prepaid multipurpose payment cards) accepted as means of payment by the persons other than the issuer and is a monetary liability of said e-money issuer. E-money exists only in cashless form.

Article 57 of the Law of Ukraine On Payment Services prescribes that only the following entities are authorized to issue e-money:

1) banks

2) electronic money institutions

3) branches of foreign payment institutions

4) postal operators

5) National Bank of Ukraine

6) government authorities and local self-governments.

These entities shall transact financial payment services only after receiving a license in accordance with this Law (save for banks) and upon record in the Payment Infrastructure Register, unless otherwise provided by this Law.

Entities, whose information is not recorded in the Payment Infrastructure Register shall not be authorized to provide services set out in the Law of Ukraine On Payment Services, unless otherwise expressly provided for by this Law.

E-wallet is opened toa consumer/user for storing electronic money and transacting payments.

When opening a replenishable electronic wallet, an e-money issuer should conduct consumer/user due diligence as set in laws on prevention and counteraction to legalization (laundering) of criminal proceeds, terrorist financing and financing of proliferation of weapons of mass destruction.

A consumer (individual) can also open an e-wallet, which can only be accessed via a prepaid card and cannot be replenished with a limit for the amount of the e-money that shall not exceed UAH 5,000.

Payment instruments (issued)

Issued payment instruments cover electronic means of payment, payment cards, and prepaid payment instruments.

Electronic means of payment (EMP) shall mean a payment instrument realized on any media carrying electronic data required for initiating a payment transaction and/or executing other transactions set out in the agreement with the issuer.

Payment card is an electronic means of payment in the form of a plastic or other card.
A prepaid payment instrument is a payment instrument for e-money transactions. A prepaid payment instrument is used in line with the algorithm for executing the payment transaction of a respective e-money issuer and/or payment system rules determining the issue of payment instruments and in compliance with Ukrainian laws.

An issuer authorized to issue payment instruments in Ukraine is a payment services provider issuing payment instruments and authorized to provide such services in line with the Law of Ukraine  On Payment Services.

In addition to receiving the license from the NBU, an issuer must enter into an agreement with the operator of the respective system to issue payment instruments to be used in the payment system.

A payment instrument can be:

  • private for private needs of individuals
  • corporate (business) for the needs of business/independent professional activity

A payment instrument can be used:

  • to pay for the goods and services
  • transfer funds to another entity
  • withdraw cash
  • receive information on the holder’s funds.

Limits/restrictions for using payment instruments
The procedure, terms, and conditions for using a payment instrument are set out in the agreement with the issuer.
The issuer is authorized to set limits and/or restrictions on the amounts and the number of payment transactions to be performed using payment instruments.

Trade finance and instruments

A letter of credit stands for a financial obligation of an issuing bank to discharge liabilities upon request of the customer, who opened the letter of credit against respective presentation of documents.

General rules for letter of credit transactions are set by the Regulation On the Procedure for Conducting Transactions with Letters of Credit by Banks

Guarantee stand for a security for discharge of liabilities. According to the guarantee the guarantor bank guarantees to the creditor to discharge liabilities of the borrower.

General rules of the NBU on the procedure for issuing, receiving and exercising bank guarantees in domestic and foreign currencies  are set out in the Regulation On the Procedure for Conducting Transactions with Guarantees by Banks in Domestic and Foreign Currency.

Uniform rules and procedure for executing check transactions in foreign currency by authorized banks and financial institutions is set out in Regulation On Procedure for Performing Operations with Checks in Foreign Currency in Ukraine.

General rules of procedure for executing bill of exchange transactions issued and payable in Ukraine in domestic currency are set out in Regulation On Procedure for Performing Operations with Bills of Exchange by Banks in Domestic Currency in Ukraine.

Transactions with commercial letter of credit of Ukrainian banks in 2021.

Bank guarantee transactions in Ukraine in 2021.