Report Published: "Financial Cards and Payments in Ukraine"

Financial cards enjoys healthy growth in 2015

In 2015, financial cards in Ukraine benefited from consumer interest shifting from traditional cash to payments by card due to convenience and speed of transactions. Ukrainians improved their financial literacy and started paying for a much wider range of products and services than at the beginning of the review period. Internet purchasing enjoyed booming popularity including apparel, cosmetics and toiletries, consumer electronics etc in addition to services such as mobile communication, communal services and fines which were increasingly paid for with cards.

Payment infrastructure undeveloped in Ukraine

In Ukraine, payment infrastructure was not developed enough to be used by consumers to pay for products and services with modern payment methods. It was best developed in big cities while in rural areas cash was not affected due to the limited number of POS terminals. In addition, the number of POS terminals and ATMs recently declined which negatively affected the performance of financial cards. Contactless payment technologies also have physical restrictions due to card acceptance or training personnel for processing contactless payments.

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ATM transactions and cash transactions still dominant in spite of cards dynamism

At the end of the review period, in spite of the growing role of financial cards and electronic payments, cash, the traditional means of payment, was still considered by the majority of Ukrainians as a reliable payment method. There was a lack of POS terminals to pay through, especially at outdoor markets, kiosks, stalls etc where cash was always used, which is why consumers always carry cash. ATM transactions were close in value to cash transactions for this reason, even though it had a negative performance in 2015.

PrivatBank KB PAT leads, but Oschadbank AT moves into second place

In 2014, PrivatBank KB PAT remained by far the biggest issuer in the financial sector of Ukraine, including cards and consumer lending. It established the biggest presence nationwide with its branches and POS terminals and is noted for permanent investments in new product development. However, PrivatBank could not avoid a loss in share at the end of the review period due to the prior lavish issuance of cards not to be used onwards and thus losing the status of active cards. In contrast, the state Oschadbank AT saw strong growth from third to second place, benefiting from its recent developments in operations.

Financial cards and payments will see rise in card transactions

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