The market of non-cash payments in Ukraine is expanding every year. According to experts, the number of transactions may increase to 17-20% of the total amount of payments in 2019. The emergence of user-friendly mobile payment systems, such as Apple Pay or Google Pay, certainly contributed to the increase in online payments in a non-cash form.
However, already in 2019, several new services related to “non-cash payments” are waiting for businesses:
- Issuance of cash through POS terminals at the cash register. With the help of such a service, consumers will be able to access the funds on the account where there are no bank branches. In practice, it will look like this: in the absence of a bank terminal, the consumer will have the potential opportunity to contact the cash desk of a trading point to issue cash, if such point has at its disposal enough cash and the ability to carry out the aforementioned banking transaction. However, although the legislative basis for launching such a service is already ready, practical issues still remain unresolved.
- Carrying out currency exchange operations in non-cash form through Internet banking . This service will be available as early as February 2019 in view of the adoption of the Law of Ukraine “On Currency and Currency Valuables” and providing a person with the opportunity to carry out currency exchange operations up to 150,000 hryvnias without any authorization documents, provided that there are only accounts in the national and foreign currencies.
- The possibility of issuing installments for the purchase of goods when paying by card . Such a service has already been introduced by several banks in Ukraine. In particular, it is possible to make part of the payment when purchasing goods with subsequent installments. The loan is issued automatically right at the cash register, and the contract with all the necessary details is a check.
- Payments using QR code. An increase in demand for such a service from entrepreneurs is predicted, as the use of a classic POS terminal is quite expensive. A “treat” for a small business in this case is an offer to post a poster with its own QR code for accepting payments from the public. For example, this form of payment has already been introduced to pay for travel by public transport, utility services, trade and service networks, etc.
Prepared by Olga Mijak , a junior lawyer in the practice of IT law at Bachynskyi and Partners JSC