In 2016, the Payment Cards Market Demonstrated Robust Growth
In 2016, the share of domestic cashless payments using payment cards exceeded 35%, compared to 8% in 2011.
In 2016, the total number of transactions involving the use of payment cards issued by domestic banks surged by 28% and amounted to 2, 513 million, while the volumes of transactions increased by 30.6 %, reaching about UAH 1,610 billion.
In 2016, the share of cashless payments involving the use of payment cards rose by 4.3% within total transactions, amounting to UAH 571.3 billion (35.5 % of the total amount payment card transactions).
As of 1 January 2017, the increase was recorded in:
- active payment cards – by 1.55 million pieces (5%), reaching 32.4 million pieces;
- contactless payment cards – by 0.54 million pcs (37.4%), amounting to 1.99 million pieces;
- e-payment cards recorded a six-fold increase, amounting to 54,000 pieces.
By regions, Kyiv, Dnipropetrovsk and Kharkiv oblasts registered the largest increase in the number of payment cards, ATMs and POS terminals.
Under the Comprehensive Program of Ukrainian Financial Sector Development Until 2020, the M0-to-GDP ratio (the level of cash in the economy) should be reduced to 9.5% by 2020, while the network of payment terminals should expand up to 11,000 units per 1 million people (currently – 500 units).