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Ukraine’s steady march away from cash

According to recent data released by the National Bank of Ukraine, the country is moving progressively toward cashless, as is evidenced by the following:

  • During the first 6 months of 2020, the number of transactions using payment cards amounted to 2.7 million, representing a total value of UAH 1.78 trillion. This is 16.6% and 7.0% more year-on-year, respectively.
  • 86.1% of payment card transactions were for cashless payments, the rest (UAH 982.9 billion) were for bank transfers.
  • Contactless payment methods (i.e. using contactless cards or NFC-equipped devices) accounted for approximately 50% of the total number of non-cash payments in the first half of the year.
  • The number of outlets accepting payment cards has increased 33.5% since the beginning of the year, with the number of payment terminals in retail chains reaching 8,500.
  • The number of POS terminals has only grown by 5.0%, although the contactless payment function is present in 84.3% of them.
  • There has been a 12% decline in cash withdrawals from ATMs.

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