Development of cashless settlements in Ukraine: factors of influence

Harkusha Yuliya
PHD in Economy, Аssociate professor of the Department of Banking, Odessa National Economic University, Odessa, E-mail:yulyaharkusha@gmail.com, ORCID ID: https://orcid.org/0000-0002-4584-830X

Vlasov Oleksandr
student Faculty of Finance and Banking, Odessa National Economic University, Odessa, E-mail:devoteeb0y2@gmail.com, ORCID ID:

Cite this article:

Harkusha Yu., Vlasov O. (2023) Development of cashless settlements in Ukraine: factors of influence. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Rozvytok bezghotivkovykh rozrakhunkiv v Ukraini: faktory vplyvu; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odessa National Economic University (ISSN 2313-4569), Odessa National Economics University, Odessa, No. 3-4 (304-305), pp. 56-62.

Abstract

The article highlights the theoretical and practical foundations of the development of non-cash payments. A detailed analysis of the dynamics of monetary aggregates and changes in the share of cash in circulation in the structure of monetary aggregate M1 and the total money supply was conducted. The indicator of the discount rate of the National Bank of Ukraine for the studied period was analyzed in dynamics, and the reasons for its change were determined. A model of the influence of factors on the level of non-cash payments in Ukraine has been developed. Based on the correlation-regression analysis, the factors and the strength of their influence on the amount of remittance deposits in Ukraine are determined. Factors affecting the volume of transferable deposits in national currency include: interest rates on short-term deposits in national currency; interest rates on longterm deposits in national currency; official exchange rate; discount rate; consumer inflation. It was found that the discount rate exerts the strongest influence. The relationship between the discount rate indicator and the amount of remittance deposits, taking into account the economic lag, is inversely proportional, which is explained by the decrease in remittance deposits in favor of time deposits due to the increase in interest rates. Factors such as the level of interest rates on short-term deposits, which affect the balances of funds on current accounts, as well as interest rates on long-term deposits, which are a factor in increasing the prospect of long-term savings, also have an impact. A moderate direct relationship was found between the growth of transferable deposits in the national currency and the exchange rate of the hryvnia to foreign currency On the basis of the conducted research, conclusions were drawn for specific proposals regarding the development of non-cash payments.

Keywords

cashless economy, cashless payments, payment system, transfer deposits, digitalization.

JEL classification: Е400, Е410, Е470, Е490, Е500; DOI: 10.32680/2409-9260-2023-3-4-304-305-56-62

UD classification: 336.74 (477)

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