Analysis of the cashless payments market in Ukraine

Orlyk Oksana
PhD in Economics, Associate Professor, Department of Economic Cybernetics and Information Technology, Odesa National Economics University, Odesa, E-mail:oroxvlad@gmail.com, ORCID ID: https://orcid.org/0000-0002-1235-7838

Hostryk Оleksii
PhD in Economics, Associate Professor, Department of Economic Cybernetics and Information Technology, Odesa National Economics University, Odesa, E-mail:AlexeyGostrik@gmail.com, ORCID ID: https://orcid.org/0000-0001-6143-6797

Cite this article:

Orlyk O., Hostryk О. (2024) Analysis of the cashless payments market in Ukraine. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Analiz rynku bezghotivkovykh rozrakhunkiv v Ukraini; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odesa National Economic University (ISSN 2313-4569), Odesa National Economics University, Odesa, No. 1-2 (314-315), pp. 34-41.

Abstract

The article, based on the generalization of statistical data, examines the current trends in the development of cashless payments in Ukraine during 2020-2022. The following methods were used in the research process: analytic-monographic method for studying literature sources on the research topic; analysis and synthesis for generalizing statistical data on the use of payment cards by transaction types; system analysis, abstraction, and logical generalizations for determining characteristic features of the researched process; abstract-logical method for forming conclusions. The data characterizing the state and structure of cashless transactions using payment cards, as well as the frequency of cashless payments by categories, have been summarized and analyzed. Distinctive trends in the development of the cashless payment market using payment cards were identified. Based on the conducted research, a conclusion was drawn about the growing popularity of innovative payment methods, contributing to the sustainable development of cashless payments in Ukraine. The analyzed data indicate that the overall number of contactless and tokenized payment cards in the country continues to grow, with approximately every fourth active payment card being tokenized. Key aspects that have transformed the cashless payment sector in recent years have been identified. A range of challenges hindering the widespread adoption of cashless payments in the country has been outlined. Some pathways to address these issues, fostering the development of a cashless economy in Ukraine, have been identified. The conclusion is drawn that investment in more innovative and secure payment technologies is necessary, and the implementation of innovative digital technologies should adhere to ethical standards and ensure security. The practical significance of the research results lies in the fact that they can be used for the development and implementation of state policy regarding the development of cashless payments in Ukraine, in particular for determining the priority areas of development, developing measures to stimulate the use of cashless payments, as well as for the development of new technological solutions that can increase the convenience and security of cashless payments and contribute to their wide spread.

Keywords

innovative technologies, payment cards, cashless payments, contactless payments, NFC, payment card tokenization.

JEL classification: G210; О300; DOI: https://doi.org/10.32680/2409-9260-2024-1-2-314-315-34-41

UD classification: 336.717 (477)

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