The National Bank of Ukraine points to and
welcomes the strong interest shown by businesses and the Internet users’
community of Ukraine in the use of the state-of-the-art online payment systems
(such as PayPal, ApplePay, GoogleWallet and others). One of the
National Bank of Ukraine's tasks is to expand the opportunities for the
Ukrainian residents to use reliable international online payment systems that
are recognized and used worldwide.
The domestic legislation enables the Ukrainian
residents to use the international online payment systems to send and receive
cross-border payments credited to residents’ accounts with the Ukrainian
banks. With the aim of streamlining the execution of
such payments and encourage the coming of internationally recognized online
payment systems to the Ukrainian payment services market (such as PayPal, ApplePay,GoogleWallet and
other international e-commerce systems), the Board of the National Bank of
Ukraine has approved amendments to the Regulation On the procedure of
registration of payment systems, payment system participants and payment
infrastructure service providers (approved by NBU Board Resolution No. 43
of February 4, 2014 registered in the Ministry of Justice on
05.03.2014 as No. 348/25125) and the Regulation On Electronic Money in
Ukraine (approved by NBU Board Resolution No.481 of November 4, 2010, and
registered in the Ministry of Justice on 24.12.2010 as No. 1336/18631).
Thus, the National Bank of Ukraine has
implemented the first stage of introducing amendments intended to streamline
the receipt of cross-border payments by residents and has created conditions
necessary for the use of the capabilities and basic services of international
e-commerce systems while executing cross-border transactions for
residents, including:
1) funds transfers outside Ukraine
using payment cards for settlements or
crediting funds to e-wallets to be used for further
settlements;
2) the receipt of funds by residents
(both individuals and sole proprietors) for sold goods/services from
non-residents;
3) the subsequent use of most
available services associated with e-money, etc.
To this end, the National Bank of Ukraine has
simplified the registration procedure of international online
payment systems established in the countries with high standards in place in
the financial area and the countries that adhere to the international standards
in exercising oversight of payment and settlement systems. The international
online payment systems (such as PayPal, ApplePay, GoogleWallet and
others) are entitled to operate in Ukraine once information about them is
entered into the Register of Payment Systems, Settlement Systems, Their
Participants and Operators of Payment Infrastructure Services.
Going forward, the National Bank of Ukraine is
set to amend the applicable legislation, including the Law of
Ukraine On Payment Systems and Funds Transfer in Ukraine (by the end of 2015),
which would make it possible to expand the possibilities of using e-money
by the Ukrainian residents. In the first quarter of 2016, it is planned to
implement the third stage of the liberalization of the foreign exchange
regulation to enable the Ukrainian residents to use the full range of services
provided by international online payment systems.
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