The introduction of mass non-cash payment will contribute to the legalization of business

In Ukraine per thousand of the population accounts for 6.4 thousand payment terminals. Photo: archive

The share of cashless payments in Ukraine continues to grow from year to year. But even now, not all outlets are supplied with terminal, so they need to pay only in cash. Recently, the Ministry of economic development and trade developed a draft decree that would oblige all businesses to accept payments. The website “Today” tells us what features are planned and when they can wait.

Now in Ukraine more than 270 thousand terminals

Ukrainians increasingly are calculated credit cards and mobile applications. Thus, according to the National Bank of Ukraine, in the first six months of 2018, the share of cashless transactions in Ukraine amounted to 44.1%, while for the same period in 2017 this figure was only 38.3 per cent.

Slightly more than half of the total number of cashless transactions with payment cards accounted for by transactions in the sales network of 51.7%.

In Ukraine actively develops infrastructure for cashless transactions. For example, the number of trading enterprises and spheres of services which provide its customers with the possibility of cashless payment, for the first half increased by 14 thousand units and reached 187,7 thousand

Also for the first half of 2018 and the payment terminals in the country is more – 270, 5 thousand, of which 190,2 thousand support contactless card acceptance. It is interesting to note that, as of July 1, 2018, per thousand of the population accounted for 6.4 thousand payment terminals, and in Kyiv this figure was reached 17.1 thousand Among regions in the number of payment terminals is the leader of the Dnipropetrovsk oblast (8.7 thousand per thousand population), Kyiv (8.3 thousand) and Odessa region (7.5 thousand). The lowest indicators were observed in Luhansk (1.6 thousand) and Donetsk (2.7 thousand).

All businesses will have to go cashless by 2020

And here, in the Ministry of economic development and trade (MEDT) again talking about how to translate all business on non-cash payments. According to the decree, which is now in effect, the transition was to be held in 2011 as follows:

  • prior to July 1, 2011 go to cashless payments was the economic entities (excluding small business entities) engaged in economic activity in settlements with population over 100 thousand people;
  • until December 31, 2011 – small businesses engaged in economic activity in settlements with population over 100 thousand people;
  • until December 31, 2011 business entities, including small entities, engaged in economic activity in settlements with a population of from 25 to 100 thousand people.

However, the planned transition did not take place. After that, the Ministry did not once come back to this issue, and recently published the draft resolution of the Cabinet of Ministers with a new schedule that is tied not to the size of the settlement, as it was before, and the system of taxation of commercial enterprise.

The new transition is planned up to 2020 since the summer of 2019, businesses will have to start to install payment terminals:

  • until July 1, 2019 non-cash payments are required to begin accepting companies that sell the equipment subject to warranty repair, excisable goods, jewelry, medicines, provide housing services, medical and dental, travel agencies, restaurants, hotels;
  • until January 1, 2020, payments will go to the segments of sales of automobiles, motorcycles and spare parts, repair, lease vehicles, postal and courier activities, all kinds of passenger and cargo transportation, fitness centers, in the sphere of culture, health care, insurance, reinsurance and private pension provision;
  • until July 1, 2020, payments are obliged to accept everyone who sells goods and services costing more than 50 non-taxable minimums (850 UAH).

It is also known that only in cashless form will need to hold all payments in excess of 50 thousand UAH.

The innovation will affect even the online stores

Perhaps we should clarify that the transition to cashless will not mean that people will not be able to pay cash. We are talking about what shops and businesses will be required to provide its customers with the ability to conduct cashless payments. The new regulation will also apply to online stores, on their websites they will have to add the possibility of cashless payment.


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