Circulation of electronic money in Ukraine could reach several billion dollars a year
Turnover of electronic money in Ukraine is between 2-4 billion USD and up to several billion dollars a year. These data, among others, have been exposed by the study "Electronic Money in Ukraine", conducted by the Institute for Economic Research and Policy Consulting.
In this case, assessment experts interviewed by the research authors, vary greatly. Accurate estimate of turnover is difficult to carry out because in addition to statements of closed operators of electronic systems, there is exposure to a factor of free choice of Ukrainian users, including those who can use electronic money and foreign companies whose turnover, respectively, can not be identified.
The main players in the market in the study referred to the following systems: the UAH segment: ukrainian WebMoney (about 2 million people in Ukraine, the number of intra-national currency transactions last year was 15 million units), LiqPay, NSMEP (2.7 million users), Global Money , MoneXy (30 thousand), MAXI, W1. In non-hryvnia segment - "Yandex" (585 thousand), QIWI, WebMoney Transfer (except WMU), PayPal. Most of the data on the turnover and users are not available yet: interviewed experts either found it difficult or refused to voice such numbers.
As for the penetration of such services is concerned, if in Europe it ranges from 0.1% to 3.5%, with the highest levels – in the Netherlands, Italy, Belgium (% of total payments, except interbank), in Ukraine – barely a hundredth of a percent, said one of the study authors Dmitry Naumenko, this indicator can not be developed more accurately.
The main conclusions of the study (based on the comparison of electronic money in Ukraine and in the world) are:
- in Ukraine electronic money should be allowed for the disposal to a wide range of companies (not just banks). Incidentally, the head of the Ukrainian WebMoney Alexey Titov said that after approval of their rules in the National Bank of Ukraine (NBU) system can switch from the scheme "assignment of claims" to a system of electronic money;
- there is a need to allow the use of electronic money for all kinds of calculations (between physical, legal entities and the state);
- there is a need to ensure repayment of the issued e-money users by investing borrowed money in liquidity and safe assets. Titov said that the best way to ensure there will be 100% reservation of issued money in the account with the NBU;
- it is necessary to restrict the operation by electronic means (the size of the amount) to avoid the risk of money laundering and other recommendations.
In October the President signed the Law № 5284-VI on the functioning of payment systems and non-cash transactions. This is the first legislative act regulating electronic money and electronic payments in Ukraine – earlier this sphere was governed by the NBU resolution № 481.
Based on AIN.UA report