The National Bank of Ukraine plans to reform the payment services market
This was announced by Oleksandr Bevz, Director of the NBU Licensing Department, during his speech at the Ukrainian Fintech Forum. He specified that the regulator will develop a bill on payment services, which will be based on the European payment directive PSD2, which entered into force in the EU in 2016.
Currently, work is underway to adapt the European directive for Ukrainian realities. Soon the NBU will present its concept to the banking community and will start developing the text of the draft law based on the results of the discussion.
The initiative of the NBU in the long run can significantly change the financial market of Ukraine as a whole. Now card payment systems prevail in the domestic market, but if the bill of the NBU “gets” the green light, there will be other payment services. Perhaps one of them will be the world-famous PayPal, which is still not able to fully operate in Ukraine because of the long range of requirements of the NBU regarding the registration of the system.