The Committee on Financial Policy and Banking Activities recommended that the Verkhovna Rada adopt as a basis bill No. 7270 “On amendments to certain legislative acts of Ukraine regarding the regulation of the transfer of funds.” Now international payment systems will become available to Ukrainians.
Finally, regulation in the field of electronic payments has moved forward. The bill provides answers to many, although not all, questions in the field of payment systems and institutions, the circulation of electronic money and the functioning of the corresponding payment instruments.
Thanks to the approved document, for the first time in the legislative framework of Ukraine there will appear norms that have long been used by the entire civilized world: “Internet payment provider”, “payment infrastructure”, “electronic money”, “electronic wallet” and others.
The bill as a whole is intended to provide more freedoms, prepare the legislative field for international payment systems and streamline a number of concepts in the field of electronic money and payments. Although the document is recommended to be accepted as a basis in the first reading and significant improvements are still awaiting, this first electronic swallow cannot but rejoice.
Opening the way for PayPal and similar payment systems to Ukraine will, first of all, please freelancers and Internet platforms. The service will significantly simplify settlements with foreign partners and receiving funds from PayPal accounts within the country, although no one can claim that the cost of transactions will become cheaper.
This spring, PayPal updated the list of sending/receiving international payments and Ukraine appeared among the recipient countries. However, the country’s inclusion in the list did not confirm PayPal’s expansion into Ukraine and company representatives were unable to comment on the possibility of operating the service in the country. Today, the payment system is available to Ukrainians only for sending money. Receiving a transfer from abroad and accepting payment for goods from any country in the world remains a problem for thousands of Ukrainian residents.
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