“PayPal” in Ukraine

by Olha Povaliaieva
Wednesday, February 2, 2022
“PayPal” in Ukraine

Ministry of digital transformation of Ukraine, National Bank of Ukraine and "PayPal"

According to Andriy Ukrainy, head of the NBU payment systems department, the Bank is ready to introduce PayPal into the payment structure of the country, and the prospects for its activities in our country are only from the external company itself.

PayPal's wish list before entering the market of each new country includes authorization conditions. They discuss these functions' characteristics in the conditions currently observed by the NBU and PayPal. Representatives of the American company have already received information about applying the regulation and requirements required to register with PayPal.

The international openness of the Bank of Ukraine in 2021 was marked by the entry into the domestic market of such giants as TransferGo and Paysera, Diners Club International (USA), Payment System (Japan). Revolute, a financial technology provider, is also engaged in authorization in the Ukrainian market.

It is worth noting that Mastercard/Visa occupies 99% of the banking payment technology market, so in the new market segment, it will be necessary to compete for a client and a place in a niche.

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