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Ukraine will have its own payment system. The country is setting the stage for implementation of its own payment system – a competitor to VISA and MASTERCARD.

This is stated in the concept of ICT development, prepared by the Council on ICT industry Competitiveness in Ukraine, informs the «proIT». It provides necessity of 35-40 million of plastic cards of the national payment system issuing.

“We stand for the scheme when massive payments are made within the framework of international payment standards, but on the basis of our payment systems, which tariffs are being impacted by banks and market conditions,” – said Mr. Andrey Biryukov, expert of the Committee on Finance, Banking, Tax and Customs Policy of Verkhovna Rada (aka – the first Deputy Head of the Council on ICT Competitiveness) during the presentation of the conception.

“We may need such a structure as a payment council which exists in the most of countries. This is the association of government agencies and commercial banks which regulate rules of calculations. The center of gravity for managing of payment systems should be moved inside the country. The second issue is clearinghouse, which will perform calculation on transactions among Ukrainian banks, “- he said.

“Now we have a national system of mass electronic payments. Unfortunately, it is not compatible with international standards. This greatly affects the area of ??distribution and reception of these cards. Thus we say, and this is also being specified by the NBU executives, that full-fledged national payment system which will be based on open international standards must be created, but its legal entity must be registered in Ukraine. There may be several systems like that. We can ensure acceptance of these cards abroad by solving simple organizational issues. In no way are we doing any isolationism “, – he added.

«Mastercard and Visa originally were conceived as international payment systems. Their main function is to provide cross-country payments. But, unfortunately, they have replaced national product. Now 99.7% of the settlements are being performed in the country and only 0.3% of them are done in cross-country terms. And it turns out that respected international corporations virtually replaced the internal billing infrastructure. We pay commission, from which Visa and Mastercard pay taxes where they are registered – in the USA. Why are there no revenues to our budget from the operations which are carried out our country? “- says the financial expert of the Verkhovna Rada.

Alexander Karpov, Head of the Ukrainian Interbank Payment Systems Member Association, believes that during the next three years Ukrainian banks will pay $ 360 million of the commission to foreign systems.

We would like to recall that the President of Ukraine signed the Law № 5284-V, which regulates production and usage of electronic money.

This law foresees the NBU to introduce registry of payment and settlement systems in Ukraine, providing controlled production and usage of electronic money. In addition, the law provides ensuring of formation and distribution of members / participants of payment systems guarantee deposits for transactions effected in Ukraine with the use of credit cards, in the Ukrainian currency at accounts at a bank or banks in Ukraine, provision of right to banks of Ukraine to put two or more brands of payment systems on the payment card at the same time on the basis of contract (internal country and/or international systems).

Source: proit.com.ua

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