Є. Палкуц


Abstract. The essence and evolution of payment systems are investigated in the article. It is established that the current stage of the evolution of payment systems is characterized by increased attention to them both from regulators and from participants and users of such systems. Based on the generalization of approaches to defining the concept of “payment system” encountered in the scientific environment and the legal field, its own definition is proposed: “the payment system is a collection of financial institutions that carry out systematic activity in the field of payments and payments in the economy and (or) its individual sectors based on established norms and rules in order to ensure sustainable macroeconomic development and socio-economic efficiency of entities”. The regulatory framework was formed, according to which they are subject to regulation and oversight (oversight) of payment systems by the NBU. The peculiarities and level of development of national legislation to the requirements of the present are revealed. The structure of the national payment system is analyzed in terms of payment systems operating in Ukraine (public and private, established by banking and non-banking institutions, as well as those operating exclusively in the territory of Ukraine and those that are international payment systems). The performance of private payment systems for the period from 2013 to 2018 is analyzed. The conclusion is made about the gradual resumption of funds transfers inside of the country after a significant fall in 2014-2015. The prospects for improvement of payment systems in Ukraine in the context of the new Strategy for the development of the financial sector by 2025 are outlined. In order to improve the payment system of Ukraine, the NBU developed the Concept of a New Model of Legislative Regulation of the Payment Market and Funds Transfer. The new national payment legislation plans to implement the European PSD2 Directive, in particular the Open Banking concept, to enhance competition, protect the rights of payment services users and the rapid introduction of new technologies. Oriented Approach to Overtime Billing Systems, Continuous Cooperation of the NBU with Other Supervisory Authorities, both within and outside the country.


Keywords: cashless payments, payment system, evolution, payment systems overtime, SEP


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