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Ukraine sees boom in bank card usage in 2016

Xinhua, February 17, 2017 Adjust font size:

Ukraine's bank card market had seen a rapid increase last year, with the volume of transactions rising by 30.6 percent to 59.6 billion U.S. dollars, the National Bank of Ukraine (NBU) said on Thursday.

The share of bank cards usage in domestic cashless payments has increased to 35 percent in 2016 from 8 percent in 2011, the NBU said in a report.

Last year, Ukrainian banks have issued about 2.2 million of new cards, bringing the total number to 34.4 million cards, the report said.

The increase of bank card usage has reflected the growing popularity of cashless payments in the retail trade and the service sector as well as the expansion of the network of payment terminals, it said.

The NBU has projected that the bank card market will further increase as the government is implementing a project aimed at reducing the level of cash in the economy. Endit