Remittances to Ukraine using the money transfer systems created by residents and nonresidents came to $1.875 billion in January-September 2016, which is seven times more than remittances sent abroad ($268 million), Director of the payment systems and innovative development department of the National Bank of Ukraine (NBU) Serhiy Shatsky has said, referring to tentative data, at the ITS Forum held on November 1 through November 3.

Shatsky said that remittances inside the country totaled $2.574 billion.

The NBU official said that in January-September 2016 37 money transfer systems functioned in Ukraine, including 22 created by residents and 15 – by nonresidents.

He said that despite sanctions imposed on six Russian payment systems, many money transfer systems continue operating in Ukraine.

He said that the number of active payment cards in Ukraine grew by 1.4% over the period under review, to 31.14 million (30.7 million as of early 2016).

The number of terminals and traders permitting to pay in cashless form for goods and services grew to 207,300 and 139,000 respectively (166,200 and 125,000 as of early 2016).

Shatsky also said that the NBU jointly with the parliamentary profile committee is working on amendments to legislation on payment systems aimed at implementing the European legislation requirements.

He said that this would help to create conditions for operation of international online payment providers in Ukraine.

He said that the central bank is holding negotiations with some international only payment systems on entering the Ukrainian market. He added that PayPal system does not plan to operate in Ukraine in the coming 12 months.