Ukraine's Economic Development and Trade Ministry plans to propose to the Cabinet of Ministers to oblige companies operating in the sphere of retail trade and provision of services to use noncash payments by July 1, 2020.

As indicated in the draft resolution posted on the ministry's website on Wednesday, the introduction of this requirement is planned in three stages.

According to the project, until July 1, 2019, it is proposed to oblige to provide customers with the opportunity to pay for goods or services through payment devices or electronic payment services of a company selling household appliances, excisable goods, jewelry, and medicines.

By this period, noncash means of payments should be provided by restaurants, travel agencies, hotels and companies, private dental and medical clinics, enterprises providing housing and utilities services.

At the same time, by January 1, 2020, it is planned to extend this provision to enterprises for trade and repair of motor vehicles, companies providing postal and courier services, passenger and freight road and rail transportation, as well as water and air transport.

From the same period, the requirement may become valid for fitness centers, institutions in the field of culture, health care and insurance.

The last stage is scheduled for July 1, 2020, when the requirement on the mandatory provision of noncash payments can take effect for business entities that sell goods or services worth more than 50 nontaxable minimum incomes (UAH 850), according to the draft resolution.

In the accompanying documents to the resolution with reference to the research it is said that the higher efficiency of electronic payments provides savings of at least 1% of GDP.