Digital Transformation Ministry, PM, Finance Ministry, NBU discuss bringing Stripe, PayPal to Ukraine
The Ministry of Digital Transformation of Ukraine, together with the Ministry of Finance and the National Bank of Ukraine (NBU), during a meeting with Prime Minister Denys Shmyhal, discussed a joint action plan to bring the largest international electronic payment systems to Ukraine.
Deputy Minister of Digital Transformation of Ukraine for IT Development Oleksandr Borniakov told Interfax-Ukraine that bringing the largest international electronic payment systems to Ukraine, including Stripe and PayPal, is a priority issue, which the Ministry of Digital Transformation has been dealing with for about a year.
"An important step towards attracting these companies in Ukraine is the adoption of a number of legislative amendments. In particular, the adoption of bill No. 4364, which takes into account the EU directive PSD2 [Payment Services Directive], since it is important for the activities of such companies. We also provide PayPal representatives with all the necessary information about the Ukrainian market and the development of cashless services in Ukraine. In future plans – a meeting with the management of PayPal and Stripe," Borniakov said.
According to the ministry, in 2020, only for the sale of goods to Ukrainian small and medium-sized businesses, about 13 million transactions were carried out on the Etsy platform, on which one can pay for goods only using PayPal, worth more than $450 million.