Electronic payment market in Ukraine needs more flexible regulation, say experts

Kyiv, November 8 (Interfax-Ukraine) - The market of electronic payments in Ukraine needs more flexible regulation, researcher of the Institute for Economic Research and Policy Consulting Dmytro Naumenko considers.

"The regulation [of the e-payment market] should be flexible enough not to create additional barriers to the development of electronic money operators," he said, when presenting the study "Electronic Money in Ukraine" prepared by the institute experts at a press conference at Interfax-Ukraine on November 7.

He noted that the rules regulating the market of electronic payments must be stated in a separate law.

"The introduction of innovations in the field of electronic payments might become impossible if relevant regulation norms are not flexible enough. Moreover, taking into account the possibilities offered by the Internet to users electronic money systems can effectively operate outside the jurisdiction of the country with an ineffective regulation of electronic money," reads the study.

Director of the Institute for Economic Research and Policy Consulting Ihor Burakovsky said that the introduction of fully cashless payments using electronic money is extremely beneficial for the economy.

"Total savings from the full distribution of electronic payments, according to our estimates, would be about 1% of GDP," he said.