Ukranian use of non-cash payments has increased 23 percent since the beginning of the year through use of PrivatBank terminals.
In August, cashless payment amounted to $4.07 billion USD, a feat made possible through use of a POS payment terminals provided by the bank. PrivatBank reports that of these cashless payments, 55 percent went toward grocery stores and supermarkets, though purchases varied greatly from fuel and appliances to medicine and clothing. The bank sees these numbers as an encouraging sign.
"Ukraine has a great chance to catch up with the fast pace of leading European countries in terms of non-cash payments," PrivatBank Deputy Chairman Roman Neginksy said. "To this end, we continue to expand our network of terminals that allow the card to pay quickly and safely, as well as significant benefits compared to the cash payment."
A leader in POS banking terminals, PrivatBank plans to expand the terminals to 140,000 retail outlets by the end of the year.