Shuba Tetiana, PhD (Economics), Associate Professor, Head of the Department of  the Department of International Economics and World Economy, V. N. Karazin Kharkiv National University, Kharkiv, Ukraine

ORCID: 0000-0002-7163-2721
e-mail: t.p.shevchenko@karazin.ua

Shuba Maryna, PhD (Economics), Associate Professor, Associate Professor of the Department of International Economics and World Economy, V. N. Karazin Kharkiv National University, Kharkiv, Ukraine

ORCID: 0000-0003-2581-6914
e-mail: marinashuba@karazin.ua

Lytiuha Yelyzaveta, Master’s degree student of the Department of International Economics and World Economy, V. N. Karazin Kharkiv National University, Kharkiv, Ukraine

ORCID: 0000-0002-6009-5131
e-mail: lytiuha.yelyzaveta@student.karazin.ua

The Development of Cashless Payments in Ukraine in the Context of Integration into the Global Financial System

Abstract. Introduction. The global financial system is undergoing rapid digital transformation, driven by the development of financial technology and the widespread adoption of digital payment methods. The shift toward a cashless economy is a key part of financial modernization, improving transaction efficiency, transparency, and inclusion.

Purpose. This study aims to analyze the development trends of cashless payments in Ukraine within the context of its integration into the global financial system.

Results. The study classifies contemporary cashless payment instruments by mode of functioning and level of digitalization. Statistical data from the National Bank of Ukraine shows steady growth in the volume of non-cash transactions, issued payment cards, and tokenized and contactless payment technology adoption. The research identifies the significant roles of the banking sector and fintech companies in shaping the modern payment landscape by developing mobile banking, digital wallets, and instant payment solutions.

Particular attention is devoted to harmonizing Ukrainian financial regulations with European Union standards and international payment infrastructure requirements. Implementing international technological standards, such as EMV, 3-D Secure, and ISO 20022, strengthens the security and interoperability of Ukraine’s payment systems within the global financial network. The study also emphasizes Ukraine’s strategic goal of joining the Single Euro Payments Area (SEPA), expected to reduce cross-border transaction costs and stimulate international economic cooperation.

However, several challenges remain, including cybersecurity risks, unequal access to digital financial services among different population groups, and the need to further modernize regulatory frameworks.

Conclusions. The research confirms that developing cashless payments is crucial to modernizing Ukraine’s financial system and integrating it into the global financial environment. Further expansion of digital payment technologies, regulatory harmonization with EU standards, and development of payment infrastructure will contribute to the formation of a competitive, transparent, and resilient digital economy.

Keywords: cashless payments, global financial system, fintech, payment infrastructure, financial integration, SEPA, digital payments.

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