{"id":22567,"date":"2026-07-29T15:44:36","date_gmt":"2026-07-29T12:44:36","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=22567"},"modified":"2026-07-29T15:44:36","modified_gmt":"2026-07-29T12:44:36","slug":"the-development-of-cashless-payments","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/the-development-of-cashless-payments\/","title":{"rendered":"Shuba T., Shuba M., Lytiuha Ye. The Development of Cashless Payments in Ukraine in the Context of Integration into the Global Financial System"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]<\/p>\n\n\n\n
JEL Classification:<\/strong> E42, G21, F36, O16<\/td>\nDOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V57(2026)-35<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/vc_column_text][vc_column_text]Shuba Tetiana<\/strong>, PhD (Economics), Associate Professor, Head of the Department of \u00a0the Department of International Economics and World Economy, V. N. Karazin Kharkiv National University, Kharkiv, Ukraine<\/p>\n

ORCID:<\/strong> 0000-0002-7163-2721<\/span><\/a>
\ne-mail: t.p.shevchenko@karazin.ua<\/a><\/strong><\/p>\n

Shuba Maryna,\u00a0<\/strong>PhD (Economics), Associate Professor, Associate Professor of the Department of International Economics and World Economy, V. N. Karazin Kharkiv National University, Kharkiv, Ukraine<\/p>\n

ORCID:<\/strong> 0000-0003-2581-6914<\/a>
\ne-mail: marinashuba@karazin.ua<\/a><\/strong><\/p>\n

Lytiuha Yelyzaveta,\u00a0<\/strong>Master’s degree student\u00a0of the Department of International Economics and World Economy, V. N. Karazin Kharkiv National University, Kharkiv, Ukraine<\/p>\n

ORCID:<\/strong> 0000-0002-6009-5131<\/span><\/a>
\ne-mail: lytiuha.yelyzaveta@student.karazin.ua<\/a><\/strong><\/p>\n

The Development of Cashless Payments in Ukraine in the Context of Integration into the Global Financial System<\/strong><\/p>\n

Abstract<\/em><\/strong>.<\/em> Introduction<\/em><\/strong>. 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.<\/em><\/p>\n

Purpose. <\/em><\/strong>This study aims to analyze the development trends of cashless payments in Ukraine within the context of its integration into the global financial system.<\/em><\/p>\n

Results. <\/em><\/strong>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.<\/em><\/p>\n

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\u2019s payment systems within the global financial network. The study also emphasizes Ukraine\u2019s strategic goal of joining the Single Euro Payments Area (SEPA), expected to reduce cross-border transaction costs and stimulate international economic cooperation.<\/em><\/p>\n

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.<\/em><\/p>\n

Conclusions. <\/em><\/strong>The research confirms that developing cashless payments is crucial to modernizing Ukraine\u2019s 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.<\/em><\/p>\n

Keywords:<\/em><\/strong> cashless payments, global financial system, fintech, payment infrastructure, financial integration, SEPA, digital payments.<\/em><\/p>\n

References<\/b>:<\/strong><\/p>\n

    \n
  1. Ghosh, P., Vallee, B., & Zeng, Y. (2025). FinTech lending and cashless payments. NBER Working Paper No. 34148<\/em>. https:\/\/doi.org\/10.3386\/w34148<\/a><\/li>\n
  2. Birigozzi, A., De Silva, C., & Luitel, P. (2025). Digital payments and GDP growth: A behavioural quantitative analysis. Research in International Business and Finance, 75<\/em>, Article 102768. https:\/\/doi.org\/10.1016\/j.ribaf.2025.102768<\/a><\/li>\n
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  6. European Central Bank. (2026). Retail payments. https:\/\/www.ecb.europa.eu\/paym\/retail\/html\/index.en.html<\/a><\/li>\n
  7. European Central Bank. Digital euro. https:\/\/www.ecb.europa.eu\/euro\/digital_euro\/html\/index.en.html<\/a><\/li>\n
  8. European Central Bank. (2019). Crypto-assets \u2013 trends and implications. MIP Online. https:\/\/www.ecb.europa.eu\/press\/intro\/mip-online\/2019\/html\/1906_crypto_assets.en.html<\/a><\/li>\n
  9. Claessens, S., & Rice, T. (2026). Cross-border payment technologies: Innovations and challenges. BIS Papers No. 167<\/em>. Bank for International Settlements. https:\/\/www.bis.org\/publ\/bppdf\/bispap167.htm<\/a><\/li>\n
  10. Cerutti, E. M., Firat, M., & Perez-Saiz, H. (2025). Estimating the impact of digital money on cross-border flows: Scenario analysis covering the intensive margin. IMF Working Paper 2025\/002<\/em>. https:\/\/doi.org\/10.5089\/9798229000611.063<\/a><\/li>\n
  11. Zhong, L. (2025). The impact of central bank digital currency participation in cross-border payments on international monetary competition. SHS Web of Conferences, 218<\/em>, Article 03002. https:\/\/doi.org\/10.1051\/shsconf\/202521803002<\/a><\/li>\n
  12. National Bank of Ukraine. (2026, February 16). Payment card transactions in 2025: The majority were cashless. https:\/\/bank.gov.ua\/ua\/news\/all\/operatsiyi-z-platijnimi-kartkami-u-2025-rotsi-bilshist–bezgotivkovi<\/li>\n
  13. National Bank of Ukraine. (2021, August 16). Even safer payments: EMV 3-D Secure in the PROSTIR National Payment System. https:\/\/bank.gov.ua\/ua\/news\/all\/sche-bezpechnishi-plateji-emv-3-d-secure-v-nps-prostir<\/li>\n
  14. Verkhovna Rada of Ukraine. (2026, April 6). Draft Law on amendments to certain legislative acts of Ukraine regarding compliance with European Union legal acts and the relevant criteria established by the European Payments Council for Ukraine’s accession to the Single Euro Payments Area (SEPA) (Draft Law No. 14327-d). https:\/\/itd.rada.gov.ua\/billinfo\/Bills\/Card\/69818<\/li>\n
  15. Verkhovna Rada of Ukraine. (2025, April 30). Draft Law on amendments to certain legislative acts of Ukraine regarding compliance with European Union legal acts and the relevant criteria established by the European Payments Council for Ukraine’s accession to the Single Euro Payments Area (SEPA) (Draft Law No. 13233). https:\/\/itd.rada.gov.ua\/billinfo\/Bills\/Card\/56317<\/li>\n
  16. Ministry of Finance of Ukraine. (2025, December 17). Ukraine on the way to the Single Euro Payments Area (SEPA): Financial visa-free regime, transparency, and new opportunities. Government Portal. https:\/\/www.kmu.gov.ua\/news\/ukraina-na-shliakhu-do-iedynoi-zony-platezhiv-v-ievro-sepa-finansovyi-bezviz-prozorist-i-novi-mozhlyvosti<\/li>\n
  17. National Bank of Ukraine. (n.d.). Implementation of the ISO 20022 standard. https:\/\/bank.gov.ua\/ua\/payments\/project-iso20022<\/li>\n
  18. Kravchuk, V. (2025). Ukraine’s progress toward accession to the SEPA payment schemes: Policy brief. Institute for Economic Research and Policy Consulting. http:\/\/www.ier.com.ua\/files\/Projects\/2025\/UA_EU\/SEPA_brief_IER.pdf<\/li>\n
  19. Ministry of Finance of Ukraine. (2025, December 17). Ukraine on the way to the Single Euro Payments Area (SEPA): Financial visa-free regime, transparency, and new opportunities. https:\/\/mof.gov.ua\/uk\/news\/ukraina_na_shliakhu_do_iedinoi_zoni_platezhiv_v_ievro_sepa_finansovii_bezviz_prozorist_i_novi_mozhlivosti-5493<\/a><\/li>\n<\/ol>\n

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    Shuba T., Shuba M., Lytiuha Ye. (2026). The Development of Cashless Payments in Ukraine in the Context of Integration into the Global Financial System. Modern Economics, 57(2026), 259-264. DOI: https:\/\/doi.org\/10.31521\/modecon.V57(2026)-35.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=”.vc_custom_1657628632157{margin-top: 10px !important;}”]<< \u041f\u043e\u0432\u0435\u0440\u043d\u0443\u0442\u0438\u0441\u044f \u0434\u043e \u0437\u043c\u0456\u0441\u0442\u0443<\/a>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/section>","protected":false},"excerpt":{"rendered":"

    [vc_row][vc_column][vc_column_text] JEL Classification: E42, G21, F36, O16 DOI: https:\/\/doi.org\/10.31521\/modecon.V57(2026)-35 [\/vc_column_text][vc_column_text]Shuba Tetiana, PhD (Economics), Associate Professor, Head of the Department of \u00a0the 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,\u00a0PhD (Economics), Associate Professor, Associate Professor of the Department of International Economics and World
    Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":13475,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[258],"tags":[259],"class_list":["post-22567","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-57-2026-articles","tag-57-2026"],"_links":{"self":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/22567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/comments?post=22567"}],"version-history":[{"count":2,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/22567\/revisions"}],"predecessor-version":[{"id":22569,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/22567\/revisions\/22569"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/media\/13475"}],"wp:attachment":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/media?parent=22567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/categories?post=22567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/tags?post=22567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}