ASSESSMENT OF THE PAYMENT CARD MARKET IN UKRAINE
Abstract
A payment card plays a special role in the trade and services sector. It is used to make numerous payments and banking transactions, and in modern reality it is the most convenient way to settle accounts between buyers, sellers, businesses, and their employees. The surge of banking technologies in the field of cashless payments motivates commercial banks to issue large volumes of bank cards, which leads to increased competition in the payment card market. This, in turn, encourages commercial banks to create various payment card options that can meet the growing need for comprehensive services for individual entrepreneurs, large corporations, and citizens of our country. The article aims to study the current situation with the progress of card payment systems in Ukraine and summarize the main prospects and trends in developing the payment card market. The research methods used are grouping, analysis, synthesis and economic analysis to visualize the functioning of the payment card market in Ukraine; comparison – to forecast the values of the payment card market, and economic and mathematical methods – to study the impact of economic indicators on the development of the payment card market in Ukraine. The database of the study is the regulatory framework for the functioning of the bank payment card market in Ukraine; annual financial reports and periodic statistical reviews of the NBU, materials of printed and online media on the functioning and extension of the bank payment card market, etc. The authors analyze the main indicators characterizing the peculiarities of using payment cards as the main instrument for organizing money circulation. In particular, the article analyzes the dynamics of the number of payment cards and characterizes its indicators on the number of payment cards in the context of payment systems during 2020-2023. It is also arranged non-cash transactions in terms of their number (cashless and cash withdrawals) and the frequency of using payment cards issued by Ukrainian banks in Ukraine and abroad. It has been proven that Ukrainians prefer non-cash transactions via payment cards. The scientific novelty of the findings results in the formation of the author’s analytical approach to studying factors affecting the progress of the bank payment card market using economic analysis tools, as well as the formulation of recommendations on trends and prospects for developing the payment card market in Ukraine. The practical significance of the obtained results includes the possibility of using the scientific and theoretical outcomes proposed in the article in building up the market of card payment systems in Ukraine. Some provisions are the groundwork for further research.
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