Convenient and profitable: 75% of stores increased revenues due to cashless payments
11 April 09:42
The introduction of electronic payment leads to an increase in revenue and store traffic in Ukraine. LIGA.net reports this with reference to a study by Visa, Komersant ukrainskyi informs.
The survey, conducted by 4SiGHT Research & Analytics on behalf of Visa, examined the current state of digital payment infrastructure and its benefits for small businesses.
75% of store owners and managers who took part in the survey reported that they have seen an increase in revenue after implementing digital payments.
According to the study, 58% of surveyed small and medium-sized businesses have started accepting digital payments over the past two years, and more than 80% of businesses that currently accept cash only plan to install a POS system. At the same time, 83% of sellers who accept only cash have lost sales due to customers’ lack of cash.
The survey also showed that 56% of merchants and 53% of customers prefer card payments to cash. Merchants associate digital payments, particularly card payments, with greater efficiency, helping to minimize payment errors, reduce waiting times, and reduce queues.
The survey was conducted via online interviews with 302 respondents. The target group consisted of representatives of nanobusinesses, microbusinesses, and small businesses.
The NBU confirms the leadership of non-cash transactions
In 2024, the number of transactions using payment cards issued by Ukrainian banks and financial institutions amounted to 8,654.4 million, and their total amount was UAH 6,577.4 billion. This is evidenced by the NBU’s analysis of statistical data for 2024 on payment card transactions.
Most payment card transactions in Ukraine were non-cash. Thus, 8,184.8 million non-cash transactions amounting to UAH 4,243.5 billion were made in Ukraine and abroad.
The most common transactions are cashless payments in the retail network
The analysis of the distribution of non-cash transactions with payment cards of Ukrainian issuers by their types shows that in 2024, the largest number of transactions using payment cards by number and amount was for payments in the retail network. This is 73.4% and 46.8%, respectively.
Card-to-card transfers by amount amounted to 31.1%. Their number was 8.2% of all non-cash transactions.
Payments for goods and services on the Internet accounted for 13.6% by number and 14.7% by value of all non-cash transactions with payment cards.
What was the amount of one transaction in Ukraine
In 2024, the average transaction amount was
in the retail network – UAH 330 (in 2023 – UAH 325),
for card-to-card transfers – UAH 1,958 (UAH 1,972),
uAH 561 (UAH 490) for payment for goods and services on the Internet.
What about the payment infrastructure?
In 2024, the number of payment terminals in the retail and service networks increased by 10.5% to 496.6 thousand (97.5% of which are contactless terminals) compared to 2023. This also exceeds the number of payment terminals at the end of 2021 by 16.4%.
This means that the terminal network in Ukraine has fully recovered from the losses of the first year of the full-scale invasion and continues to expand.
