European Fintech Paysera Added by National Bank of Ukraine to Nation’s Register of Payment Systems

The National Bank of Ukraine has reportedly added Fintech firm Paysera to the nation’s Register of Payment Systems.

After carrying out the necessary technical preparations, Paysera will be providing quicker transfers to and from Ukraine to private clients. Transactions will be supported in hryvnias, Euros, USD, as well as the conversion of hryvnia and other major currencies.

With the permission of the reserve bank, Paysera will be able to work with local banking institutions, including opening accounts, carrying out system integrations, and performing transfers. At present, the firm had entered an agreement with Globus Bank and is in the process of negotiating for the opening of accounts at major banks – including Privatbank, Oschadbank, and Ukrgasbank.

Vytenis Morkūnas, CEO of Paysera LT, stated:

“We received accreditation at a special time for Ukraine. The country has chosen the path of Western integration and is currently modernizing its economy by implementing the changes needed for progress, including in the financial sector. Being here, we feel the support and trust of the central bank and people’s interest in our services. We are pleased that now that we have accreditation we can contribute to the modern, progressive, and sustainable development of the financial sector in this friendly country.”

In Ukraine, the Fintech firm aims to attract clients who truly value their time and are keen to take care of their daily financial requirements in a convenient manner, like with a smartphone or tablet.

Nataliia Bondar, Head of Paysera’s customer support services in Ukraine, reveals that prior to obtaining accreditation, the firm has around 25,000 Ukrainian clients, however, they had not been able to offer them certain services, like transactions carried out in hryvnia.

N. Bondar added:

“We have become a fully accredited participant of the Ukrainian payment system. We will offer fast transfers and currency conversions to local customers. Transfers in euros, US dollars, and hryvnia to and from Ukraine will be credited faster. Also, more and more Ukrainians shop in European online stores and use euros to buy services, so instant transfers in euros to European banks will come as an advantage here as well.” 

In June 2021, the Verkhovna Rada of Ukraine adopted the Law which will support e-money and payment service providers to offer services in the country. There aren’t any such service providers in Ukraine so far, the announcement noted.

When the relevant laws have been implemented, Paysera may look into the possibility of acquiring an electronic money institution (EMI) permit in Ukraine. After receiving an EMI license,  the Fintech firm can begin handling payments for Ukrainian online stores – a service that’s the primary source of Paysera’s revenue in the Baltic region.

Paysera network firms have acquired e-money licenses in Lithuania, Albania, and Kosovo, and are currently in the process of obtaining such permits in Estonia and Bulgaria. Network firms also offer services in Latvia, Romania, Spain, and Ukraine.

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