THE ROLE OF PAYMENT SYSTEMS IN DEVELOPMENT CASHLESS ECONOMY OF UKRAINE

Abstract

The development of the «cashless economy» is one of the priorities of financial regulators in a number of countries, both developed and developing countries. A significant number of companies and business associations are working on the creation and development of the necessary tools and mechanisms for this. In Ukraine, the rate of development in this area is still insufficient, where a number of barriers slow down the crowding out of cash. On the one hand, the strategic motion on the development of the cashless economy, at the level of state bodies and at the level of the largest players in the financial market, has been repeatedly declared, and, on the other hand, the growth rate of cashless circulation is insufficient and certain efforts should be made to accelerate it.

The payment system is an integral part of virtually all economic transactions relating to the transfer of monetary value in exchange for goods, services or financial assets in a non-cash form. The form of organization of cashless payment transactions is a payment system. Payment systems play an important role in ensuring economic activity: create conditions for the movement of funds between economic operators, enable the effective use of financial resources, and conduct state monetary policy. The organization of payment systems of the state directly influences the stability of its financial system, the level of expenses of money circulation, the cost of economic operations, the liquidity of financial markets and the banking system, that is, the efficiency of the functioning of the economy as a whole.