European cashless economy track: Cashless Day 2025 results

22/ 12/ 2025

On 15 December, the European Business Association held an industry event entitled “Cashless Day 2025: European Integration Track”, dedicated to the development of the cashless payments market in Ukraine and its readiness for integration with the European payments area. The event brought together representatives of public authorities, regulators, international organisations, payment systems, financial institutions, and the business community for an expert discussion on key regulatory changes, legislative initiatives, and innovations in the payments sector. The event was opened with welcome remarks by Anton Tiutiun, Chair of the European Business Association’s Electronic Payment Committee and Deputy СЕО of the Management Board of JSC Oschadbank. He emphasised that Ukraine has made progress in implementing European standards, and that open dialogue among all stakeholders is key to developing balanced and effective market solutions. As part of the event, the results of the European Business Association’s study “Ensuring sustainability and resilience of the cashless economy in Ukraine in the process of European integration” were presented. The study was prepared by Deloitte Ukraine with the support of the Deloitte Future of Ukraine initiative. The findings were presented by Deloitte Ukraine representatives Olena Boichenko, Partner, Consulting; Viсtoria Sydorenko, Director, Tax & Legal; Ihor Durytskyi, Director, Consulting; and Oksana Solomka, Consulting Manager. The study focused on an analysis of the legislative frameworks of Ukraine and the EU in the field of electronic payments, with particular emphasis on EU Regulation No. 751 on interchange fee regulation (IFR). More than 70 representatives of various stakeholder groups — public authorities, international partners, the financial sector, and business — were surveyed in the course of the research. Deloitte Ukraine experts presented international benchmarks for IFR harmonisation and a scenario-based analysis of the impact of reducing interchange fees on key market players. Several scenarios — rapid, moderate, alternative, and slow — were considered, demonstrating that the intensity and pace of interchange fee reductions are decisive factors in the distribution of effects between banks and retailers and, consequently, directly affect their revenues and budgetary receipts. Based on consultations with stakeholders, six consolidated hypotheses were formulated and formed the basis for the recommendations. These included phased, package-based legislative harmonisation and IFR implementation; maintaining investment in banking infrastructure to ensure the stability of tax revenues; and protecting the interests of SMEs and end consumers, among others. During the panel discussion “Balancing innovation and regulation: the Ukrainian payment market on the path to the EU”, participants discussed Ukraine’s technological and legislative readiness for integration with the European payments area. Oleksii Shaban, Deputy Governor of the National Bank of Ukraine, outlined the regulator’s technological priorities, including the development of open banking and payment infrastructure based on the ISO 20022 standard. He also noted that draft laws required for Ukraine’s accession to SEPA have already been developed and are awaiting submission to Parliament. Once adopted, the NBU will prepare the necessary documentation and, following approval by the Government, will be able to submit the relevant application to the European Payments Council. The banking system has already begun preparations to connect to the SEPA payment infrastructure; however, banks will be able to commence technological implementation only after Ukraine’s application is approved by the European Payments Council. Regarding the implementation of EU Regulation No. 751, Oleksii Shaban noted that as part of the European integration process, Ukraine is obliged to align its legislation on interchange fees with European standards. Ukraine’s negotiating position предусматриes that the implementation of this regulation in Ukraine should be completed by the end of 2027. The National Bank is currently developing proposed amendments to the Law on Payment Services, which it plans to submit to the Cabinet of Ministers of Ukraine in the first quarter of 2026. Olha Vasylevska-Smahliuk, Deputy Chair of the Verkhovna Rada Committee on Finance, Tax and Customs Policy, informed participants about legislative priorities in the field of payments regulation, in particular the preparation of draft laws on SEPA and EU Regulation No. 751, as well as the ongoing dialogue on the regulation of virtual assets. Alessandro Nosera, Policy Officer at the European Commission, emphasized the need for Ukraine to continue making progress in the implementation of SEPA as part of its European integration commitments. He also noted that, with regard to interchange fees, the ultimate objective is full harmonisation by the time of accession. At the same time, decisions regarding the specific stages and timeline of harmonisation are made by the country itself, provided they align with Ukraine’s commitments and demonstrate substantial progress over time. Panel participants also highlighted the importance of maintaining a balance between regulatory changes, innovation, and market interests. Anton Tiutiun emphasised that interchange fees are a key element of the digital economy, and therefore any changes should be implemented gradually and in coordination with all market players. Oleksandr Karpov, Director of the Ukrainian Interbank Payment Systems Members Association (EMA), noted that linking interchange fee reductions to the stages of Ukraine’s accession to the EU could be the most logical approach, given the risks of compensating fees at the expense of end consumers. Following the panel discussion, participants had the opportunity to ask questions to the speakers and continue the professional dialogue. The European Business Association thanks all speakers, participants, and the event partner — Deloitte Ukraine — for a substantive discussion and joint efforts to advance the cashless economy in Ukraine.

On 15 December, the European Business Association held an industry event entitled “Cashless Day 2025: European Integration Track”, dedicated to the development of the cashless payments market in Ukraine and its readiness for integration with the European payments area. The event brought together representatives of public authorities, regulators, international organisations, payment systems, financial institutions, and the business community for an expert discussion on key regulatory changes, legislative initiatives, and innovations in the payments sector.

The event was opened with welcome remarks by Anton Tiutiun, Chair of the European Business Association’s Electronic Payment Committee and Deputy СЕО of the Management Board of JSC Oschadbank. He emphasised that Ukraine has made progress in implementing European standards, and that open dialogue among all stakeholders is key to developing balanced and effective market solutions.

As part of the event, the results of the European Business Association’s study “Ensuring sustainability and resilience of the cashless economy in Ukraine in the process of European integration” were presented. The study was prepared by Deloitte Ukraine with the support of the Deloitte Future of Ukraine initiative. The findings were presented by Deloitte Ukraine representatives Olena Boichenko, Partner, Consulting; Viсtoria Sydorenko, Director, Tax & Legal; Ihor Durytskyi, Director, Consulting; and Oksana Solomka, Consulting Manager.

The study focused on an analysis of the legislative frameworks of Ukraine and the EU in the field of electronic payments, with particular emphasis on EU Regulation No. 751 on interchange fee regulation (IFR). More than 70 representatives of various stakeholder groups — public authorities, international partners, the financial sector, and business — were surveyed in the course of the research. Deloitte Ukraine experts presented international benchmarks for IFR harmonisation and a scenario-based analysis of the impact of reducing interchange fees on key market players. Several scenarios — rapid, moderate, alternative, and slow — were considered, demonstrating that the intensity and pace of interchange fee reductions are decisive factors in the distribution of effects between banks and retailers and, consequently, directly affect their revenues and budgetary receipts.

Based on consultations with stakeholders, six consolidated hypotheses were formulated and formed the basis for the recommendations. These included phased, package-based legislative harmonisation and IFR implementation; maintaining investment in banking infrastructure to ensure the stability of tax revenues; and protecting the interests of SMEs and end consumers, among others.

During the panel discussion “Balancing innovation and regulation: the Ukrainian payment market on the path to the EU”, participants discussed Ukraine’s technological and legislative readiness for integration with the European payments area.

Oleksii Shaban, Deputy Governor of the National Bank of Ukraine, outlined the regulator’s technological priorities, including the development of open banking and payment infrastructure based on the ISO 20022 standard. He also noted that draft laws required for Ukraine’s accession to SEPA have already been developed and are awaiting submission to Parliament. Once adopted, the NBU will prepare the necessary documentation and, following approval by the Government, will be able to submit the relevant application to the European Payments Council. The banking system has already begun preparations to connect to the SEPA payment infrastructure; however, banks will be able to commence technological implementation only after Ukraine’s application is approved by the European Payments Council.

Regarding the implementation of EU Regulation No. 751, Oleksii Shaban noted that as part of the European integration process, Ukraine is obliged to align its legislation on interchange fees with European standards. Ukraine’s negotiating position предусматриes that the implementation of this regulation in Ukraine should be completed by the end of 2027. The National Bank is currently developing proposed amendments to the Law on Payment Services, which it plans to submit to the Cabinet of Ministers of Ukraine in the first quarter of 2026.

Olha Vasylevska-Smahliuk, Deputy Chair of the Verkhovna Rada Committee on Finance, Tax and Customs Policy, informed participants about legislative priorities in the field of payments regulation, in particular the preparation of draft laws on SEPA and EU Regulation No. 751, as well as the ongoing dialogue on the regulation of virtual assets.

Alessandro Nosera, Policy Officer at the European Commission, emphasized the need for Ukraine to continue making progress in the implementation of SEPA as part of its European integration commitments. He also noted that, with regard to interchange fees, the ultimate objective is full harmonisation by the time of accession. At the same time, decisions regarding the specific stages and timeline of harmonisation are made by the country itself, provided they align with Ukraine’s commitments and demonstrate substantial progress over time.

Panel participants also highlighted the importance of maintaining a balance between regulatory changes, innovation, and market interests. Anton Tiutiun emphasised that interchange fees are a key element of the digital economy, and therefore any changes should be implemented gradually and in coordination with all market players.

Oleksandr Karpov, Director of the Ukrainian Interbank Payment Systems Members Association (EMA), noted that linking interchange fee reductions to the stages of Ukraine’s accession to the EU could be the most logical approach, given the risks of compensating fees at the expense of end consumers.

Following the panel discussion, participants had the opportunity to ask questions to the speakers and continue the professional dialogue.

The European Business Association thanks all speakers, participants, and the event partner — Deloitte Ukraine — for a substantive discussion and joint efforts to advance the cashless economy in Ukraine.