The three largest Ukrainian banks, Oschadbank, PrivatBank and Raiffeisen Bank, have announced a joint initiative to provide emergency support to the domestic market for non-cash payments, under martial law.
This was reported by Finclub.
"For the safety of every Ukrainian, the leading operators of the cash market call on Ukrainian businesses and all commercial enterprises to make non-cash payment for goods by bank cards a priority during martial law," reports the joint statement of the banks.
PrivatBank explained that Ukrainians require vital goods and services today, but paying in cash is an additional risk factor for everyone.
"Banks are currently introducing special preferential acquiring conditions. Acquiring commissions will be abolished for customers of these banks, the merchants who accept bank cards. Such special acquiring conditions will be in force until the end of March, with a possible extension depending on the situation in the country," the banks said.
These three banks have installed 86% of all commercial POS [point of sale] terminals in the country.
PrivatBank has installed 248,868 thousand terminals, Oschadbank 79,416 thousand, Raiffeisen Bank 37,068 thousand (data as of January 1, 2022).
PrivatBank stressed that the maximum security of every Ukrainian is their main priority and the use of modern payment infrastructure, rather than cash, is the best solution.
The initiative is open to international payment systems, all banks, retailers, and other stakeholders.
Large networks of POS-terminals have also been established by Alfa-Bank (18,133 thousand), Ukrsibbank (7,519 thousand), Bank Vostok (6,906 thousand) and PUMB (6,235 thousand).