We are talking about obligations for traders to provide non-cash payments for goods sold (services provided).
In Ukraine, on January 1, a new government decree came into force on the obligation of retailers to install POS terminals for non-cash payments.
This is evidenced by Cabinet Resolution No. 894 of July 29, 2022.
Now POS terminals will have to be used by traders who carry out business activities in settlements with a population of 5 to 25 thousand people.
A government decree obliges traders to provide non-cash payments for goods sold (services provided). We are also talking about goods (services), the sale (provision) of which occurs remotely.
For violation of these requirements, administrative liability is provided:
- a fine for an individual entrepreneur or an official of an enterprise in the amount of 1700 to 3400 UAH,
- in case of repeated violation within a year – a fine of 8,500 to 17,000 UAH.
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Cashless payments in Ukraine
According to the NBU, in the third quarter of 2023, the amount of transactions (non-cash and cash receipt) using payment cards issued by Ukrainian banks in the country and abroad amounted to UAH 1 trillion 407.1 billion. Of these, non-cash payments amount to UAH 890.8 billion. Non-cash transactions amount to 63.3% of the total amount of transactions with payment cards.
The network of POS terminals in Ukraine has been growing for five quarters. As of October 1, 2023, there were 437 thousand terminals in operation, of which 273 thousand were in PrivatBank.
Let us recall that in July 2022, the government established the deadlines within which traders must provide non-cash payments for goods sold (services provided). By 2026, all traders, including market sellers, will be required to install POS terminals.
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