Ukrainian payment space

"Ukrainian payment space"
"Ukrainian payment space"
Region	Ukraine
Of members	49
ATM	14 565
Founded by	2003 year
Site	prostir.gov.ua

The national payment system “Ukrainian payment space” ( Ukrainian national payment system “Ukrainian payment space” , PROSTIR ) is the Ukrainian multi - issue bank system of mass payments in which payments for goods and services, cash withdrawals and other operations are carried out using smart payment cards using technology developed by the National Bank of Ukraine ^[1] .

Content

History

The National Electronic Payment System (NSMEP) was launched in February 2003 . In 2016, after rebranding, the system was called the National Payment System “Ukrainian Payment Space” (PROSTIR). As of August 2017, 49 Ukrainian banks are members of the system, 844 618 cards are valid.

Technology

Calculations and receipt of cash in the system are carried out using bank contactless payment cards with integrated chip modules. Compared to cards with a magnetic stripe, counterfeiting such cards is much more difficult. There are a number of payment web portals that provide cardholders with the opportunity to pay for various services, ranging from utilities and ending with money transfers in favor of legal entities.

Electronic Money

On the basis of a tool called an “ electronic wallet ”, fiat electronic money is legally circulated in Ukraine. This electronic money is made on the basis of smart cards and can be personalized, and in the case of the issue of electronic wallet chips without the “payment check” tool, it can be anonymous. An anonymous payment card is a card with a stored value .

Advantages and disadvantages

Benefits

The system works autonomously, thereby ensuring the diversification of risks for Ukraine, in case of interruptions or interruptions in the operation of international payment systems in the country.
The system uses only payment instruments based on a smart chip, which, unlike cards with a magnetic stripe, significantly increases security (it is impossible to fake or clone the chip).
Over the entire history, not a single hack or “ fraud ” has been recorded with the payment tools of the system.
The cost of using the system for banks is significantly cheaper than using international payment systems.
There is an alternative to international payment systems, against some of which antitrust processes are underway in many countries of the world.
The set of tools and technologies currently available in Ukraine for banks, cardholders and developers of payment solutions is larger than in large international payment systems.

Weaknesses

System cards are accepted for payment only in Ukraine.

Notes

↑ NSMEP on the website of the National Bank of Ukraine Archival copy of June 29, 2011 on the Wayback Machine (in Ukrainian)

Links

[1] NSMEP on the website of the National Bank of Ukraine Archival copy of June 29, 2011 on the Wayback Machine (in Ukrainian)