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Ukraine Country Report

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  • Published Date: November 2016

A comprehensive overview of the cards, payments and consumer banking market in Ukraine.


  • Since the annexation of Crimea by Russia in March 2014, Ukraine has been in turmoil: the economy shrank by ten per cent in 2015 while inflation hit 43 per cent.
  • In a move to consolidate the struggling banking sector, the central bank has declared 63 banks insolvent since the end of 2014.
  • Consumer credit outstandings fell by 17 per cent in 2015 as consumer confidence eroded and struggling banks restricted lending.
  • Debit cards are the most popular form of payment card in Ukraine, accounting for 80 per cent of total cards in circulation and 91 per cent of billed volume in 2015.
  • The number of POS transactions on payment cards exceeded the number of ATM transactions for the first time in 2014.
  • Credit cards are predominantly used to borrow cash; cash advances make up three- quarters of billed volume, and the rollover rate is extremely high at 86 per cent.
  • Mastercard has strengthened its position considerably in the payment cards market, growing its share of cards from 36 per cent in 2009 to 55 per cent in 2015.
  • PrivatBank is the dominant bank in terms of issuing and acquiring, having a market share of just over 50 per cent in both.
  • Acquiring in Ukraine is carried out by the issuing banks, with reduced pricing for on- us transactions a key competitive strategy.
  • The average MSC increased to around 2.0 per cent in 2015, having fallen to 1.6 per cent in 2014.

Ukraine Payments Research | Report Contents

Demographics and Economy:
Outlines the key metrics and trends which influence the development of retail banking and payments in the country:

  • Population structure
  • Income
  • Mobile and internet use
  • Economic data

Retail Banking:
Explores the structure of the local banking system, its infrastructure and the leading players. Data includes:

  • Aggregate retail banking indicators
  • Bank branch, ATMs and POS terminals
  • The profitability of top banks

Consumer Finance:
Overview of consumer finance in the country. Categories analysed include:

  • Mortgage loans
  • Personal loans
  • Credit card loans
  • Vehicle loans

Credit Cards:
Industry-leading credit card coverage. We detail the past present and future of the industry through our data and commentary, including:

  • Market size split by consumer and commercial credit cards: number of cards, transaction volume, billed volume
  • Profit pool analysis
  • Competitive landscape: networks, issuers

Debit Cards:

  • Market size: number of cards, transaction volume, billed volume
  • Competitive landscape: networks, issuers

Prepaid Cards:

  • Market size: number of cards, transaction volume, billed volume

Ukraine Country Report | Selected Extracts

Demographics and Economy:
Over two-thirds of Ukraine's population live in urban areas. The industrial regions in the east and southeast are the most populated parts of the country. Ukraine is a mixed economy with limited private freedom combined with centralised economic planning and government regulation.

Retail Banking:
Ukraine's retail banking sector is highly concentrated, with the top five banks accounting for 54% of the total banking assets.

Consumer Finance:
The biggest consumer lenders in the country are PrivatBank, Ukreximbank, Oschadbank, Raiffeisen Bank Aval and Ukrsibbank. All these banks have branch networks spanning the majority of the country.

Cards market:
Banks and major players in the Ukraine payments market are focused on increasing card usage through technological advancements including contactless payments and mobile wallets.

Closed-loop cards, which have been in the market since 2001, constitute the majority of the Ukrainian prepaid cards market.

Profit Pool:
Credit card activity in Ukraine is significantly lower than that of debit cards. The absence of a well-developed revolving credit cards market and huge volume of inactive cards has restrained credit card profitability.

Pricing and Enhancements:
Credit card issuers in Ukraine have followed a cautious approach due to the challenging political and economic environment in the country. This conservatism has impacted their policies towards offering new credit card products.

The Card Networks:
In Ukraine, Visa and Mastercard dominate the credit cards market and the collective payment cards market in terms of both number of cards and billed volume. Mastercard is also the leading network for debit cards in Ukraine in terms of both number of cards in issue and billed volume.

Key Retail Banks and Issuers:
Three major issuers dominate the Ukraine credit and debit cards market: PrivatBank, Oschadbank and Raiffeisen Bank Aval.

Merchant Acquirers and Processing:
Acquirers typically offer lower fees for on-us transactions than from transactions on cards issued by other banks. This gives PrivatBank a huge advantage in winning merchant accounts.

Online Acquiring:
Cash On Delivery (COD) is the most popular means of online payments in Ukraine, accounting for around 80% of online payments.


Verisk financial reports include detailed market and competitor intelligence on payments cards, e-money, acquiring, retail banking, and consumer credit in Europe. Analysts use primary and secondary source data and conduct in-depth interviews with senior industry executives and finance experts.

See more European country reports or explore cards & payments research reports for 72 markets worldwide.

To find out more or to discuss subscription options, please email: research_enquiries@verisk.com or telephone: +44(0)20 7337 4200.