Instant Payments in Ukraine: How Retail Receives Money in 10 Seconds

Instant Payments in Ukraine: How Retail Receives Money in 10 Seconds

According to НБУ: Participants of the panel discussion "Future of Embedded Retailtech" at the UAFIN.TECH 2025 conference discussed the integration of financial services and innovative payment tools in retail, particularly the possibilities of instant payments. The functionality of instant credit transfers was launched in the Electronic Payment System (EPS) of the National Bank of Ukraine in December 2024. All banks are already connected to the instant payment system, allowing merchants to receive funds within 10 seconds of initiating a payment transaction.

Andriy Poddierohin, the director of the Payment Systems and Innovative Development Department of the NBU, noted that the main task of the National Bank is to promote competition in the Ukrainian financial market. According to him, this concerns not only various payment methods but also the choice of more accessible and convenient options for retailers and their clients. Poddierohin also emphasized that the role of the National Bank is infrastructural:

"We create the basic infrastructure and standards that payment service providers use to create additional opportunities and alternatives for their retailer users and their clients. As a result, consumers of financial services will be able to experience improved services and quality of service."

Andriy Poddierohin, Director of the Payment Systems and Innovative Development Department of the NBU

Among the methods of accepting instant payments are:

• the possibility of self-acquiring (self-acquiring) or classic acquiring through payment service providers;
• options involving providers of non-financial payment services (open banking);
• the use of QR codes to transfer instant payment details.

These innovations create favorable conditions for retail development in Ukraine, ensuring speed and convenience of financial transactions.

Prospects for Instant Payments

The implementation of instant payments in Ukraine opens up new opportunities for retail, in particular, shortening the processing time for financial transactions, which can positively reflect on sales volumes and customer satisfaction. It also contributes to the competitiveness of Ukrainian retailers against the backdrop of global trends, where speed and convenience of service are becoming key success factors. However, for this system to function effectively, it is important to continue working on the security and reliability of payment technologies to ensure consumer trust.