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Ukraine's state post to introduce public financial services, payment cards

Ukraine's state post to introduce public financial services, payment cardsUkrposhta intends to submit a bill permitting the company to open current and deposit postal accounts for clients and issue payment cards, using which one can buy goods and pay for utility services, Ukrposhta Director General Ihor Smeliansky has said.

"This concerns the expansion of financial services of Ukrposhta via amending the law on postal service. The amendments would permit the company to open deposit and current accounts, pay for utilities, issue payment cards and provide encashment services. Ukrposhta would not issue credits," he told reporters on Wednesday.

He said that the initiative would permit Ukrposhta to provide financial services to 30-40% of Ukrainian population who does not have access to them now due to remoteness of bank departments.

"If Ukrposhta is not permitted to do this, it would lose large revenue. This would finally result in large optimization of expenses or optimization of the network," Smeliansky said.

It is proposed to create an alternative to bank accounts – postal accounts.

"The bill includes a new notion "postal accounts." It is new for Ukraine, but it is ordinary international practice," he said.

He added that Ukrposhta will use cards of the Prostir national payment system designed by the National Bank of Ukraine (NBU).

Ukrposhta wants to design mobile applications and a website for online purchases.

Ukrposhta is managed by Ukraine's Infrastructure Ministry.
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