NovaPay payment system is launching a beta version of a mobile application that will allow customers to open a payment account, issue a virtual card, and conduct financial transactions with it.
“Customers will receive a 20% discount, which can be used to pay for shipments, parcel receipt, and cash on delivery. At the same time, all the usual money transactions and quick registration are available in the app,” the company explained in a press release on Wednesday.
According to NovaPay, account opening, maintenance, payments, transfers, and cash withdrawals up to UAH 100 thousand are now free of charge, while only domestic payments and transfers are available.
“…it is not yet possible to pay abroad with a NovaPay card, pay for goods on foreign websites, or pay for services of companies not registered in Ukraine,” the release says.
It is noted that the application allows you to make transfers to cards and accounts using the details, issue parcels on credit (through the subsidiary NovaPay Credit LLC – IF-U), pay for utilities, replenish your mobile account, receive cash on delivery for parcels on the card, and send a transfer from the card to a Nova Poshta branch.
According to the release, in order to use the NovaPay app, customers need to register with Diia, and soon it will be possible to do so at Nova Poshta (NP) outlets.
In addition, through the app, you can order a plastic payment card from MasterCard and receive it at the nearest branch or post office with free delivery.
“This became possible thanks to an extended license from the NBU; currently, NovaPay is the only Ukrainian fintech company to have received it. The limited beta version is already available for download on Google Play,” the press service summarized.
Founded in 2001, NovaPay is an international financial service that is part of the Nova Poshta group of companies and provides online and offline financial services in more than 3,500 NP branches. According to its website, the company employs about 13 thousand people in 24 branches across Ukraine.
According to the NBU, the company accounts for 35% of total domestic money transfers and is the leader in domestic money transfers, but the share of transfers made through it has decreased from 45% in May-December 2022.
Forecast of changes in discount rate of National bank of Ukraine, %
Source: Open4Business.com.ua and experts.news
Ukraine and Turkey will ratify the Free Trade Agreement (FTA) in the near future, and after the ratification procedure is completed, the document will enter into force in early 2024, the Economy Ministry said on Wednesday following a meeting between First Deputy Prime Minister and Economy Minister Yulia Svyrydenko and the new Turkish Ambassador Mustafa Levent Bilgen the day before.
“The free trade agreement will also simplify logistics issues, promote the development of Ukrainian business in wartime, and open new prospects in Ukraine for our partners from Turkey,” Svyrydenko was quoted as saying in a press release.
She added that a working group on grain will be set up to discuss global and bilateral trade in this market.
“Ukraine highly appreciates Turkey’s participation in protecting the grain export initiative, which is an important factor in ensuring global food security,” the First Deputy Prime Minister said.
It is noted that the parties are also ready for a constructive dialogue on expanding economic cooperation, in particular, the creation of joint projects in priority sectors of the economy. Strategically important sectors for restoring and attracting private investment are defense, agricultural production and processing, renewable energy, gas production and storage, green metallurgy, environmentally friendly transport, healthcare, and pharmaceuticals.
Svyrydenko added that Ukrainian entrepreneurs are ready to establish joint business with international partners, so the government is using every opportunity to attract additional resources, including for the post-war reconstruction of Ukraine.
“Humanitarian demining is another important area. We need heavy demining vehicles, training for sappers, everything that will help us clear our land as soon as possible. We are open for cooperation and encourage international business to enter Ukraine,” the First Deputy Prime Minister said.
As reported, following 12 rounds of negotiations and a series of expert consultations in 2011-2022, Prime Minister of Ukraine Denys Shmyhal and Turkish Trade Minister Mehmet Mush signed an FTA between the two countries in Kyiv on February 3, 2022. The document will enter into force after ratification by the parliaments of both countries and the exchange of instruments of ratification.
U.S. President Joe Biden said on Tuesday that he had approved another $200 million military aid package for Ukraine.
“I just signed a document allocating $200 million for Ukraine’s defense,” Biden said at a meeting with Ukrainian President Volodymyr Zelenskyy at the White House.
He added that this aid package would be promptly sent to Kyiv.
The US president did not specify what exactly would be included in this tranche of aid.
Dynamics of changes in discount rate of NBU – from 2013 to June 2023
Source: Open4Business.com.ua and experts.news
Monthly sales of the online fabric store tk.ua, owned by the Textile-Contact group of companies, currently amount to about UAH 5 million, while almost two years ago, with the start of Russia’s full-scale military invasion of Ukraine, they dropped to UAH 3 million per month.
“Pre-war sales of the online store amounted to about UAH 8 million per month, but almost two years ago they dropped to UAH 3 million. Today, sales have increased to UAH 5 million per month,” the company’s press service told Interfax-Ukraine.
The company cites the constant replenishment of the online store’s catalog with fabrics, a convenient interface for searching and paying for goods, and improved logistics processes and sales approaches as the factors behind the sales growth.
According to the company, more than 140 thousand retail customers and 10 thousand wholesale customers buy fabrics online every year. At the same time, 10% of the site’s users come back for more.
As the owner of the company, Oleksandr Sokolovskyi, noted on Facebook, tk.ua, which was founded seven years ago, is currently the largest online fabric store in Europe in terms of assortment and number of visitors.
“Of course, there are many resources in Germany, Italy, the UK, and Finland, but there are no analogues to our product. If you have a desire to buy fabric in Europe, you will most likely be advised to come to a small family-owned store or be taken to a large (by European standards) fabric store,” Sokolovsky wrote.
At the same time, he added that when the retail network, B2B sales, corporate and departmental uniform orders dropped significantly in 2020-2021 due to the covid, online trading supported the company greatly.
“The online store’s revenue increased significantly during the covid restrictions, almost doubling to UAH 10 million in some months,” the company owner said.
Today, tk.ua offers more than 30 thousand fabrics from 25 countries, more than 9 million visitors to the online store, and more than 4.5 million running meters of fabrics delivered to customers over seven years.
“Every year, the percentage of in-house production from 12 factories of the Textile-Contact group scattered throughout Ukraine is increasing. And these are not only fabrics, but also finished products – eco-bags, clothing for defenders, medical clothing, curtains, tulle and other finished home products,” Sokolovsky notes.
“Textile-Contact is the largest trading and production group in the Ukrainian light industry market, founded in 1995. It combines the entire range of services in the textile industry: from raw materials and yarns to ready-made solutions for B2B, B2G, B2C customers.
The holding employs 1549 people. In 2022, the Group paid more than UAH 277 million in taxes to the state budget of Ukraine (in previous years – about UAH 160-165 million).
