The number of transfers via payment systems in Ukraine in 2024 increased by 28.5% to almost 1.1 billion transactions, and their amount increased by 83.7% to UAH 1.34 trillion. NovaPay handled the most transactions, while PrivatMoney was the leader in terms of volume, according to the NBU.
“During 2024, money transfer services were actually provided by 24 payment systems, including 15 systems created by residents and 9 systems created by non-residents,” the National Bank said in its 2024 financial market infrastructure oversight report.
According to its data, the volume of transactions through PrivatMoney, operated by PrivatBank, grew in dollar terms to $19.24 billion from $3.65 billion in 2023, while NovaPay’s volume grew to $7.12 billion from $6.37 billion. The NBU clarified that while NovaPay conducts all transactions within Ukraine, PrivatMoney’s share of Ukrainian transactions amounted to 87.15% last year.
The payment system “Financial World” of the operator Ukrainian Payment System LLC closes the top three, with volumes growing last year to $3.98 billion from $3.0 billion in 2023.
The growth of the leaders is partly explained by the departure from the market of the Moneycom payment system operated by Swift Garant LLC, which ranked third in 2023 with a volume of $3.50 billion.
In terms of the number of transactions, NovaPay remains the leader with 411 million, although PrivatMoney is close behind with 403 million, and Financial World has 165 million transactions.
The average amount of a single transfer within Ukraine in 2024 increased by 42.8% to UAH 1,231.3. At the same time, the volume of transfers from abroad remained almost at the previous year’s level.
In 2024, Mastercard and Visa were also included in the National Bank’s list of important payment systems.
Among these card payment systems, Mastercard remains the leader in terms of the number and amount of payment transactions, with 7.22 million transactions worth $120.22 billion, while Visa has 6.29 million transactions worth $95.47 billion. At the same time, Visa’s lag narrowed: according to the results of 2024, its share of transactions was 46.51% compared to 43.07% in 2023.
In total, the amount of payments through card systems grew last year in dollar terms by only 1.3% to $216.4 billion.
