Business news from Ukraine

Business news from Ukraine

NovaPay plans to compete with banks for payroll cards

21 May , 2024  

Cardholders of the international financial service NovaPay can receive salaries from any Ukrainian employer on their cards, the NovaPay press service said on Tuesday.

“You can do this in the application – create a paper or electronic application for receiving a salary on a NovaPay card and send it to the company’s accountant,” the company said in a statement.

It is noted that the application fills in the necessary fields, including information about the employer, while other personal data is automatically pulled into the application, after which it remains to form an electronic application and sign it using “Diya. Signature”.

Among the advantages of the NovaPay card, the company calls a 20% discount on Nova Poshta delivery services, transfers without restrictions up to UAH 50 thousand and the possibility of buying NovaPay bonds.

As reported, at the end of 2023, NovaPay was the first non-bank financial institution in Ukraine to receive an extended NBU license, which allowed it to open accounts and issue cards. In January-February of this year, the company increased the number of payment cards sixfold to 78 thousand, including a fivefold increase in the number of active cards to 43.8 thousand.

The total number of transfers and transactions through NovaPay in Q1 2014 increased by 18% and 24% to 96 million and 66.1 billion, respectively.

Founded in 2001, NovaPay is an international financial service that is part of the Nova group and provides online and offline financial services at Nova Poshta offices. According to its website, the company employs about 13 thousand people in more than 3.6 thousand Nova Poshta offices across Ukraine. According to the National Bank of Ukraine, the company accounts for 35% of the total volume of domestic money transfers.

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