CASHLESS PAYMENT TRANSACTION IN THE CONDITIONS OF FINTECH DEVELOPMENT IN UKRAINE

Abstract

Fintech is one of the fastest growing industries in the modern world and in Ukraine, which includes the development of new payment solutions, applications and technologies to improve the efficiency of payment systems. There is a general tendency to replace cash with non-cash payments due to the growth of e-commerce, the development of mobile payments and other digital technologies. The introduction of e-governance, e-services and digital tools by the government for the population and business creates a need to improve cashless payment systems. Therefore, the study of features of cashless payment turnover in the context of fintech development in Ukraine has great potential. Іt is connected with real trends in the development of the payment system in the context of the rapid growth of the fintech industry and digital innovations. The article is devoted to the conditions of functioning of cashless payment turnover in Ukraine under the influence of fintech. It considers various aspects, which influence on the efficiency of the payment infrastructure, in particular, the level of development of the banking system, economic growth, stability of the political situation and others. The process of increasing the popularity of non-cash payments and their forms, which are used by both individuals and business, have been studied. The large-scale adoption of e-wallets, mobile payments, contactless cards etc. is facilitating this process. Attention was paid to the importance of constantly monitoring technological innovations in the financial sector, protecting personal data, fighting fraud and ensuring the security of transactions. Main characteristics of the development and active changes in the payment sphere of Ukraine, caused by the influence of fintech, especially in the first quarter of the 21st century, have been highlighted, in particular, the mass implementation of cashless transactions via mobile devices or the Internet, contactless payments, the spread of cashless transactions to online trade, restaurants, utility services etc., regulatory changes. An analysis of current performance indicators of the card market in Ukraine has been done.