Ukraine plans to approve the procedure for use of QR code for funds transfer

The money transfer can be done using a QR code. The Bank plans to approve the procedure until the end of 2020.

Of the additional opportunity to transfer money announced on Facebook national Bank.

Until the end of 2020, the regulators plan to approve the procedure for use of QR code to transfer money. And by the end of 2024 to implement a new model of remote identification and verification of a client,
– stated in the message.

These changes provide a Strategy of financial sector development until 2025. Its implementation will contribute to emergence of new online financial service. And the implementation of financial services in General will become easier for Ukrainians.

What changes are planning to implement:

  • to ensure transparency and clarity of the advertising of financial services until 2020;
  • to oblige financial institutions (not only banks) to disclose full information about the terms and cost of loans, insurance services – by the end of 2021;
  • to create the system of guaranteeing of deposits of members of credit unions and insurance payments under contracts of life insurance – until the end of 2022.

What is a QR code?
A data matrix code, which is easily recognized by the scanning equipment. This gives the opportunity to use it in trade, in manufacturing, in logistics.

Please note! NBU approved the Strategy of development of Ukraine’s financial sector up to 2025. It envisages reforms in all segments of the financial sector. Read more here.