consumption of goods and services on average by 0.18% per year. Moody's experts
also found that the spread of the use of electronic payments by 1% increases the
consumption of goods and services on average by 104 billion USD per year. In
addition, economists at Moody's estimated that over the five-year period, an average
of 2.6 million new jobs were created per year (mainly in China and India), especially
through the spread of electronic payment products. The main conclusion of the report
is that electronic payments contribute to a more stable and open business
environment, reduce the size of the shadow economy and form a higher potential
basis for tax revenues and financial integration for governments in these countries
[21], in particular for Ukraine.
Experts estimate that Ukraine can be an attractive market for such international
payment systems as Stripe, Pioneer or PayPal, because our banks lack flexibility while
American payment systems may replace the national banking infrastructure for the
transfer of money not only from abroad, but also inside the country. As for PayPal,
today the company still provides Ukrainians the opportunity to use only a limited
financial functionality. Residents of the country can pay online for goods and services
of foreign companies that have an account with PayPal, Visa or Master Card. But they
can not save money on their PayPal account or withdraw money. According to the
partner of the Kyiv office of the international law firm Baker & McKenzie Igor
Olekhov, the main problem is the imperfect system of national currency regulation,
which "dates back to the nineties." This system is not designed for modern technologies
and is created to hold the maximum amount of currency in Ukraine, as long as there is
no clear and transparent legal framework for electronic payments in the country [22].
Currently more than 80% of all consumer payments in the world are in cash.
However, the share of non-cash payments is constantly increasing, especially in some
countries. According to the research of Master Card Advisors and Wirecard, the share
of non-cash payments among the TOP-10 countries of the world in the total amount of
consumer payments is as follows (as of 2015): Ukraine – 31%; Germany – 33%;
Australia – 35%; USA – 45%; United Kingdom – 52%; Canada – 57%; Sweden – 59%;
France – 59%; The Netherlands is 60% and Singapore 61%. And the ratio of cash and
non-cash payments in different regions of the world looks as follows (as of 2015):
Africa – 99.1%; Eastern Europe 93/7%; Latin America – 91/9%; Western Europe -
66/34%; Asia 65/35%; North America – 48/52% [23].
In the near future, the world's financial markets payment cards and mobile
payment terminals will receive the most widespread. It should be noted that modern
electronic payment technologies are quite diverse. Among them, two classification
groups of electronic payment systems are the most interesting. The first group is based
on the use of electronic money, and the second is based on the use of credit cards.
Typical representatives of the first group are: PayCash, WebMoney and Yandex
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