How do the payment habits of Ukrainians change during quarantine?

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Another webinar this week FinUpdate: Cash in Quarantine. Hosted payment revolution

Quarantine has largely changed the habits of Ukrainians. Instead of going to the supermarket for a family, now – instead of distributing products online, to go to the cinema – buying online content that would dilute the everyday life of art. During the second webinar “FinUpdate: In Cash Quarantine. Payment revolution»Representatives of the largest Ukrainian banks and financial companies described how their customers’ behavior has changed during the quarantine week.

Gleib BurtsevDirector, Business Development, Post Finance (Nova Posta Group of Companies) noted that cashless holdings are increasing, but this is only interest. Cash is still a priority. “The situation is changing, but not as fast as we would like” Gleib Burtsev said.

Growth of payments through various channels of post finance company

The expert also said that the company is doing “post finance” to encourage cashless payments:

  1. First, it uses marketing. These are, for example, gifts with partners for online payment.
  2. Develop non-logistics services. For example, the acquisition of the Internet.
  3. They are continuously working on improving the customer experience, in particular, on payments in mobile applications.

Maryam MatishviliCBDO of Leogaming noted that in addition to shopping for groceries and essentials, people at home still want some entertainment. Therefore, the demand for entertainment content is increasing. These are, first of all, giants like Netflix, online games are also not far behind.

Ms Matiavilli noted that payments for online games have been through most terminals (which is a bit surprising) – up to 27%, while internet access has increased by 18%, from mobile balance – up to 5% . It is worth noting that the number of credit card recharge through terminals has also increased.

“All market players need to encourage cashless payments. Quarantine will play a role in the transition to a cashless economy, and we hope so, ”said Maryam Matishvili.

Evgeny VasilsovHead of work direction with PrivatBank’s business ventures, said how the bank terminals’ stake has changed without a turnover (see graph).

According to Mr. Vasilsov, cashless payments with the card increased by 9.8% to 66.9%. in this matter:

  • 27.2% decrease in ATM withdrawals
  • POS payment reduced by 12.5% ​​(due to stores that were forced to close)
  • The amount of payment in Privat24 was reduced by 5.3% (people started making less compulsory payments)
  • P2P transfers increased by 1.1%.

Top fluctuations in online purchases according to PrivatBank

The representative of the State Bank said that the loan share fell while customers went online and bought goods on credit there.

Using NFC devices also reduced the number of payments. In particular, the number of transactions made using Apple Pay decreased by 41.2%, and the number of transactions involving Google Pay decreased by 30.8%.

PrivatBank home delivery cards increased by 262% (after 20 March).

Oksana BabenkoThe vice-chairman of the board of Concord Bank said that the most popular payments now include: purchase of goods for personal and family use, payment for business services. But purchases of clothes and utility bills declined. The popularity of virtual cards has increased.

Andrey KirenkoThe head of the acquiring merchant department at Oshdbank noted that the bank’s customers (mainly pensioners and social assistance recipients) started withdrawing 15% less cash. The number of payments increased by 20% in Oschad 24/7. 44% more often, customers started paying transactions in chat bots. The amount of P2P transfer increased by 35%.

According to Mr. Kirianko, quarantine is changing priorities in starting new projects of banks.

Eugene JaklataThe director of Taskcombank JSC’s Transaction Business Department said requests for credit funds have decreased and credit card spending has decreased.

“Realizing that quarantine negatively impacts small and medium-sized businesses, TAC24 Business decided to provide loan assistance to private entrepreneurs and legal entities. Customers who, due to quarantine, were forced to suspend their businesses Credit will be given to those who have taken loans in the TAC24 business by March 7, 2020. And the banks continue to provide new financing to those customers Whose business was not affected by the quarantine, ”said Yevgeny Zakalata in a presentation.

As you can see, the behavior of bank customers changes under the influence of quarantine and coronavirus epidemics. The share of non-cash payments is increasing, while users take less money from ATMs, reduce loan usage and do more P2P transfers. Experts suggest that quarantine will play a role in the transformation of a cashless economy.

Read: Startup Mode: How Coronavirus Affects MFIs


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