New change will work in august
From August 1, 2020, it will become easier for Ukrainians to withdraw cash from payment cards at the cash desks of shops, catering establishments, and so on, which are used by the Payment Transaction Registrar (RRO). For these purposes, the National Bank of Ukraine has improved the process for the implementation and accounting of these functions.
Such a service would help reduce the shadow economy, further develop the cashless segment and increase financial inclusion of citizens in general, the NBU website says.
In addition, the National Bank allowed enterprises to use electronic settlement documents and electronic financial reporting checks with paper. In addition, from July 1, 2020, business opportunities to transfer hryvnia cash through financial institutions that have received an NBU license for such operations will be expanded.
All these decisions have been provided by the resolution of the National Bank of May 7, 2020 (No. 59), which will come into force on May 25, 2020.
Paypal magazine help
Earlier we reported that the National Bank of Ukraine wants to allow card holders to receive cash at payments at cash desks, cashers stores, catering establishments and other places where they use RROs (payment transaction registrars). In addition, NBU took the initiative to optimize standards for accounting for such operations.
Recall that the cash withdrawal PrivatBank project is currently implemented at several WOG gas stations as part of the smart solution during checkout. In the event of non-payment of goods at the network’s gas stations, the customer may ask the seller to issue money from his PrivatBit card.
Read: British merchants will be encouraged to provide cash withdrawal services at checkout