FEATURES FUNCTIONING OF THE PAYMENT SYSTEM OF UKRAINE

Abstract

In the age of the global Internet, there were changes in the life of the human community, its needs, and requirements for the provision of payment services, that, in turn, affected the development of the payment sphere. Taking into account the transformations in the field of payment systems that occur as a result of the continuous development of the digital economy and its globalization, legislative and regulatory changes in the domestic and international legislative field, research and proposals regarding the modern understanding of the concept of "payment system" and its varieties remain important.As a result of the conducted research on the current condition of functioning of payment systems, we have proposed the author's vision of the concept of "payment system" and their varieties, which takes into account the influence of digital technology changes and globalization processes on their activity, while highlighting individual types of payment systems depending on their general economic significance, unitary position, as well as importance, significance, and functionality. In addition, the selected types of payment systems may have several variants of their interpretation, since today this concept has significantly expanded its lexical meaning.Based on the results of the assessment of the current condition of functioning of payment systems in Ukraine, the article identifies the main stages of the formation of the country's payment system, identifies its features, and establishes the factors that influence their development (political and economic, globalization, informatization of society, digitalization of the economy, development of financial technologies, the legislative basis for payment systems, use of oversite, regulator's policy, access to the Internet, level of material support of the population, competition between payment service providers, popularization of cashless payments). The study of the main development trends and the identification of the main shortcomings in the article showed the need to reform the payment system, and interbank settlements, and determine promising directions for the development of payment systems in order to create an effective, reliable and safe payment in the system of Ukraine.