The National Bank of Ukraine has given the green light to Chinese payment system UnionPay International (UPI) to begin operations in Ukraine. The decision now opens the way for Ukrainian banks to issue UPI payment cards. UPI becomes the fourth major international card payment system to launch in Ukraine, and is the world’s largest system in terms of number of issued payment cards.
The arrival of UPI reflects the growing commercial ties between Ukraine and China. Bilateral trade between the two countries rose 21% year-on-year in the first eight months of 2018 to reach USD 5.8 billion, placing China firmly on course to become Ukraine’s primary trading partner within the next five years.