Ukraine has recently launched a groundbreaking government program called «National Cashback» on September 2nd. The decision was approved during a government meeting on August 20th, according to the Cabinet of Ministers website.
The «National Cashback» program aims to stimulate the country’s economy and promote cashless transactions. Under this program, citizens will receive a certain percentage of their purchases made with non-cash payment methods, such as bank cards or mobile wallets, back into their accounts. This initiative is expected to encourage people to use electronic payments and reduce the use of cash, which is often associated with tax evasion and corruption.
The idea of implementing a cashback program in Ukraine was first proposed by the National Bank of Ukraine in 2019. It was then included in the government’s action plan for 2020 and received strong support from the President and the Prime Minister. The program is expected to run for two years, with a budget of approximately 2 billion hryvnias ($74 million).
The «National Cashback» program is not only beneficial for consumers but also for businesses. It will help small and medium enterprises to transition to cashless payments, which can result in lower costs and increased efficiency. Moreover, it will boost the development of the country’s financial infrastructure and promote the use of modern technologies in the banking sector.
This program is also a step towards a more transparent and accountable economy. Cashless transactions leave a digital trace, making it easier for the government to monitor and combat money laundering and other financial crimes. It will also contribute to the country’s goal of joining the European Union and aligning with its standards and regulations.
The launch of the «National Cashback» program has received positive feedback from both citizens and experts. Many see it as a progressive move towards a more modern and developed economy. The program has already been successfully implemented in other countries, such as Singapore, South Korea, and the United Kingdom, and has shown significant results in promoting cashless payments.
The government has also taken steps to ensure the smooth implementation of the program. The National Bank of Ukraine has developed a special platform where citizens can register and track their cashback rewards. The platform also provides information on the participating merchants and their offers. The government has also emphasized the importance of educating citizens on the benefits of cashless payments and how to use them effectively.
Overall, the «National Cashback» program is a significant step towards a more cashless and transparent economy in Ukraine. It has the potential to bring numerous benefits to both individuals and businesses, and contribute to the country’s economic growth. With its successful implementation, Ukraine can become a leader in the region in promoting cashless payments and joining the global trend towards a digitalized economy.
In conclusion, the launch of the «National Cashback» program in Ukraine is a positive and promising development. It is a clear indication of the government’s commitment to modernizing and improving the country’s economy. With the support of citizens and businesses, this program has the potential to bring significant changes and pave the way for a more prosperous future for Ukraine.
