PrivatBank, the largest acquirer in Ukraine, has selected Verifone as its payment solution and service provider. As part of a three-year deal, Verifone will set up and manage PrivatBank merchants with point-of-sale (POS) solutions giving PrivatBank the freedom to focus on their more than 120,000 merchant clients of all sizes and verticals with financial services.
Verifone will be PrivatBank’s single source for all payment services including software, warranty and logistics. This means merchants will be able to unpack their complete POS system, set up, and begin accepting card payments within minutes.
The agreement gives PrivatBank the flexibility to source comprehensive payment solutions through a monthly service model that eliminates a large initial investment, terminal management and depreciation commonly associated with payment system ownership and management.
According to industry analysts, despite the growing share of the banked population and governmental restrictions on cash payment, Ukraine remains a largely cash-based economy. However, consumers are increasingly attracted to the convenience offered by card payments thanks to rising merchant acceptance supported by leading banks that are focused on expanding their POS networks.
Approximately 20,000 Verifone VX 520 terminals are expected to be deployed by September 2017.