Ukraine's NovaPay led in transactions in 2024, while privatmoney topped in transfer volumes
The number of money transfers via payment systems in Ukraine increased by 28.5% in 2024, reaching nearly 1.1 billion transactions. The total value of these transfers surged by 83.7% to UAH 1.34 trillion, according to the National Bank of Ukraine (NBU). NovaPay processed the highest number of transactions, while PrivatMoney led in terms of transfer volume.
"During 2024, 24 money transfer systems were actively providing services in Ukraine – 15 of them domestic and 9 established by nonresidents," the NBU noted in its 2024 Financial Market Infrastructure Oversight Report.
According to the report, PrivatMoney, operated by state-owned PrivatBank, saw its transaction volume jump to $19.24 billion from $3.65 billion in 2023. NovaPay's volume grew more modestly, from $6.37 billion to $7.12 billion. The NBU clarified that NovaPay operates exclusively within Ukraine, whereas 87.15% of PrivatMoney's transactions were domestic.
Rounding out the top three was the Financial World payment system operated by Ukrainian Payment System LLC, with volumes increasing to $3.98 billion from $3.0 billion the year prior.
Part of this growth among leading systems stemmed from the market exit of Moneycom, operated by Swift Garant LLC, which had ranked third in 2023 with a volume of $3.50 billion.
In terms of transaction count, NovaPay remained the leader with 411 million transactions, followed closely by PrivatMoney with 403 million. Financial World handled 165 million transactions.
The average domestic transfer amount in 2024 increased by 42.8% to UAH 1,231.30. Meanwhile, the volume of cross-border transfers remained relatively stable year-over-year.
The NBU's list of significant payment systems for 2024 also included global card systems Mastercard and Visa. Among these, Mastercard remained the leader by both transaction count and volume, processing 7.22 million transactions worth $120.22 billion. Visa followed with 6.29 million transactions totaling $95.47 billion. Visa, however, narrowed the gap, growing its transaction market share from 43.07% in 2023 to 46.51% in 2024.
Overall, the total value of payments via card systems rose by just 1.3% year-over-year to $216.4 billion.
