DEVELOPMENT OF MODERN PAYMENT SYSTEMS

The purpose of the article is to study the current state, problems and prospects for the development of payment systems in Ukraine in the context of digitalisation of the economy, taking into account the need to improve the efficiency, security and availability of payment services, and to substantiate the ways to improve the regulatory environment and reduce barriers to innovation in the field of payment infrastructure. The article examines the theoretical and practical foundations of the development of modern payment systems in the context of the digital transformation of the economy. It emphasizes the growing role of payment infrastructure in ensuring secure, efficient, and accessible financial transactions. Special attention is paid to the increased demands of society for the convenience, speed, and reliability of payment services, as well as to the critical importance of ensuring financial data protection and combating fraud. The dynamics of payment operations through Ukraine’s State Electronic Payment System (SEPS) during 2019–2023 are analyzed, showing a growing volume of operations, despite a temporary decline in their quantity due to the escalation of the war in 2022. The increase in payment card issuance and the rise in demand for cashless services confirm the expanding digitalization of the national economy and financial sector. The study identifies key problems that hinder the development of Ukraine’s payment infrastructure, including high acquiring fees for small businesses, market monopolization by international operators (such as Visa and Mastercard), insufficient legal harmonization, and low levels of financial literacy. The article proposes a set of measures to enhance the efficiency and inclusivity of payment systems. These include promoting domestic payment platforms, introducing state support programs for fintech innovation, improving regulation, and adopting technical solutions (such as cloud-based infrastructure) to reduce service costs. The article concludes that the modernization of payment systems is a strategic priority for ensuring economic resilience, financial inclusion, and Ukraine’s integration into the global digital economy.