Regulatory Functions of State Institutions in the Modernization of the Electronic Payment Market in Ukraine

The article explores the directions of implementing regulatory functions of the State in the process of modernizing the electronic payment market in Ukraine. It is noted that the main vectors of modernization include strengthening regulatory control by State institutions, introducing innovative technologies, improving payment infrastructure, stimulating competition, and expanding access to financial instruments for broad segments of the population. It is underlined that one of the key directions of modernizing the electronic payment market in Ukraine is the implementation of innovative technologies that contribute to increasing the convenience, speed, and security of financial transactions through the development of mobile payment solutions and contactless technologies to ensure the transparency and reliability of payments. Attention is drawn to the regulatory aspect, which requires clear legal norms that will define the status of digital assets, ensure the protection of user rights, and prevent money laundering. It has been shown that the National Bank of Ukraine (NBU) as the direct regulator is actively working on the implementation of the digital Hryvnia (e-Hryvnia), which can become an innovative financial instrument for fast, secure, and accessible electronic payments. The necessity of modernizing the payment infrastructure of the electronic settlement market based on the improvement of national payment systems and their integration with international platforms is proved. It has been confirmed that the active development of the Instant Payments system contributes to the revival of the electronic payments market, providing fast, convenient, and secure real-time money transfers, which enhances the accessibility of payment services, reduces transaction processing times, and decreases dependence on traditional banking mechanisms. The necessity of the State’s regulatory function in updating the instruments of the electronic payments market in Ukraine is substantiated, which is implemented through the improvement of the legislative framework, particularly the implementation of European norms and standards t