E-money payments double in Ukraine in Q1

KIEV, May 31 (Xinhua) -- The volume of electronic money transactions in Ukraine grew by 96.9 percent year-on year in the first quarter of 2013, the National Bank official said Friday.

"During January-March period, Ukrainians spent around 63.9 million U.S. dollars to pay their bills using electronic wallets," deputy head of the bank's analytical department Tatiana Kovalenko said.

However, the share of non-cash transactions in Ukraine's financial system still remains at a low level, accounting for 11 percent of the total retail payments, Kovalenko said.

Local analysts estimate the annual turnover of electronic money in Ukraine ranges from 300 million to 1 billion dollars.

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