MODERN DEVELOPMENT OF THE PAYMENT CARD MARKET IN THE DIGITAL ECONOMY

Abstract

The article analyzes the quantitative and qualitative changes in the market of payment instruments, the main place of which belongs to bank payment cards in conditions where the digitalization of the economy determines the main development trends not only of the financial sector but of all aspects of human life. The factors determining the strategic importance of the payment card market for stimulating the economy and the standard of living of society are substantiated. The current trends in the development of the financial market in Ukraine have been determined, which indicate that payment cards as a key tool for remote access to bank accounts are the main driver of the development of cashless payment operations and the promotion of the institutional foundations of money circulation in the direction of the increasing growth of its cashless component, which reflects society's demand for reduction in price, acceleration and improvement of payments. Global processes of building economic relations based on digital transformation make this trend irreversible. The dynamics of the main quantitative parameters of the functioning of the payment card market in Ukraine over the past five years have been analyzed, which indicates its active qualitative development and the presence of stable growth trends. At the same time, despite the fact that with the development of information technologies, banks introduce new services and forms of service using payment cards, the article also notes certain problems of the further development of this market, which is connected with the still existing competitive advantages of using cash, and as well as certain institutional difficulties in the functioning of the banking sector.