Analysis of the activity of money transfer systems in Ukraine

Abstract

The paper explores the theoretical aspects of the concept of a “system of funds transfer” and highlights their division into certain types. An analysis of the activity of payment systems in Ukraine was given and the necessity of their development was substantiated. It is determined how the system of money transfer has a positive impact on the economy in general. The advantages and disadvantages of money transfer systems were analyzed and recommendations have been made regarding the application of the main factors that will contribute to the improvement of these systems. All of the above is the purpose of this paper. The results of the conducted research show that now transfers through payment systems are becoming increasingly popular, but market development will depend entirely on several key factors: the development of infrastructure, legislation, and finance. In conclusion, we can say that payment systems play one of the most important roles in the modern economy. They provide economic entities with the opportunity to make payments on liabilities that arise in the course of economic activity, and the rational organization of payment systems contributes to the smooth functioning of the financial sector. Reliable and efficient payment systems are a guarantee of the stable functioning of both the country's banking system and the economy in general.