Visa Becomes the Operational Partner of the Ukrainian President’s "National Cashback" Program

Individuals wishing to participate in the cashback initiative should obtain either a virtual card through their bank’s mobile application or a physical card from their bank, onto which the government will allocate the funds.

KYIV, August 20, 2024 — Visa, a global leader in digital payments, has announced its partnership in the "National Cashback" program, designed to provide financial support to citizens through cashback incentives for purchasing Ukrainian-made products. Based on extensive expertise in payment technologies, Visa will contribute to implementing infrastructural solutions aimed to enhance local business growth and drive economic development.

The program is coordinated by the Ministry of Economy of Ukraine. The Ministry of Digital Transformation, the State Tax Service, settlement and authorized banks are engaged in the implementation. Under this initiative, Ukrainians will be eligible for a 10% cashback on purchases of domestically produced goods, excluding excise items such as pharmaceuticals. The cashback can be used for services or donated to the Armed Forces of Ukraine. The program starts on September 2, 2024.

A vital aspect of the program is its exclusively cashless transactions and collaboration with sellers under the general tax system, ensuring that funds are circulating within the legal segment of the economy. As a reliable partner with extensive experience in government cooperation, Visa is implementing innovative payment solutions for more efficient and user-friendly consumer interactions.

“At Visa, we are committed to improving cutting-edge technologies to ensure the stability of the country’s payment ecosystem. We are confident that the combined efforts between the public and private sectors in the National Cashback program will create favorable conditions for the growth of Ukrainian small and medium-sized enterprises and further the digitalization of the economy. Visa consistently supports the development of local entrepreneurship through initiatives like She’s Next and #MadeInUkraine, as we believe that local producers are the key to global economic progress,” said Svitlana Chyrva, Vice President and Country Manager for Visa Ukraine and Moldova.

The "National Cashback" program supports micro and small businesses, increases awareness and demand for Ukrainian products, and also contributes to economic growth and the legalization of the economy by returning a portion of the funds to the budget through taxes.

For additional information on how the cashback operates within the program and details on how to participate, please refer to the provided link.

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at visa.com.ua.