«Nova Poshta will allow users to use digital money when paying in the EU

NovaPay, a financial company that is part of the Nova Poshta group of delivery companies in Ukraine, is in the process of obtaining a European license for an Electronic Money Institution (EMI). The co-founder of Nova Poshta, Vyacheslav Klimov, told Interfax-Ukraine.

«NovaPay has already applied to the European regulator for a European financial institution license. This process is currently underway. We are applying for an Electronic Money Institution license ,» Klimov said.

Digital currency is electronic money used as an alternative or additional currency. Most often, their value is pegged to national currencies. However, in some cases, there is no peg and their value is formed solely by the supply/demand balance.

Having obtained the license, NovaPay will enable its customers to make transfers using digital money. The EMI license allows companies to offer payment and some other financial services, but not to operate as a bank or use a bank in their name or marketing materials.

In the future, Nova Poshta will be able to use the e-hryvnia in its operations, with a pilot launch planned for 2024. «The development and implementation of e-hryvnia may be the next step in the evolution of Ukraine’s payment infrastructure. The asset will contribute to the digitalization of the economy, further spread of non-cash payments, reduce their cost, increase their transparency and increase confidence in the national currency in general,» Oleksiy Shaban, Deputy Governor of the NBU, said recently.