The Latest Insights from International Online Marketing
16 September 2015.
The Ukrainian government and Central Bank have introduced new laws to help enable ecommerce in the country.
The laws give online transactions the same legal status as physical transactions.
This means that online stores in Ukraine can now accept ecommerce payments through systems such as PayPal.
Previously, banks would not retailers to receive money into their bank accounts through online payments.
It hopes that the new laws will help to encourage, liberalise and regulate ecommerce.
The Ukrainian ecommerce market accounts for just 2% of total sales in the country and is worth an estimated 2.7 billion Euros.
Internet penetration and ecommerce are increasingly steadily, however, meaning that the ecommerce market is expected to grow to around 7 billion Euros within the next 3 years.