The Ukrainian card and payments industry experienced a period of significant growth from 2008-2012, according to a recent Research and Markets report. The report revealed that 38.9 million cards were in circulation in 2008, with a jump to 40.9 million cards in 2012. The card and payments industry is expected to grow at a CAGR of 6.77 percent to 59.4 million cards, by 2017. These figures indicate that due to financial hardships, consumers have been using card payments for most transactions. The volume of credit card usage exceeded the number of debit card transactions. The growth of card payments in Ukraine has also led to a rise in fraudulent activity.
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