UA Fondy, a payment service widely used by Ukrainian businesses for online payments, has run into serious trouble. The National Bank of Ukraine (NBU), the country’s central bank, announced that it was revoking the registration of “FC Elayans,” Fondy’s owner, as a member of the Visa and Mastercard payment systems. The decision followed a detailed report from Ukraine’s Security Service (SBU) flagging national security risks tied to the company’s operations in Russia and in temporarily occupied Ukrainian territories.
The decision had an immediate impact not just on Fondy itself, but on the many companies that relied on it to accept payments. It also put the near-finalized sale of Fondy to Georgia’s TBC Bank at risk.
Fondy’s founder, Valeriya Vagorovska, said through a press statement that there was no evidence supporting a national-security threat from the company’s actions, and pointed to possible legal misunderstandings or inconsistencies in how the decision was reached (Forbes.ua).
The incident has caused concern among Ukrainian business owners and e-commerce users, pushing many of them to look for alternative payment solutions.
If Fondy is temporarily or permanently unavailable to you, it’s worth having reliable alternatives lined up for accepting payments on your site. Here are a few popular payment systems that can be useful for businesses operating in Ukraine:
- WayForPay – a Ukrainian payment gateway that supports all the major payment types, including credit cards, bank transfers, and e-wallets. It’s known for strong security and support for multiple currencies.
- LiqPay – a service from PrivatBank, one of Ukraine’s largest banks, that processes online payments via Visa and Mastercard. LiqPay also supports payments through QR codes and mobile apps.
- Monobank – one of Ukraine’s most popular digital banks, offering a wide range of banking and payment services. Monobank lets businesses accept payments through its mobile app and integrates with various platforms to give users flexible payment options.
- Portmone – this service lets you accept payments from customers using a range of bank cards, and also supports recurring payments and subscriptions.
- PayPal – while PayPal’s availability can be limited in some regions, it remains a popular choice for international transactions. Check PayPal’s current availability and terms of use in Ukraine before relying on it.
- Direct bank transfers – you could also consider accepting direct transfers into your corporate account. This can be a convenient option for large transactions.
Before switching to a new payment system, it’s worth studying its fees, terms of service, and user reviews in detail. It’s also important to confirm that the system you choose integrates with your e-commerce platform without extra technical headaches.
