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Concentration of Card System Participants by Number of Payment Instruments and Payment Devices
Liubkina O. V., Taraba V. S.

Liubkina, Olena V., and Taraba, Viktor S. (2026) “Concentration of Card System Participants by Number of Payment Instruments and Payment Devices.” Business Inform 1:450–463.
https://doi.org/10.32983/2222-4459-2026-1-450-463

Section: Finance, Money Circulation and Credit

UDC 336.7

Abstract:
The aim of this article is to carry out a comprehensive analysis of the dynamics of concentration in the Ukrainian payment market during 2021–2025. It is emphasized that traditional approaches to assessing banking concentration, which rely solely on financial indicators, are insufficient to understand the real state of the competitive environment in the payment services market. The analysis examined the number of electronic payment instruments (EPIs), active EPIs, as well as payment infrastructure (terminals and self-service devices). To quantitatively assess the level of concentration, the study employed the CR3, CR5, CR10, HHI, and CCI indices, the entropy coefficient, and the relative entropy index. The research results show that according to all the indicators examined, the Ukrainian card system participant market remains highly concentrated, with a significant share held by a very limited group of market participants. Despite the gradual decline in market share of State-owned banks, which are the main players in the payment market, they largely succeed in maintaining customer loyalty, so the nominal reduction in the number of payment instruments does not translate into a drop in customer activity. A significant decrease in concentration was observed in the self-service device segment in 2025, explained by several banks actively expanding their own network of terminals, having previously preferred almost exclusively remote services. Special attention is given to NovaPay LLC: by leveraging Nova Poshta’s logistics network, the company quickly became a leader in the number of payment terminals, demonstrating successful conversion of customer experience from logistics to financial services. Prospects for further research in this area include the possibility of using changes in the number of payment instruments and devices as a proxy indicator of regional economic activity, analyzing regional distribution, and comparing the concentration of the banking market according to traditional indicators and card-based indicators.

Keywords: concentration, participants in card systems, banks, electronic payment instruments, payment infrastructure, self-service devices, payment terminals.

Tabl.: 13. Formulae: 5. Bibl.: 40.

Liubkina Olena V. – Doctor of Sciences (Economics), Professor, Department of Finance, Taras Shevchenko National University of Kyiv (60 Volodymyrska Str., Kyiv, 01033, Ukraine)
Email: [email protected]
Taraba Viktor S. – Postgraduate Student, Department of Finance, Taras Shevchenko National University of Kyiv (60 Volodymyrska Str., Kyiv, 01033, Ukraine)
Email: [email protected]

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