Goodbye, Waste Paper: 'eCheck' Launches in Banking Apps in Ukraine
It seems the era of faded slips piling up in wallets and pockets over the years is finally coming to an end. Ukraine has officially launched a pilot project called 'eCheck,' aimed at transferring transactional documents into digital format. Now, instead of waiting for a cashier to print another piece of thermal paper, you will be able to find your check directly in the banking app. The initiative's launch was announced by First Deputy Prime Minister and Minister of Economy Yulia Svyrydenko.
Economics on the Receipt Tape
At first glance, a paper receipt seems trivial, but on a national scale, it's a huge expense. According to data released by the State Tax Service, Ukrainian entrepreneurs issued over 9 billion receipts last year alone. Printing one such document costs businesses approximately 0.07 UAH. If you calculate the total amount, it comes to about 630 million UAH annually. This is money literally thrown into the trash along with paper, which can hardly be considered an efficient use of resources.
The 'eCheck' project aims not only at optimizing business expenses but also simply at making life easier for consumers. An electronic document has the same legal power as a paper one. It can be used for returns, exchanges, or warranty services. Moreover, it won't get lost, torn, or fade after a month in the sun.
Who Participates in the Pilot
At the initial stage, the largest players in the financial and retail markets have joined the initiative. Among the pioneering banks ready to display your expenses in digital form are:
- PrivatBank;
- monobank;
- PUMB (First Ukrainian International Bank);
- VST Bank.
Retail chains are also not lagging behind. Digital checks are already being tested in 'Avrora', 'Fora', Auchan stores, and at 'Ukrnafta' gas stations. While the transition period lasts, customers will receive both versions — digital and paper. This will allow the system to be fine-tuned and ensure that servers can handle the load before paper rolls are consigned to history.
Environmental Aspect and Bisphenol
Besides the financial benefits, transitioning to 'eCheck' has a serious environmental foundation. Most receipts are printed on thermal paper containing bisphenol A or bisphenol S. These substances are toxic, and the paper itself is hardly recyclable due to its composition. Eco-activists have long pointed out the harm of such 'waste,' and finally, the state has taken a step towards modern standards. Abandoning billions of paper vouchers will significantly reduce environmental stress and protect the health of trade workers who come into contact with this paper daily.
For users, the scheme is very simple: after paying by card (offline or online), the receipt automatically appears in the transaction history. This is much more convenient than collecting paper archives for home accounting. By the way, the digitization of services in Ukraine is picking up speed in all areas — for example, monobank recently launched its 'mini-OLX' named monoMarket, allowing items to be sold directly in the app without unnecessary chat spam.
