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Despite the challenges of a full-scale invasion, iPay.ua continues to provide uninterrupted operation of financial services for millions of Ukrainians. In an interview for Nordic Fintech Magazine, Yevhen Velikanov, CEO of iPay.ua, shared how iPay.ua has adapted to the realities of war, maintained efficiency and even strengthened its market position. Read the full interview in Ukrainian to find out about the main challenges for one of the leaders of the Ukrainian payment industry, strategic decisions in times of war, and revolutionary innovations.

Nordic Fintech Magazine is one of the leading fintech publications in Northern Europe, covering innovative solutions, transformations in the banking sector and the experience of financial companies in global challenges.

- What was the biggest challenge for iPay.ua during the war?
The biggest challenge was the stability of our work. The situation was constantly changing: blackouts, cyberattacks. We adapted very quickly, introduced backup power and cyber defence.
- For those of us who are not familiar with you, could you briefly tell us who you are and what iPay.ua does?
I am Yevhen, CEO of iPay.ua. We are one of the largest payment solution providers in Ukraine. We develop innovative payment methods for people and businesses. My task is to strategically develop, expand the ecosystem and introduce new technologies.
- What is the main value of iPay.ua?
We provide fast, reliable and convenient transactions. We specialise in QR payments and internet acquiring. We have also launched a multi-acquiring service that allows us to integrate several banks into one terminal. This is especially important during the war - our solutions allow businesses to operate continuously, even during blackouts. At the same time, our rates are lower than market rates.
- What steps have been taken to ensure uninterrupted operations?
We have updated the infrastructure, introduced reliable power systems and alternative payment methods that work even in critical conditions. We constantly communicate with banks and partners.
- What strategic decisions were made at the beginning of the war?
The first priority was to maintain the stability of operations. We quickly implemented backup power, cyber defence, and relocated our employees to safe locations. Our team is now located in different parts of the world. Every morning we started with a question: ‘How are you?’, ‘Where are you?’, ‘Did you have a safe night?’ At the same time, we had to maintain the efficiency of our operations - it was a really serious challenge.
- How has the war affected innovation in the industry?
As unfortunate as it may sound, the war has accelerated digital transformation. Businesses have become more flexible and are switching to digital channels faster. We have focused on e-commerce, multi-acquiring, and round-the-clock operation of POS systems. Companies have become more open to the introduction of new technologies. Ukraine is now one of the leaders in digital finance in the world.
- Has the popularity of QR payments increased? Was it difficult for Ukrainians to adapt to new digital solutions?
Yes, it became the only option in many cases. Ukraine has demonstrated a high level of financial inclusion and adaptation to new realities, and there were no difficulties with the transition to new digital solutions. According to Visa International Payment System, we are in the top 105 countries in the world in terms of fintech usage.
- How is Ukraine's financial ecosystem working today?
The financial ecosystem is very strong and cohesive. The National Bank, banks, retailers, and fintech companies work together to maintain the smooth operation of the payment infrastructure. We, as representatives of the fintech sector, work closely with banks and businesses to implement flexible solutions, including QR payments and alternative financial channels.
Power Banking is a great initiative that allows us to serve our customers even in the absence of electricity. Banks have invested in independence from electricity and the internet, which allows POS terminals and ATMs to operate without interruption. It is hard for many people to imagine what it means to live without electricity for 15-20 hours a day, but this is exactly what Ukrainians face every day. But despite all this, we are united. This makes us stronger, more resilient and independent.
- How has the situation affected international transfers?
This is a very painful issue for Ukrainians. Due to the war, the National Bank has restricted transfers - money must stay within the country. There are small limits, but families cannot fully support their relatives abroad.
- How has iPay.ua's strategic planning changed in the face of instability?
We started as a startup, but with the onset of COVID 19 and the full-scale invasion, we had no choice but to focus on large customers. We serve a large state-owned enterprise, Ukrzaliznytsia, and the transport system in 10 major cities of Ukraine. We focused on security, fast connectivity and quality of service. This is what allowed us to become one of the market leaders. As you can see, even in difficult times, iPay.ua remains at the forefront of financial innovation. Adapting to the new realities, the company has not only maintained stability but also continues to develop, introducing changes that contribute to the growth of Ukraine's digital economy.

 Video of the interview is available at https://youtu.be/hdqOVgI0n0o?si=d3E6AtsQ1ixzqRnj