The submitted article identifies the main features of the payment services market of Ukraine. It is noted that despite the hostilities on the territory of Ukraine, the valume of non-cash payments of the population is growing. The increase the volume of non-cash payments reduced the pressure on the liquidity of the banking system and ebsured the stability of this sector of the economy. This trend has led to the need to modernize the Ukrainian payment market, фs well as the legislation of Ukraine as a whole.The study reveals the specifics of the Law «On Payment Services». It is determined that the updated legal act ensured the integration of Ukrainian legislation with the European one, and in accordance with the second payment directive -PSD2. Along with this, a review of the «Strategy for the Development of the Payment Infrastructure of Ukraine» was carried out. One the main innovations within the framework of this project was the introduction to the use of the fourth generation electronic payment system, the advantages of which are reflected in the article.The article reveals the essence of the open banking system, defines the list of developed countries that use this technology. It is noted that the effective
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.