Visa closes in on Mastercard in the Ukrainian market

The payment system Visa has significantly narrowed the gap with Mastercard in the Ukrainian market. According to data cited in an interview with Tatyana Chorna, Visa’s share reached 48% by the end of 2024, while Mastercard holds 51.6%.

Accelerated growth: from a third to nearly half the market

As recently as 2020, Visa’s position was considerably more modest – its share stood at around 30%. However, in recent years the payment system has steadily expanded its presence, gradually winning customers from its competitor.

Monobank’s role in shifting the balance

One of the factors that influenced the redistribution of market shares was Monobank’s decision to switch all non-premium customers to Visa. In October 2024, the bank dropped two payment systems and made Visa its primary partner for card issuance. Previously, Monobank users could choose between Visa and Mastercard, but the new strategy has significantly strengthened Visa’s position in Ukraine.