This summer, Visa appointed Tareq Muhmood as its new Regional President for Central and Eastern Europe, the Middle East, and Africa (CEMEA). With more than 30 years of international experience across major financial institutions in 13 countries, Muhmood is a heavyweight in the payments industry.
During his first visit to Ukraine in the new role, he spoke with NV about the evolution of the Ukrainian payments market, the strength of local partnerships, and priorities for the years ahead.
Tareq Muhmood,
Regional President of Visa in Central and Eastern Europe, the Middle East, and Africa (CEMEA)
You have extensive international experience and are now overseeing 86 diverse markets. How does Ukraine compare, and what impresses you most about its payments sector? How crucial is the market to Visa’s strategy? As a global digital payments leader, what is Visa’s role in the Ukrainian financial system?
Ukraine is exceptional. Across 86 markets, few demonstrate the same combination of resilience and innovation. Even under extraordinary circumstances, Ukraine’s payment system didn’t just endure — it advanced. That speaks volumes about the people driving this progress.
For Visa, Ukraine is far more than a single market; it’s a strategic hub supporting operations in 17 neighboring countries. Our role is to ensure payments remain uninterrupted, whether through AI-powered fraud prevention or cloud-based solutions that guarantee continuity during crises. Ultimately, it’s about trust and reliability for millions of Ukrainians, and that commitment is at the heart of everything we do.
Small and medium-sized businesses in Ukraine are actively switching to cashless payments: according to Visa, 75% of SMEs reported revenue growth after starting to accept digital payments. How does Visa support Ukrainian businesses in their transition to electronic payments, and what solutions do you offer for SMEs?
SMEs are the backbone of every economy — globally, they represent 90% of businesses. Our mission is to make digital payments simple, secure, and affordable for them. One solution I’m particularly proud of is Visa Tap to Phone, which transforms any smartphone into a payment terminal without extra hardware. In Ukraine, this has been a lifeline, especially during power outages, allowing businesses to keep accepting payments when traditional systems fail.
We also offer Click to Pay, which removes friction from online shopping by eliminating the need to enter card details repeatedly. This boosts convenience for consumers and conversion for merchants without adding costs. Earlier this year, Ukrainian VST Bank became the first in CEMEA to launch Click to Pay for its cardholders — a milestone that underscores Ukraine’s leadership in digital commerce.
Open banking, artificial intelligence, biometrics — which global trends are most relevant for Ukraine, and how is Visa advancing them?
Ukraine is at the forefront of digital transformation, so these trends are highly relevant.
Open Banking: Launched in August, it will enable faster access to financial products and better payment experiences while accelerating Ukraine’s integration with Europe. Visa is working with banks and fintechs to ensure services meet EU-level standards from day one.
Artificial Intelligence: AI is reshaping commerce globally. We recently introduced Visa Intelligent Commerce, opening our network to developers building AI agents that can shop and pay autonomously. In October, we launched the Trusted Agent Protocol for secure communication between these agents and merchants. Ukraine’s strong tech ecosystem positions it as an early adopter of agentic commerce, and Visa will continue investing in tools and partnerships to help local developers compete globally.
Biometrics: Password-free authentication is the future. This year, Visa introduced Visa Payment Passkey in Ukraine, enabling consumers to authenticate online payments using device biometrics. Given Ukraine’s digital maturity, we expect biometrics to become standard very soon.
Trust in digital payments is essential. How does Visa ensure Ukrainians feel safe using cards and mobile wallets?
Security is non-negotiable. Visa uses multiple layers of protection, starting with Visa Token Service, which replaces card numbers with unique tokens — a technology that’s been in Ukraine since 2016 and has made online payments safer and easier. Globally, we’ve issued over 12 billion tokens.
We also deploy more than 100 AI models to detect fraud and operate a dedicated Visa Scam Disruption team, which prevented over $1 billion in attempted fraud in its first year. Beyond technology, education matters: our Visa Stay Secure campaign helps consumers protect themselves online. Together, these efforts create a payment environment where Ukrainians can transact with confidence.
Visa is known for strong partnerships. During this visit, you have likely had many personal meetings. Which players are you collaborating with to develop Ukraine’s digital payment system?
Partnerships are the foundation of Visa’s success in Ukraine. During my visit to Kyiv, I met with leading banks and Minister Mykhailo Fedorov to reaffirm Visa’s unwavering support for the country’s digital future.
We collaborate closely with banks, merchants, fintechs, and telecom operators to deliver cutting-edge payment solutions. Our strategic partnerships with the Ministry of Digital Transformation and the Ministry of Economy drive cashless adoption and SME digitalization. Thanks to these collective efforts, cashless payments in Ukraine reached over 65% by value and 95% by number of transactions in the first nine months of 2025.
And Ukrainian innovation extends beyond its borders. In June, we partnered with ProFIX Group to expand Visa Direct capabilities across CEMEA — a powerful example of Ukraine shaping the future of payments regionally.
How important is social impact for Visa? What initiatives are underway in Ukraine and beyond?
Social impact is central to Visa’s mission of uplifting everyone, everywhere. Globally, the Visa Foundation invests $200 million to support gender-diverse and inclusive small businesses. Locally, our commitment spans many initiatives. We’ve championed initiatives like She’s Next, and today we support the “Vidvazhna” female business accelerator with the Ministry of Digital Transformation. Women entrepreneurs are keeping Ukraine’s economy strong during the war, and their resilience is inspiring.
Another example is our support for the nationwide social franchise of mobile rehabilitation units. Together with Oschadbank, PrivatBank, and public sector partners, we’ve helped open ten such spaces across Ukraine, providing essential rehabilitation services to people affected by the war. Seeing these units help thousands rebuild their lives reminds us why social impact matters.
What are Visa’s strategic priorities for 2026 and beyond in Ukraine and the region?
By 2030, our vision is effortless payments, whether buying a coffee, running a business, or sending money across borders. To achieve this, we’re focused on three priorities: consumer payments, money movement, and value-added services.
- Consumer Payments: Making every transaction seamless and secure through tokenization and advanced authentication.
- Money Movement: Expanding capabilities across B2B, B2C, and G2C flows to help organizations move funds faster and more efficiently.
- Value-Added Services: Delivering fraud prevention, data analytics, marketing, and consulting to help partners grow in an increasingly digital economy.
In addition to business objectives, we have a priority of investing and growing our talent whilst ensuring what we do makes a very positive impact on the community.
Ukraine’s pace of innovation is remarkable, and Visa is committed to supporting it every step of the way.
The material was published in the special project issue of NV magazine and The Economist, No. 9/2022, ‘The World Ahead’