The company, which entered Ukraine in 2012, justified its decision based upon current, difficult market conditions, uadn.net reports. PayU Ukraine will fulfil all its service obligations towards its clients.
However, PayU will take into account its employees, merchants, and all external stakeholders as stated by Yaroslav Doroshenko, the company’s Country Sales Manager. In a letter to clients, PayU explained that payment operations will be handled over to local bank PrivatBank.
Price comparison service Vcene.ua, another Ukrainian project of the Allegro Group, was also shut down in May 2014 due to unsatisfactory business results. The Polish group has been luckier with marketplace Prom.ua, which has continued to expand with two recent acquisitions.
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