POTENTIAL OF IMPLEMENTING INNOVATIVE APPROACHES IN SETTLEMENT AND PAYMENT RELATIONS IN THE CONDITIONS OF DIGITALIZATION OF THE ECONOMY AND ENTREPRENEURSHIP IN UKRAINE

Introduction. Implementation of innovative approaches in payment and settlement relations in today's realities is associated with challenges of enhancing the security, reliability, and accessibility of these technologies for all participants in business relations. at the same time, it is crucial to develop a model of digitalization in ukraine that takes into account various aspects of security, privacy, and inclusivity, while ensuring sustainable development amidst global digital transformation and increasing competition. Purpose. The purpose of this article is to explore the potential for implementing innovative approaches in payment and settlement relations in the context of the digitalization of the economy and entrepreneurship in Ukraine. Materials and methods. The research materials include: 1) regulatory acts that, in particular, govern the field of payments and settlements; 2) works by domestic and foreign scholars who conduct research on the studied issues. The following scientific methods were used during the research: systematization and grouping (for characterizing and systematizing payments and settlements in the digital economy); formalization, analysis, and synthesis (to study trends in cashless payments in the domestic market); logical generalization (for formulating conclusions). Results. The article is dedicated to studying the potential of implementing innovative approaches in settlement and payment relations in terms of digitalization of the economy. The study emphasizes the significant role played by digitization processes in transactions between business, the state and consumers of services. The work analyzes the specifics of digital functions in mobile applications of Ukrainian banks and the role of the digital transformation index in the implementation of innovations in settlement and payment relations. The focus is on qualitative changes in this area as a result of digitalization during the period of pandemic and war. We considered the dynamics of the foreign exchange market and the market of cashless payments in Ukraine and formulated separate priorities for stimulating the development of the cashless economy. Emphasis is placed on the role of cyber security, financial literacy and inclusion as factors in the development of the potential of settlement and payment relations in the conditions of digitalization of the economy and entrepreneurship in Ukraine and integration into the European digital space. It is important to focus on ensuring access to the latest financial instruments for all segments of the population, as well as encouraging businesses to innovate and undergo digital transformation. Collaboration with international payment systems will help integrate the Ukrainian market into the global economy, and raising the level of digital literacy will contribute to the creation of a sustainable and secure financial system. The potential for implementing innovative approaches in settlement and payment relations in Ukraine is significant, especially in the context of rapid digitalization of the economy and entrepreneurship. The development of cashless transactions and the expansion of financial infrastructure, supported by continuous and successful initiatives of the National Bank of Ukraine and innovative technologies, increase the efficiency, convenience, and security of financial transactions. This will contribute to economic activity growth, enhance the competitiveness of Ukrainian companies, and facilitate integration into the global economy. At the same time, progress in the fintech industry will be a guarantee of the uniqueness of the Ukrainian national fintech ecosystem and one of the prerequisites for successful post-war recovery. Discussion. In future scientific research, it is proposed to focus on a detailed analysis of the fintech ecosystem concept and outline the priorities for its formation in the realities of the war in Ukraine and in the near term.