DOMINICAN REPUBLIC GOVT ISSUES CASHLESS BENEFITS
By Rahul Joshi | 11 July 2011
The Social Subsidies Administration (ADESS) of the Dominican Republic, as a part of the Solidaridad programme, has been distributing benefits cashlessly, and now serves food, fuel and education rations to over 800,000 people.
In conjunction with local financial institutions and Visa*keep in your head the new format on security for Credit and banking cards used in the DR*, ADESS provides disbursements on reloadable cards.
Van Elder Espinal Martinez, Director General, ADESS, said: ?The benefits credited onto the Solidaridad Card allow purchases in the small markets located in the poorer areas of our country.?
One of the requirements for merchants to become part of the Solidaridad system is to be as close as possible to the families that need it most, Martinez added. The Card has distributed over 26 billion Pesos since it began in 2004.
?A lot of the costs and risks associated with cash and cheques can be taken out of the system through paperless payments. In emerging markets, we?re looking at financial privileges being extended to the under-banked for the first time, ? said Bill Gajda, Global Head, Visa Mobile.
Gajda stressed the potential of mobile payments as the next step forward from cashless, card-based payments, especially as mobile penetration far outpaces broadband and internet penetration in developing economies.
?In both sophisticated and in emerging markets, there is a role for mobile in commerce, to include public sector programmes, whether in identification or disbursements.?
In India, a typical emerging market, 92 percent of all consumer-spending is cash-based. While the number of broadband subscribers is only 12.1 million, the number of mobile phone subscribers stands at 771 million. It is projected to hit one billion in 2012, according to statistics released by the Telecom Regulatory Authority of India.
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Dominican Republic Govt Issues Cashless Benefits | Articles | FutureGov - Transforming Government | Education | Healthcare
Like I told you here long ago exclusively on DR1, the DR is establishing a network which is secured and scam proof to move the currency into the electronic age...
What that means is that you'll end up paying the shoe-shiner boy directly to his cell phone, mobile smart CC activated civilian merchant account or directly via a mobile (very low cost) handheld card swiper!
The DR will make your card as safe as they can be in a data centered world. Infinite tokens will make it not only hard to breach security, but will also expose those scammers quickly to law enforcement!
There are two prongs to reach this goal:
#1 To make all those with open banking/card accounts already issued, undertake the new infinite token challenge for added security. This means your card issuers will start to require you to answer new questions for security related data mining. Each bank/issuer must comply by the set deadline agreed when the new security shell was introduced. This roll out was executed in phases, being the most technological advanced banking/issuer's systems the first to execute it. This will allow smaller/legacy institutions the opportunity to see what works and what will need upgrade/changes long before their turn comes up, thus creating a less costlier move to the new token system.
#2 To make non account/card holders open and see the benefits of having one, all the time providing the security that their money will be there regardless of any events. The largest sectors targeted happen to be the lowest economic strata and those in poor economic conditions. They'll be getting the brunt of the new system's efforts to make the adaptation smooth.
A third effort will be made to create a "guest" shell system, where non residents will be able to make use of their credit cards and banking needs whilst visiting the Dominican Republic. This front is now in the talk phase with international partners and the local ACHs for the system.
The e-currency system for the Dominican Republic's Peso is around the corner!
As a back up to the system, cash and coin currency will be only handled by banks alone in the DR. As cash makes their way into and out of accounts, the cash/coins will be collected daily from one bank to a central vault for the routing and account auditing measures. From there they'll be sent to the financial institutions they are required to. This will erase any problems of fraud, book's cooking, embezzlement and most importantly, creates a real safety net in case of a total system failure due to data corruption from hackers or war attacks on the e-money system. Was there to be a complete disruption of the e-money system, the account holders will only need to visit their local branch to request their credits in cash and coin currency with their codified balance books.
This is a
exclusive release! Nowhere will you read this up in Dominican media!!
:ninja:
By Rahul Joshi | 11 July 2011
The Social Subsidies Administration (ADESS) of the Dominican Republic, as a part of the Solidaridad programme, has been distributing benefits cashlessly, and now serves food, fuel and education rations to over 800,000 people.
In conjunction with local financial institutions and Visa*keep in your head the new format on security for Credit and banking cards used in the DR*, ADESS provides disbursements on reloadable cards.
Van Elder Espinal Martinez, Director General, ADESS, said: ?The benefits credited onto the Solidaridad Card allow purchases in the small markets located in the poorer areas of our country.?
One of the requirements for merchants to become part of the Solidaridad system is to be as close as possible to the families that need it most, Martinez added. The Card has distributed over 26 billion Pesos since it began in 2004.
?A lot of the costs and risks associated with cash and cheques can be taken out of the system through paperless payments. In emerging markets, we?re looking at financial privileges being extended to the under-banked for the first time, ? said Bill Gajda, Global Head, Visa Mobile.
Gajda stressed the potential of mobile payments as the next step forward from cashless, card-based payments, especially as mobile penetration far outpaces broadband and internet penetration in developing economies.
?In both sophisticated and in emerging markets, there is a role for mobile in commerce, to include public sector programmes, whether in identification or disbursements.?
In India, a typical emerging market, 92 percent of all consumer-spending is cash-based. While the number of broadband subscribers is only 12.1 million, the number of mobile phone subscribers stands at 771 million. It is projected to hit one billion in 2012, according to statistics released by the Telecom Regulatory Authority of India.
Rate this article
Dominican Republic Govt Issues Cashless Benefits | Articles | FutureGov - Transforming Government | Education | Healthcare
Like I told you here long ago exclusively on DR1, the DR is establishing a network which is secured and scam proof to move the currency into the electronic age...
What that means is that you'll end up paying the shoe-shiner boy directly to his cell phone, mobile smart CC activated civilian merchant account or directly via a mobile (very low cost) handheld card swiper!
The DR will make your card as safe as they can be in a data centered world. Infinite tokens will make it not only hard to breach security, but will also expose those scammers quickly to law enforcement!
There are two prongs to reach this goal:
#1 To make all those with open banking/card accounts already issued, undertake the new infinite token challenge for added security. This means your card issuers will start to require you to answer new questions for security related data mining. Each bank/issuer must comply by the set deadline agreed when the new security shell was introduced. This roll out was executed in phases, being the most technological advanced banking/issuer's systems the first to execute it. This will allow smaller/legacy institutions the opportunity to see what works and what will need upgrade/changes long before their turn comes up, thus creating a less costlier move to the new token system.
#2 To make non account/card holders open and see the benefits of having one, all the time providing the security that their money will be there regardless of any events. The largest sectors targeted happen to be the lowest economic strata and those in poor economic conditions. They'll be getting the brunt of the new system's efforts to make the adaptation smooth.
A third effort will be made to create a "guest" shell system, where non residents will be able to make use of their credit cards and banking needs whilst visiting the Dominican Republic. This front is now in the talk phase with international partners and the local ACHs for the system.
The e-currency system for the Dominican Republic's Peso is around the corner!
As a back up to the system, cash and coin currency will be only handled by banks alone in the DR. As cash makes their way into and out of accounts, the cash/coins will be collected daily from one bank to a central vault for the routing and account auditing measures. From there they'll be sent to the financial institutions they are required to. This will erase any problems of fraud, book's cooking, embezzlement and most importantly, creates a real safety net in case of a total system failure due to data corruption from hackers or war attacks on the e-money system. Was there to be a complete disruption of the e-money system, the account holders will only need to visit their local branch to request their credits in cash and coin currency with their codified balance books.
This is a
:ninja:
