How the move to e-pesos is developing in the DR:

PICHARDO

PICHARDO

One Dominican at a time, please!
May 15, 2003
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Dominican shops, grocers pay bills through Citi's new mobile payment service

Dominican shops, grocers pay bills through Citi's new mobile payment service | MobilePaymentsToday.com

Citi has launched a new mobile payment solution for small grocery stores and similar businesses in the Dominican Republic. The service, called Citi Mobile Collect, lets those merchants replace cash payments to their providers with mobile transactions.


According to Citi, the Dominican Republic has around 80,000 neighborhood grocery stores and small businesses, the majority of which still pay their providers using cash. Using the new system merchants can complete financial transactions with those providers who are Citi corporate clients using a mobile payment. Citi corporate clients participating in the program include Philip Morris Dominicana and Frito Lay Dominicana.


“Citi Mobile Collect uses cutting-edge technology in an innovative way to address provider payment limitations that directly affect our corporate clients in the Dominican Republic,” explained M?ximo Vidal, General Manager, Citi Dominican Republic. “We are offering providers a more efficient way to receive payment from their distributors, even in communities with low levels of banking, allowing them to expand their market.”


The technology was introduced through a strategic partnership with GCS Systems, a local mobile payment administrator, Citi said. The service is run in collaboration with Banco ADOPEM, a leading microfinance institution. It offers small businesses that are "unbanked" to open an account and perform more secure and convenient business transactions, the company said.


Citi said it plans to introduce the system in other Latin American countries, as well.

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PICHARDO

PICHARDO

One Dominican at a time, please!
May 15, 2003
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Citi Launches Innovative Mobile Payment Service for Dominican Republic Providers


The solution enables small grocery stores and other businesses to replace cash payments to Citi corporate providers with mobile transactions


Miami, Florida, Dominican Republic - February 12, 2013 – Citi announced the launch in the Dominican Republic of Citi Mobile Collect, a new provider payment solution that makes it possible for small grocery stores and other businesses to replace cash payments to their providers with mobile transactions.


“Citi Mobile Collect uses cutting-edge technology in an innovative way to address provider payment limitations that directly affect our corporate clients in the Dominican Republic,” explained M?ximo Vidal, General Manager, Citi Dominican Republic. “We are offering providers a more efficient way to receive payment from their distributors, even in communities with low levels of banking, allowing them to expand their market.”


Citi Dominican Republic is a pioneer in the Latin American and Caribbean region in implementing the Citi Mobile Collect solution. The technology, exclusively for Citi corporate clients, was introduced through a strategic partnership with GCS Systems, a local mobile payment administrator. In collaboration with Banco ADOPEM, a leading microfinance institution, Citi Mobile Collect makes it possible for small businesses that are not yet part of the banking system to open an account and perform more secure and convenient business transactions.


The new system makes mobile phones the main tool for merchants to complete financial transactions with their providers who are Citi corporate clients. Companies using the service in its pilot stage include Philip Morris Dominicana and Frito Lay Dominicana.


“Citi is always looking for ways to maximize its talent, international experience and innovative technology applications to offer solutions to its clients’ needs in all of the markets where it operates, while at the same time contributing to community well being and economic development via greater financial inclusion,” commented Fernando Iraola, Latin America and Mexico Region Head, Citi Transaction Services.


The Citi Mobile Collect solution responds to client needs through the efficient use of technology and familiarity with the specific opportunities that characterize the Caribbean market. Citi has plans to introduce the system in other Latin American countries, as well.


In the Dominican Republic, producers distribute consumer products directly to retail establishments. Many of the country’s approximately 80,000 neighborhood grocery stores and other small businesses operate on a cash basis only; currently, around 64% pay their providers in cash.
Citi Launches Innovative Mobile Payment Service for Dominican Republic Providers
 
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rubio_higuey

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Feb 7, 2007
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It's for COLMADOS to pay their SUPPLIERS as mentioned in the article, not for customers to pay COLMADOS. Nowhere in the article says otherwise.

I personally DO NOT TRUST paying with mobile phone, or similar device for that matter. In Europe payment cards (even debit) now use chips, I don't trust those either. It's like an ATM PIN code, if hacked and withdrawal is made, you are out of luck, because it's though of PERSONAL security device, so if it was used, it must have been you.

In my country, it was now made law that any payment transaction over 10.000 euro must be made by interbank transfers (checks are not used there) ... but it does not mean that physical money will be abolished anytime soon. And they have had chip cards on VISA etc since I don't know when.

In the DR, I can not even pay Codetel, Orange etc. online because my BANK (Santa Cruz) does not have agreement with them. I can do that in any online banking with even a Rock Springs, North Dakota - based credit union. My father back in my country banks with an ONLINE BANK (means no physical branches) that is a unit of German Reiffeisen Bank. He can pay everything, even garbage disposal, online. And the account, and every service on it, is free of charge.

In my other bank (Leon) I had to call the president's office to have a glitch resolved where my products were not showing up in their new internet banking following their platform change, because of their internal errors when products were crated. I could not transfer among accounts and prepaid cards because they were not showing up. Local branch and IT were going back and forth opening up and closing cases for 2 months... then, once call to the bank President's office before noon, and it was resolved at 4 pm the same day!

Small things like this must be first taken care of before any more substantial move to epayments will be even slightly feasible in the DR.
 
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Castle

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Rubio, you are giving your business to the wrong banks, IMO. Those are smaller, more basic banks. Open an account in Banco Popular or BHD and you will be able to do all those things you mention, free of charge too. Debit cards have chips, too.
 
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rubio_higuey

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I don't like chips, and I don't like Popular. Actually, many business people share my "dislike" of Popular for one simple reason - it takes you forever to do business.

Popular does not have prepaid VISA cards. I can have multiple prepaid VISA cards in Leon to use in multiple PayPal accounts related to different businesses. I can have prepaid cards given to people whom I need to send money. I can even have virtual prepaid VISA card. No other bank offers that. Popular only recently started to offer VISA debit cards and I don;t even know whether they can be used online (CVV code). I have heard good things of BHD. But what "makes it" for me with Santa Cruz (for biz) is that they are very pleasant (and eye candy as well) employees, I get coffee whenever I feel like it, they know me and I don't even have to bring ID (or just a basic Drivers License is OK) when I get money off the account or change checks, etc. Also they are conveniently located close to me.

I DESPISE going to Popular because of long lines. It takes forever to have anything done there, like simple deposit or cash checking, and going to "services area" is even worse.
 
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rubio_higuey

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I will add to the OP post about e-currencies:

PICHARDO, what DR should start doing is enforcing "bad checks" law strictly. It is ridiculous that people pay you here with check on accounts for which they know have no funds, and you have to prefer to make 3-4-5 trips to the bank to cash it, instead of depositing it because you know that if deposited the check will most likely bounce (unless you are lucky and there is money on the account the day it goes for clearing) and you will be hit with return check charge; and if you go to the branch to cash it, on multiple occasions, one day you will be lucky and the account will have funds and you will get your money.
 
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Castle

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rubio_higuey said:
Popular does not have prepaid VISA cards. I can have multiple prepaid VISA cards in Leon to use in multiple PayPal accounts related to different businesses. I can have prepaid cards given to people whom I need to send money. I can even have virtual prepaid VISA card. No other bank offers that. Popular only recently started to offer VISA debit cards and I don;t even know whether they can be used online (CVV code).
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I have a Visa card for my Banco Popular savings account, which I use to buy online (Amazon, Ebay, etc), and even have my Paypal account attached to it. I've had it for at least 3 years now. They call it "Chequera Electronica", but it works as a prepaid credit card for all purposes. I just transfer online (or via Tpago) to my savings whenever I need funds on my "Visa". I even accumluates "miles" on it!. I can't argue with location, as it all depends on where anyone lives.
 
caribmike

caribmike

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"have my Paypal account attached to it"

How you did that? I think Paypal only accepts to be connected to US Bank accounts? If they would accept BPD now that would indeed be very nice... are you sure?
 
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Chip

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I expect the main push behind the fad for ecash is for governments to more effectively levee taxes and for merchants to get their chiripita out of every transaction possible. Fortunately for us here at least it will never replace el chele, gracias a Dios.
 
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Castle

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caribmike said:
"have my Paypal account attached to it"

How you did that? I think Paypal only accepts to be connected to US Bank accounts? If they would accept BPD now that would indeed be very nice... are you sure?
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Haha, of course I'm sure. I only buy online using Paypal. Only in Amazon I use my card number directly. All I did was ask the bank to use my Miami POBOX address as billing address (common practice in DR) and was all set.

But I see now it's a Master Card, not a Visa as I posted before, but it's the same principle...
 
caribmike

caribmike

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I have the same set up with a Master Card*. Amazon I do direct b/c they don't accept PP :)

I understood one can now connect a BPD Savings account to realize transfers from PP to BPD too...

*not issued from a DR Bank though...

Castle said:
Haha, of course I'm sure. I only buy online using Paypal. Only in Amazon I use my card number directly. All I did was ask the bank to use my Miami POBOX address as billing address (common practice in DR) and was all set.

But I see now it's a Master Card, not a Visa as I posted before, but it's the same principle...
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rubio_higuey

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As far as I know you cannot link any Dominican bank account to PayPal. How you link a DR based debit or credit card to PayPal is easy, just open up DOMINICAN paypal (www.paypal.com/do) and attach your card. It's easy. You can attach a >>US<< bank account for withdrawals if you want.
 
caribmike

caribmike

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Yep, that is what I falsely understood, that BPD account might be accepted now by PP since they do not accept DR bank accounts.

rubio_higuey said:
As far as I know you cannot link any Dominican bank account to PayPal. How you link a DR based debit or credit card to PayPal is easy, just open up DOMINICAN paypal (www.paypal.com/do) and attach your card. It's easy. You can attach a >>US<< bank account for withdrawals if you want.
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