It has begun, Pichardo was right once more!

Feb 7, 2007
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Nah Virtual Wallet? Even PayPal has one ... and there are zillions more. NFC payments is as breakthrough thing as mangu con salami.

Now, when Claro enables wifi calling, then we are talking ...
 

caribmike

Gold
Jul 9, 2009
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"Nah Virtual Wallet? Even PayPal has one ... and there are zillions more. NFC payments is as breakthrough thing as mangu con salami."

Come on, :D For the DR this is a huge step. We are talking about a Dominican Bank doing it in the DR. I doubt the one from PP is of any use here.
 

bigbird

Gold
May 1, 2005
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Come on, :D For the DR this is a huge step. We are talking about a Dominican Bank doing it in the DR. I doubt the one from PP is of any use here.
exactly, la rep dom moving straight ahead ................. go DR or go RD
 

JasonD

Bronze
Feb 10, 2018
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Exactly the kind of non-sense contradiction this country is best at, "virtual wallet" capability but the core of the populace could barely afford a platano for lunch.

Where are the priorities?

This will eventually be pushed as "progress" by the same morons which chant economic developments.
 

caribmike

Gold
Jul 9, 2009
6,681
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I use tpago on my iphone. Looking forward to use this after my soon to come switch to Samsung S9... :)
 

william webster

Platinum
Jan 16, 2009
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jasonD
to put it in perspective..
right - many have no credit card, $$ , etc.
the banks make nothing from them.

The bank customers are more sophisticated & know what is possible.... and want it

Banks serve their customers to make the money

Does that explain it ?

Do not cater to a non customer...
Yes - the banks' business will improve with this

RD banks have good online platforms.... I say
 

NALs

Polls Forum Moderator
Jan 20, 2003
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In 2014 there were more than 6 million debit and credit cards in the DR. Perhaps now there's a million or two more cards.

The country has roughly 10 million people, including children, illegals, and those in prisons (assuming its almost impossible for these three groups to get a card of any kind). Not bad.
 

JasonD

Bronze
Feb 10, 2018
990
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jasonD
to put it in perspective..
right - many have no credit card, $$ , etc.
the banks make nothing from them.

The bank customers are more sophisticated & know what is possible.... and want it

Banks serve their customers to make the money

Does that explain it ?

Do not cater to a non customer...
Yes - the banks' business will improve with this

RD banks have good online platforms.... I say
No Sir, it doesn't work that way.

See, banks don't make their money off of people like you and I, we are informed customers and are the few in the DR that knows and would use this platforms with no margins for the bank.

In the other corner is Juan and Pedro the motoconchos dude's, they make the essence of the type of clients bannks in the DR make ton's of monies from and furthermore, these types of clients wouln't stop to even take a look at this "advantages" of technology at their fingertips because they use two things:

-
Cash

- Debit Cards

The cash for daily living and the Debit Card to give to he "prestamistas" until the next payday as a secure means for the next loan.

Now that is the "real" platform in the DR and I say so!

ps: I got portion of all of that after going back and reading a few books in macroeconomy as per previous suggestion for someone around here....... :)
 

JasonD

Bronze
Feb 10, 2018
990
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In 2014 there were more than 6 million debit and credit cards in the DR. Perhaps now there's a million or two more cards.

The country has roughly 10 million people, including children, illegals, and those in prisons (assuming its almost impossible for these three groups to get a card of any kind). Not bad.
I must just wait and see what would you come up with next, am assuming that this is progress?
 

Celt202

Gold
May 22, 2004
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There has been progress in many banks. When you're in the ATM conga line and the guy in front of you is shoving in one debit card after another all you have to do is raise an eyebrow to the indoor wachi.

He'll come over and all you say is "prestamista".

He then informs him of the limit which is two or three cards. They comply.

Many prestamistas (loan sharks) have been trained and can be made to step aside with a cleared throat.
 

CristoRey

Silver
Apr 1, 2014
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There has been progress in many banks. When you're in the ATM conga line and the guy in front of you is shoving in one debit card after another all you have to do is raise an eyebrow to the indoor wachi.
These guys are like rats.
Always see them lined up at the atms on Del Sol.
Just telling them to move usually does the trick.
 

william webster

Platinum
Jan 16, 2009
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You have a differing view.

I come from Canada where banks have met the '50% Fee Income' rule since the 1980's - US stills dreams about it
They don't do that by charging low to empty accounts.
Those accounts get closed.... too costly to maintain with no income from them.
 

william webster

Platinum
Jan 16, 2009
23,797
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These guys are like rats.
Always see them lined up at the atms on Del Sol.
Just telling them to move usually does the trick.
THey usually walk away empty handed....no dough , Joe (Jose)

The status of having a card is important - whether the account is funded.... that's another matter
 

Russell

Well-known member
Jun 17, 2017
772
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Call me old fashioned if you will; but I have the ''heebiejebies'' with the virtual wallet.
Just another venue for scanners and hackers.
Just not enough ''virtual Security'' out there.
I agree with Jason.... looks like a Payday loan which the average folk will never come out from under.

I am not one of the poor folk; but I have taken years to use a 'Debit Card' ... and my Credit Card is the lowest possible maximum with the TD Bank (Max. $4000.oo).
I have been hacked to the tune of $10,000.oo through the secure Banking system at Scotia Bank, and $3000.oo through what eventually became TD Bank.
There is no technology developed that Hackers and On Line Criminals cannot eventually hack and subsequently relieve you of your hard earned money.
Like I have always said; ''thats my opinion anyway''.
Russell
 

windeguy

Platinum
Jul 10, 2004
32,510
988
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I do not use credit cards in the DR and have never owned a smart phone. Perhaps one day I may be forced into using both. Hopefully not.

While living in the DR, I have been a victim if identity theft twice back in the USA. Once for $29,000 in Queens, NY and another time for about $10,000. I never had to pay anything on either hack job except for the damage it did to my absolutely stellar credit reports. It took those reports years to recover.

We had a DR credit card with BanReservas hacked and used in Santiago for over $1,000 US in value while we were visiting the US. There was no way to get the money back from BanReservas. So no more DR credit card use.

Up until now, I have avoided getting my own smart phone. I have never owned a smart phone.

Check your balances every day, and twice a day if you use such methods for payment in the DR as are described in this thread. I await the many threads which will be spawned here on DR 1 about fraud using this type of payment system.
 
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suavena

New member
Jan 27, 2009
132
0
0
Exactly the kind of non-sense contradiction this country is best at, "virtual wallet" capability but the core of the populace could barely afford a platano for lunch.

Where are the priorities?

This will eventually be pushed as "progress" by the same morons which chant economic developments.
Could barely afford a platano yet able to feed over 5 Million Haitians national (despite our complex history) and around 500,000 Venezuelan giving them free healthcare and education for their offspring. That is really a testament to the great noble God fearing people of Quiskeya. While growing up in Quiskeya, every household's mantra was that nobody is deny of food or a glass of water. Very understandable you give a Haitian national a hand and they will brake your arm and then cry to anybody that will listen to them for the body. With all the corruption going on, Quiskeya la bella is the #9 largest economy in Latin America and by far numero uno in Central American and the Caribbean. This country had come a long way from bankruptcy right after the civil war of 1965.
 

JDJones

Gold
Jan 7, 2016
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7 million now, apparently:
http://elcaribe.com.do/2018/01/11/en-rd-hay-7-millones-tarjetas-bancarias/
still, you have to keep in mind that many people have multiple cards.
Exactly. None of these banking perks are really meant to service the poorer of the poor. It's aimed at lower middle class and up.

I'd love to see the stats on TPAGO and on line payments. I bet it's a lot more than most folks imagine.

As far as prestamistas are concerned, they hold a persons ATM card as long as the person has a loan with them. People get paid every 7 or 15 days, and the prestamistas show up at the ATMs on payday.

Don't go to an ATM on a payday, no prestamistas.

The accounts are usually funded... until the person loses their job or quits. That's why prestamistas charge so much.