If you have been to a colmado that takes SOLIDARIDAD, the government ATM card, they already have the verifone equipment to process
- Thread starter rubio_higuey
- Start date
Pichardo's cashless DR
If you have been to a colmado that takes SOLIDARIDAD, the government ATM card, they already have the verifone equipment to process
you are aware that there is no way a Dominican will buy a beer not cold enough right? therefore your question about power has that solution, colmados provide themselves with the power to be able to sell frias
Yeah, sometimes when I call my favorite colmado, the guy tells me that the delivery is going to be a little later because he's "Pasando tarjetas", meaning he's swiping cards. They do seem to have "a day" for this.
see? you get it. i live in the future already! DR is the avantgarde of the financial market.
HUGE!
But not to worry. There is no feasible way cash could be eliminated in the DR for the reasons mentioned.
Going more "cashless" is indeed possible and may even be a good idea if people here were not among the most fraudulent.
I will never use my credit cards here since there is far to much fraud.
The idea of giving temporary ID numbers to "those in transit" aka tourists and non-residents is one that made me laugh. As if those people are going to want to link their financial accounts in other countries to that number.
And - All transactions will be taxed. I see:
The DR will have total access to payment methods such as PayPal, Zoom and all other bank transfers world wide.
Instead:
All transactions using DR E-currency will be taxed - that is a statement I could agree with.
The DR will have total access to payment methods such as PayPal, Zoom and all other bank transfers world wide.
Instead:
All transactions using DR E-currency will be taxed - that is a statement I could agree with.
I guess siblings will be sending money to each other via PayPal. Counting them as loans and taxing them is ridiculous.
Going more "cashless" is indeed possible and may even be a good idea if people here were not among the most fraudulent.
In a populated area of a city known as Jarabacoa, there is poor cell phone service where trying to pay by an automated system using any type of network will be a nightmare.
On a beach I frequent on the north coast and purchase fish dinners feet from the water, there is NO cell phone service and no electricity.
Yep, E-Pesos are going to work everywhere in the DR.
On a beach I frequent on the north coast and purchase fish dinners feet from the water, there is NO cell phone service and no electricity.
Yep, E-Pesos are going to work everywhere in the DR.
Last edited:
That was indeed going to be one of my comments to the "taxing all transactions" statement made by PICHARDO, which was just ridiculous.
By the way, PayPaly just bought XOOM.
And I have said before that in countries were e-currency is used, that regular currency is still used as well.
PICHARDO is saying that ALL currency will be replaced in the DR with e-currency. That is a virtual impossibility.
For example in Kenya:
Granular data shows that cash is still king
Our field team interviewed and mapped 3,489 businesses in urban areas and 773 in rural areas, equivalent to one merchant for every 13 households in urban and one merchant for every 10 households in rural areas. We then selected 60 retail merchants to collect detailed data over four days, recording the size, frequency and payment medium of transactions.
We discovered that, despite Kenya’s reputation for being a leader in mobile money, cash is still king. As shown in Chart 1, 99% of all retail transactions we captured were done in cash, with most of the remainder done through informal credit arrangements. In contrast, the Payments Council in the UK reports that 59% of consumer transactions were done in cash and accounted for less than one third of transaction values. However, this does not mean that electronic payment is not available from some merchants. Our census data indicated that 18% of retail merchants accept mobile money, while about half will provide short term credit for goods.
Is M-PESA Replacing Cash in Kenya? | CGAP
Taxes are important to a government...the dream of a government is to control the entire flow of all moneys in it's economy.
I have had 5 Canadian Debit cards cancelled because of skimming over the last 2 years. Nothing can happen until they solve the issue of security.
I have had 5 Canadian Debit cards cancelled because of skimming over the last 2 years. Nothing can happen until they solve the issue of security.
When I was in Japan 25 years ago, most stores had loyalty debit cards you could buy like the phone minute cards. You got anywhere from a 3%-8% discount depending on the store and the amount of the debit card. So you got a deal for effectively lending the store money and guaranteeing sales, so it's win-win. It was a good way to budget your money. Ppl still used cash here and there but you could easily go a week without needing cash. Even vending machines took the cards, which are everywhere there.
All this talk of a cashless country, society or world in general is a joke. These banks have so much computer and credit fraud to deal with they are simply over whelmed. The amount of identify theft alone with computer hacking would make it almost impossible to have a secure cashless system. Not going to happen.
I used to go weeks in the US without cash. It was called using a credit card. Never had a problem. Here, try using your credit cards and tell me how many you need to replace each year. It is simply not feasible here in the DR. As far as I have been able to determine, there is no country that uses only electronic payments. The DR will not be the first to do so.