does anyone have any info on which bank ATMs accept the new cards with embedded chips?
my local Banco Progresso does not.
my local Banco Progresso does not.
- Thread starter rubio_higuey
- Start date
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Pichardo's cashless DR
Even kids will be able to use this, as their school ID is their SS# (Cedula #), a kid below certain school age will not be able to carry out financial trades until it's deemed fit for it.
As I said before, all transfers will be taxed. Those done on merchant to merchant accounts (including importers) will see their accounts added a VAT where appropriate.
Transfer by parents to their direct kids are exempt of taxes, unless a certain amount is surpassed or age restrictions apply.
A sibling to sibling cash transfer is to be deemed as a personal loan and therefore taxed, which will create an enforceable loan contract on transfer acceptance.
This will be a tax revenue windfall for the DR. Tax evasion will be impossible.
Tourists and other non-residents, will be provided a temp ID # (Cedula #) which expires on midnight of the last day on their legal stay term. This temp and discardable card will be only good for limited uses outside their AI and hotels. AI and hotels will continue to accept Card Payments from tourists to their own accounts, limited to in-house billing of services and goods.
Like I detailed in another thread, the DR is coming up with our own card. Just like Visa, MC and others.
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Wow Pix-- that is some fancy footwork. That tax on the sibling to sibling transfer is an especially nice touch.
Ditto the tourists being issued their own cards which will expire upon their last legal day.
Guess the DR does not want the dollars or euros any more??
When are the banks going to close the dollar accounts?
As I said before, all transfers will be taxed. Those done on merchant to merchant accounts (including importers) will see their accounts added a VAT where appropriate.
Transfer by parents to their direct kids are exempt of taxes, unless a certain amount is surpassed or age restrictions apply.
A sibling to sibling cash transfer is to be deemed as a personal loan and therefore taxed, which will create an enforceable loan contract on transfer acceptance.
This will be a tax revenue windfall for the DR. Tax evasion will be impossible.
Tourists and other non-residents, will be provided a temp ID # (Cedula #) which expires on midnight of the last day on their legal stay term. This temp and discardable card will be only good for limited uses outside their AI and hotels. AI and hotels will continue to accept Card Payments from tourists to their own accounts, limited to in-house billing of services and goods.
Like I detailed in another thread, the DR is coming up with our own card. Just like Visa, MC and others.
-----
Wow Pix-- that is some fancy footwork. That tax on the sibling to sibling transfer is an especially nice touch.
Ditto the tourists being issued their own cards which will expire upon their last legal day.
Guess the DR does not want the dollars or euros any more??
When are the banks going to close the dollar accounts?
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.
And the merchant pays a fee for the card swipe and half the population gets hip deep paying more than 20% APR on their cards.
In numerous places in Africa, they're using cellphones instead of cash. Kenya can do it, but the DR can't?
Africa - Kenya: Mobile payments go viral
And what US company will take Dominican e-currency for a shipment of concrete? They need DOLLARS. Or will the people in power just exchange drug money from abroad into e-pesos for a commission. Will all people caught with dollars or euros be arrested? Time to sell my land so I do not get stuck with 4 million e-pesos that I will need to transfer over to dollar at an insanely deflated exchange rate. This is so ripe for corruption.
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.
Using cc here all the time, replaced two in 5 years.
I realize the infrastructure here (US) is different but this has been going on for a while here.
Though not entirely cashless, some companies only pay their employees by mandatory
purchase of a debit card or a Comcheck.
This is not going to happen in DR anytime soon.
Though not entirely cashless, some companies only pay their employees by mandatory
purchase of a debit card or a Comcheck.
This is not going to happen in DR anytime soon.
You also need a phone line or internet access...a hard to find item in the Campo.
Right, the campo will NEVER have internet so forget about starting it in the cities. Twenty years ago ppl were prob saying cell phones would NEVER happen in the DR. Tech is getting cheaper all the time. The $100 tablet I'm using right now will be $30 in five years, or something ten times more powerful. I can get add ons now to make it the core of a POS system forthe price of a decent cash register complete with a bar code scanner and inventory control system. It can all run off of a DC USB port that can run for a month on a car battery.
[video=youtube;DQ0uqXJy6NE]https://www.youtube.com/watch?v=DQ0uqXJy6NE[/video]
I used a touch screen POS system a couple years ago at a college. Over 95% of our sales were with a college issued debit card and when someone used cash it slowed the line down. You know how people roll their eyes when someone wants to pay by check now? That's what they'll do when you want to pay with cash. Forget cards, even. Wave your phone or key fob over a RFD reader and you're good.
[video=youtube;I5OylCzEy5g]https://www.youtube.com/watch?v=I5OylCzEy5g[/video]
Applebees just started using tablets for wireless POS ordering at the tables. This is going to be a HUGE game changer for the restaurant business.
[video=youtube;I5OylCzEy5g]https://www.youtube.com/watch?v=I5OylCzEy5g[/video]
Applebees just started using tablets for wireless POS ordering at the tables. This is going to be a HUGE game changer for the restaurant business.
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Even the chicas can go cash free for under 3%..
[video=youtube;v6sKb3CFSKw]https://www.youtube.com/watch?v=v6sKb3CFSKw[/video]
[video=youtube;v6sKb3CFSKw]https://www.youtube.com/watch?v=v6sKb3CFSKw[/video]
Another element might be withdrawing 2000 and 1000 Peso notes from circulation. This doesn't require making every minor transaction like motoconchos or street vendors to be cashless. Most small vendors can't make change for those bills anyway. OTOH there are enough US dollars floating around that transactions that prefer cash might shift out of DOP as they started to 10 years ago when the peso was rapidly falling.
And the merchant pays a fee for the card swipe and half the population gets hip deep paying more than 20% APR on their cards.
In numerous places in Africa, they're using cellphones instead of cash. Kenya can do it, but the DR can't?
Africa - Kenya: Mobile payments go viral
This would seem more practical if it was centered on an MPESA style cell phone payment system. Everybody already has what's needed, a cell phone with messaging. Haiti has been trying to implement it. The Gates foundation threw $10 M in to promote it. It hasn't caught on so far. They initially puffed up the user rate to meet targets and get the awards but they dropped afterwards. The Haitian system with Digicel (the dominant carrier) is Tcho Tcho.
i think you guys need to stop with all the negativity and mocking of pichardo. for example: i'm in DR and i have no cash at the moment. see? cashless DR.
same as being cashless anywhere...if you need "money" to buy something you will run out to get some......do as u have to to get some...atm, bank.
same as being cashless anywhere...if you need "money" to buy something you will run out to get some......do as u have to to get some...atm, bank.
please, chic...pay attention. the entire idea is NOT TO USE CASH.
jeezus, man!