The Dominican Association of Banks (ABA) says that Dominicans are increasingly relying on bank cards for their daily purchases. A recent analysis by the Association of Multiple Banks of the Dominican Republic (ABA) highlights that in 2024, nearly 88% of all card transactions were made at service establishments, supermarkets, and retail stores.
The data, derived from the Central Bank’s Payment System, revealed a surge in card usage. Over 477.5 million transactions were carried out using 11 million cards issued by various banks.
As of the end of 2024, 11,066,312 cards were in circulation, representing 86% of the total in the Dominican financial system. These cards included debit cards (59.9%), credit cards (32.1%), government subsidy cards (7.6%) and prepaid cards (0.4%).
The total value of these transactions reached a staggering RD$1.19 trillion, highlighting the significant role credit cards play in the Dominican economy. The breakdown of spending by sector is as follows:
• Services: 45.7%
• Supermarkets: 23.3%
• Retail stores: 19.1%
• Fuel: 7.6%
• Airlines, wholesalers, and others: 4.3%
ABA explains that in recent years, there has been a significant push towards contactless card payments. By 2024, 90% of all active cards in the Dominican Republic were equipped with contactless technology. This modernization, spearheaded by the Central Bank, is aimed at streamlining payments and enhancing security.
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ABA
23 January 2025