The Central Bank of Dominican Republic issued a statement informing that there was an increase in the use of payments by electronic means this year, compared to previous years. It also indicated that from November 24 to 27 a greater volume of electronic tractions occurred due to the Black Friday.
Transactions with cards were registered for an amount of RD$9,488.9 million, for an increase of RD$1,084.7 million, 12.9% compared to the year 2021 and of RD$2,491.5 million, equivalent to an increase of 35.6% compared to the year 2019.
According to the statement: “it is indicative of the increase in consumption and commercial activity, as well as the recovery of jobs in the economy, as a result of the measures ordered by the Central Bank and the Dominican Government.”
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Internet banking users, in 2014 totaled 1.4 million and in September 2022 they reach 5.9 million users, in a country of 11 million inhabitants, which shows the strong inclination for the use of digital channels.
This report highlighted that in the period from January to October 2022, there was a 47.3% increase in the volume of BCRD instant tractions performed, compared to 2021 and 338.9% compared to 2019 (pre-pandemic year).
The Central Bank and the Monetary Board, for more than a decade, have been promoting a series of initiatives aimed at promoting and strengthening payment systems, such as: the implementation of a Real Time Gross Settlement System (LBTR), the start-up of an instant payment service for bank customers, as well as the approval and constant updating of the Payment Systems Regulations and their regulations.
These initiatives have been complemented by the approval of the Cyber Security Regulation and Information and the start-up of a Cyber Security and Information Incident Response Center for the Financial and Payment System (SPRICS).