2023-06-21 08:27:18
The Dominican financial system continues to modernize its services and products, with technologies that strengthen the transactional security. According to statistics from Banco Central of the Dominican Republic (BCRD), the use of contactless credit cards it increased by 60% in 2022, going from 1,109,315 active cards in 2021 to 1,780,749 the following year.
The interesting thing about this variation is that, with barely three years of data collection, the high penetration of new technologies applied to financial plastic can be seen, replacing the incorporation of magnetic stripes with cards with integrated chips, adapted for the use of innovation contactlessthat is to say, no contact.
He contactless is a technology used by technology companies in the financial system to allow users to make payments by simply bringing their card or smart device close to a terminal, all without having to use the magnetic stripe reader or the chip reader that remain in the some plastics until its renovation.
Bliss innovation has revolutionized the payment methods. Its highest weighting period was exhibited during the COVID-19 pandemic, which imposed a physical distancing rule for health security.
He Banco Central began collecting information on the use of contactless cards since 2021. For that year, the number of active cards that were used with traditional physical readers, sliding or being inserted into electronic devices, was 1,374,357 and for the following year decreased by 27%, to 997,394.
The detailed information on the use of plastic in the monthly reports of the BCRD reflects the same behavior in the line of credit cards. additional credit, better known as duplicates. The figures went from 114,576 in 2021 to 90,706 in 2022.
In 2023 the number of updated cards exceeds the previous year
For this 2023, the total of Credit cards without contact stood at 1,977,930, a 11 % more than what was registered during the twelve months of 2022, when the number reached 1,780,749.
While the variation between the cards with contact and without contact During the first quarter of this year, it is evidenced by a gap of 973,037, with contactless active plastics being the ones with the highest proportion, with 1,977,930 current accounts.
According to the statistics of the Banco Centralhe government has remained lagging in the application of innovations that contribute to reducing fraudulent actions with the cards it issues for the distribution of social assistance.
The government issued at the end of April of this 2023 some 1,774,648 cards, all with traditional technology of magnetic stripe and chip of reader.
approved limit amounts
Financial intermediation entities have reported a total of 3,167,899 credit cards So far in 2023, multiple banks remain as the ones with the highest channeling of direct credit.
By disaggregating the data of the monetary organ by approved line of credit, it is observed that the largest number of cards approved has been for amounts less than 10,000 pesos, with a proportion of 22.2%. While those from 25,000 pesos to 50,000 rank second in the BCRD data.
In the next graphic variation in the amount of Credit cards according to its approved limit during 2023.
Dominican journalist specializing in economics and finance, graduated from the Dominican O&M University.
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