Embracing A Cashless Future Is Getting Easier

Cash is unquestionably king, but it's reign is drawing to a close.

The cashless trend has been picking up significant momentum in recent years as key market players like Paypal, Apple, GooglePay, Amazon and Alibaba allow for their customers to pay for goods and services online by using their integrated systems.

According to a June 4th article in businesswire.com, the transaction value for the Global Digital Payments Market was USD5.44 trillion in 2020, and it is projected to be worth USD11.29 trillion by 2026, registering a CAGR of 11.21% during the period of 2021-2026.

Because of the global nature of COVID-19 and its impact on e-commerce, it is likely that strengthened international cooperation and the further development of policies for online purchases and supply will be encouraged. The pandemic has demonstrated that e-commerce can be an important solution, especially given that e-commerce sales can support small and medium-sized businesses, which are the backbone of our economies. This is expected to significantly accelerate the growth of digital payment methods across the region.

In Trinidad and Tobago, we saw an uptake in consumers preferring to utilize e-commerce and shop from home whenever possible as the exchange of cash requires close contact, and a trip to the store meant potentially increasing the risk of contracting COVID-19.

Electronic payment systems have one primary goal: to increase efficiency, improve security, and make transactions faster and easier for customers. Overall, it's easy to use, and packs an incredible amount of power depending on the device or mobile application you’re using.

For most platforms, all you need is a credit or debit card to access the features, which often includes Electronic funds transfer (EFT), Electronic money and Electronic wallets all in the palm of your hand.

In March of this year, Republic launched Endcash - a new digital payment and social hub that transforms your smartphone into a highly-secure money management solution – without issue and great success.

With most financial technology, the Caribbean is usually late to adopt them. Republic Bank and other like minded banks are optimistic about changing the electronic payments landscape in Trinidad and Tobago. But before we can get there, a level of trust needs to be established.

Understandably, there were some teething issues when Republic launched its new and improved online banking platform on July 5th, which challenged the trust of our customers. We’ve discovered that technology presents challenges that put anyone's abilities to the test which we are learning from and making the needful changes.

Over the years there have been some negative stories in the media about some of the alternative payment models and lack of resolution avenues for customers.

That’s one huge advantage banks offer: customer service.

When there’s a problem, customers expect their bank to help them, and at Republic, customer service is at the forefront; always.