The Central Bank of Cuba (BCC) has published a series of answers to the most frequently asked questions about the banking program that has already entered into force on the island.
According to the information they offer on their official website, the idea is that all the payments for services, productsand other commercial and financial operations, “through the use of payment instruments and electronic channels preferably, instead of using cash.”
Among the non-cash payment instruments authorized by the BCC to carry out transactions, they refer to checks, bills of exchange, promissory notes, payment cards, transfers, collection orders and local letters of credit.
Likewise, as electronic payment channels in Cuba they mention:
- Point of sale (TPV) terminals, better known by POS for its acronym in English
- ATMs
- Transfermóvil payment gateway provided by ETECSA, which includes the mobile wallet
- Enzona payment gateway provided by XETID and REDSA
- Telephone Banking offered by banks
- Remote Banking: Virtual BANDEC, Metro online, BPA Remote Banking
With the banking program, the BCC ensures that “cash does not disappear”, but that “it is a gradual process where the objective is to minimize its use”.
In this sense, they allege that the measures adopted are aimed at encouraging the use of electronic payment instruments and channels.
What will happen to Cubans who do not have cell phones with the capacity required by the applications?
He Banco Central refers that this is a “gradual, gradual process, in correspondence with the economic and technological conditions that are created in each locality.”
“The cash will continue to be used, the actions are aimed at minimizing the use where the conditions are created. You can also use the payment card to carry out operations where there is a POS service”, they need.
Are natural persons affected by this measure? The standard is addressed to the actors of the economy, among which are:
- state companies
- higher organizations of Business Management (OSDE)
- budgeted units; non-agricultural cooperatives
- agricultural cooperatives
- micro, small, medium-sized enterprises (MIPYMES)
- foreign investment modalities
- the associative forms created under the Law of Associations;
- local development projects (LDPs)
- agricultural producers
- individual farmers
- commercial fishermen
- self-employed workers (TCP);
- artists and creators
At this point, the BCC clarifies that the limit of 5,000 pesos is established per cash operation for collections and payments between economic actors mentioned above. It is not for natural persons.
