In this regard, the BCC explains the banking system operations aim at providing the whole society access to payments, savings and credit, but for doing so the first step is to have a bank account, although it is not enough.
Major idea is to make all payments for services, products, and other commercial and financial transactions, preferably by using payment instruments and e-channels, instead of using cash (banknotes and coins circulated by BCC).
The Bank details that non-cash payment instruments may be: checks, exchange bills, promissory notes, payment cards, transfers, collection orders, local letters of credit.
Cuba currently has the following e-payment channels: point-of-sale terminals (POS), ATMs, Transfermovil and Enzona payment apps, as well as phone banking.
Another question that may arise during such a process is what coordinate or matrix cards are since they are a tool that can be used to make payments in a variety of ways.
It contains a matrix or series of letters and numbers, arranged in rows and columns, whose combination generates a two-digit number.
The access to such a card can be obtained at the bank branch where the magnetic card is requested. After you have it, you can authenticate yourself in the different e-payment channels, the BCC points out.
Regarding the QR code, the entity argues that it is a quick response code, which stores coded information, and when scanned from mobile phones and devices, it allows financial transactions to be carried out securely, automatically and quickly.
Another concern is whether cash payment will disappear in the purchase and sale of goods and services, to which the BCC stresses that it will continue but in a less level and it will be a gradual process.
Regarding Resolution 111/2023, it is aimed at the following economic actors: state-owned companies, Superior Business Management Organizations (OSDE), budgeted units; non-agricultural and agricultural cooperatives; micro, small and medium-sized companies (MyPIMES).
The limit of 5,000 Cuban pesos of Article 4 of Resolution 111/2023, is set per cash transaction for collections and payments between economic actors, which are subject to this Resolution.
Cash withdrawals from ATMs may only be made by individuals who have magnetic cards associated with the ATMs.
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