Alternatives to avoid going to the bank in times of pandemic

Santo Domingo, DR

Due to COVID-19, the banking sector has had to revolutionize and has gone on to reinforce “digital banking.” The pandemic and the mandatory social distancing brought the closure of non-priority services. Therefore the need to do the “errands” has led human beings to leave their comfort zone and immerse themselves in the digital age.

Many factors indicate that digital will become part of everyday life. Years ago, to make payments, make deposits, withdraw money or check your balance was a headache. Still, these operations that were carried out traditionally (going to banks) began to be replaced by automatic machines and applications on smartphones and computers, simplifying the process and reducing costs and travel times.

These are some of the positive aspects that this health crisis has brought us, a situation that has put the current banking system to the test and has forced its rapid digitization.

The Dominican financial system has promoted the use of electronic banking, which is a mechanism to provide greater health security, such as the possibility of avoiding the coronavirus and a new reality in the financial business.

Here are three alternatives to avoid going to the bank and buying without risks in times of covid:

Internet Banking

Internet banking is a service provided by a bank or financial institution, which allows its clients to carry out a series of financial transactions. It is usually available 24 hours a day.

With this tool, you can check your balance, make payments and transfers, pay taxes and services, request cash advances, and countless operations.

In mid-2020, the Central Bank of the Dominican Republic determined that 4,829,612 users choose this tool from the country’s different financial intermediation entities.

ATMs

ATMs are machines with which you can withdraw and deposit money, receive remittances, and even make mobile top-ups without the need for long lines. These ATMs work using a card and a personal password that identifies the user. They have a security mechanism that allows only those who have the card to operate.

Currently, the country has 3,266 ATMs nationwide.

Contactless payment

A contactless payment system is a system that allows you to pay using radio frequency identification technology embedded in a credit or debit card, key fob, smart card, mobile phone (mobile payment), or other devices.

According to Visa studies, consumers in Latin America and the Caribbean, where cash is the dominant form of payment, prioritize health, hygiene, and safety during the pandemic. Thus the implementation of electronic commerce and payments without contact is speeding up.