SANTO DOMINGO. - The implementation in the country of Google Pay, and more recently Apple Pay, represents a significant advance in the modernization of financial services, in banking inclusion and in the protection of card users, since these payment services incorporate advanced cybersecurity measures that protect users' personal and financial information, stated the Association of Multiple Banks of the Dominican Republic (ABA) yesterday.
In that regard, the ABA explained that the tokenization technology used by Apple and Google ensures that card data is not stored or transmitted during transactions, thus protecting users' personal and financial information, so both payment options provide an additional layer of security and convenience to financial transactions.
"The adoption of Apple Pay and Google Pay allows banks to offer a more secure and efficient payment experience, reducing the risk of fraud and improving consumer confidence in digital payments with a frictionless experience," the ABA stated.
Similarly, he highlighted that, in the case of Apple Pay, this platform uses biometric authentication, such as Face ID (biometric unlocking through facial detection) and Touch ID (fingerprint recognition system), which ensures that only the device owner can authorize payments.
The entity representing the country's multiple banks added in a press release that, by not storing transaction data that can be linked to users, exposure to potential cyberattacks is reduced and consumers are protected against identity theft and other types of fraud.
Impact on the digital economy and access to banking services
The Banking Association also highlighted the impact of the implementation of Apple Pay and Google Pay on under-banking, that is, people who have one or very few financial products, but do not use them or prefer to pay in cash, limiting the use of the large portfolio of products available in the financial system.
In this regard, the ABA noted that this technology facilitates both physical and digital payments, making transactions smoother and more efficient and eliminating the need for physical processes that, in some cases, were necessary for users to acquire bank cards.
"Enabling Apple Pay and Google Pay services simultaneously is a tool to financially include more Dominicans, as it facilitates the adoption and use of different payment credentials," he said.
Benefits for cardholders
Furthermore, when listing the benefits of these payment systems for cardholders, the ABA highlighted first and foremost the ease of use, since users can make payments quickly and easily with their mobile devices, allowing them to eliminate the need to carry multiple physical cards.
The Banking Association indicated that Apple Pay and Google Pay enjoy widespread acceptance, as they are compatible with a broad range of businesses and services, both nationally and internationally.
In this regard, he highlighted that these technological facilities align with the banking sector's efforts to promote digital transformation, which serves as a channel for multiple initiatives that seek to streamline services, expand banking access, and promote financial inclusion.
He emphasized that the adoption of these technologies in the country is part of the financial system's efforts to provide users with secure and easy-to-use tools, and reiterated the importance of the "Yo Navego Seguro" (I Surf Safely) cybersecurity campaign, which, through the platform www.yonavegoseguro.com.do, offers comprehensive and up-to-date information on how to protect oneself in the digital environment and ensure the security of financial transactions.
