SANTO DOMINGO.-Financial users in the country prefer debit cards for local online purchases and credit cards for international transactions, highlighted the Association of Multiple Banks of the Dominican Republic (ABA), when releasing data on the value, volume and behavior in the use of these financial instruments.
The ABA reported that 52.7% of online transactions with local businesses were made with debit cards; while 47.2% were made with credit cards and the remaining 0.05% with prepaid cards, during the period between October 2023 and October 2024. As for international transactions, the most used were credit cards, with 59.5%; 40.3% were debit cards and the remaining 0.2% were prepaid cards.
The Association of Banks revealed that, during this period, online transactions using bank cards, for both local and international purchases, totaled RD$192.725 billion. This figure represents an increase of RD$35.4 billion in absolute terms and a relative increase of 22.5%, according to statistics published by the Central Bank, the Association stated in a press release.
He detailed that, locally, the value of these transactions increased by RD$21.1 billion, reaching RD$84.6 billion; while international transactions registered an additional RD$14.1 billion, for a total of RD$108.1 billion.
Regarding the volume of card-not-present transactions, it involved 104.6 million local and international online transactions as of October 2024, an increase of 24.6 million, equivalent to 30.7%, the ABA noted.
"This behavior was influenced, especially, by local transactions, which totaled 67 million, almost double the amount compared to the previous period. In contrast, the number of international transactions showed a slight decrease of 3.7 million, reaching 37.6 million in October 2024," he explained.
Advantages of using bank cards online
The Banking Association stated that making online purchases with card-not-present offers convenience to the customer, as purchases can be made from anywhere and at any time, without needing the physical card. Transactions are also quick and efficient, simplifying the purchasing process.
The ABA also cited the security offered by bank cards as an advantage, noting that many platforms utilize advanced security measures and customer authentication factors. Another benefit highlighted was the exclusive online shopping deals and benefits offered by businesses and banks to cardholders.
The banking sector highlighted the robust evolution of the Dominican Republic's payment system, which has allowed banking entities to implement innovations to make transactions carried out with cards issued by the multiple banks operating in the country more efficient and secure.
In that context, the ABA encouraged users to use their cards responsibly and prudently, both present and non-present, urging them to be aware of the risks they may be exposed to when making transactions, to safeguard their passwords, and to take the necessary preventative measures to avoid any type of fraud.
