During the period, 477.5 million transactions were recorded.
SANTO DOMINGO – The services sector accounted for 45.7% of the value of credit card spending last year, equivalent to RD$465,928 million. Within this sector, bars, hotels, and restaurants stand out, accounting for RD$151,036 million during the period, according to statistics from the Central Bank's Payment System analyzed by the ABA's Technical Directorate.
Service establishments, supermarkets and retail stores accounted for nearly 88% of total consumption last year through 11 million cards of different types issued by banking entities operating in the country, the Dominican Republic Multiple Banking Association (ABA) reported yesterday.
During 2024, users of bank cards (debit, credit, government subsidy and prepaid) spent a total of RD$1 trillion 19,844 million in different businesses, which constitutes an indication of the relevant role of these financial instruments in the country's economic dynamics, the ABA stated.
In a press release, it indicated that 23.3% of the value paid by users corresponds to transactions in supermarkets (RD$237,480 million); 19.1% to consumption in retail stores (RD$195,335 million); 7.6% was allocated to fuel (RD$77,489 million); and the remainder, composed of airlines, wholesalers and other companies, constituted 4.3%, equivalent to RD$37,000 million.
Regarding the number of transactions, the ABA reported that 477.5 million transactions were recorded last year, almost half of them in the services sector, which accounted for 236.2 million, or 49.5%. This was followed by supermarkets at 24.5%; retail stores at 13.6%; fuel purchases at 10.7%; and the remaining 1.4% consisted of transactions with airlines, membership organizations, wholesalers, and other businesses.
Number and types of bank cards existing in the country
The ABA maintained that the sector plays a fundamental role in the Dominican Republic's payments ecosystem, noting that 11,066,312 cards issued by multiple banks were added at the end of 2024, representing 86% of the total financial system.
He specified that, of this amount, 59.9% are debit cards; 32.1% are credit cards; 7.6% are government subsidized cards and 0.4% are prepaid cards.
He added that between 2020 and 2024, 1,397,031 new debit cards were issued, representing a 26.7% increase, for a total of 6.6 million. Meanwhile, during the same period, 1,341,746 new credit cards were issued, totaling 3.5 million, which represented a 60.8% increase, according to Central Bank statistics.
"Evidence of the modernization of the Payment System, led by the Central Bank, is that during the aforementioned period, 90% of all active cards were made to operate in contactless mode, which represents greater security and speed when making transactions," the ABA stated.
The ABA concluded that multiple banks, as card issuers, contribute significantly to the revitalization of the economy and their impact encompasses various aspects ranging from increased consumption to contributions to the modernization of the financial system.
He explained that the use of these instruments allows consumers to access goods and services, boosting spending in relevant sectors such as commerce, tourism, technology, and entertainment.
Bank cards have great potential to boost the inclusion of people with limited access to the formal economy and tax compliance, the ABA said.
"An example of this is that a regulation to facilitate tax payments, agreed upon with the financial sector, is already in the final approval phase at the General Directorate of Internal Taxes, which will allow individuals and SMEs to formalize their businesses and comply with tax obligations," he concluded.
