Posted On 29 Jun 2017
On Monday, June 26, representatives of private banks and the economic front held a meeting where they discussed possible agreements between the public and private sector for the management of electronic money.
The expectation is centered on the possibility that the administration of the system passes from the Central Bank to private hands, as requested by banks.
For the banks, a sign that could contribute to strengthening dollarization is to review the scheme of electronic money.
The electronic money platform is a means of payment administered by the State to make payments and transfers in pharmacies, supermarkets, and stores through cell phones. The system was launched in December 2014 but did not have the expected success during its first year of operation.
To encourage its use, the Government introduced incentives such as the reduction of two points to VAT. A percentage point of this tax is also returned in electronic money if debit or credit cards are used. (I)