Is T&T Ready To Be Cashless?

[abducted]

Is the country ready to become a cashless society? One of the burning questions put to the Ministry of Finance as the Joint Select Committee on FinTech met on Friday.

As they considered the global move to e-payments and automated financial services and processes, Member Saddam Hosein asked, how prepared the Ministry is to move Trinidad and Tobago, to the point where cash is not needed.



https://www.ttt.live/is-tt-ready-to-be-cashless/

[RedVEVO]

WHO uses cash nowadays ?

It's debit and credit cards - wire transfers and Pay Pal.

Everyone in T&T (ALL) live on loans.

[timelapse]

WHO uses cash nowadays ?

It's debit and credit cards - wire transfers and Pay Pal.

Everyone in T&T (ALL) live on loans.

Sad,but true.TBH, its mostly older Muslims I know that still don't subscribe to loans and credit cards on religious grounds.

[stev]

CBTT cant even enforce EMV cards properly....u think they can regulate the WiPay, UPay, ThemPay, C**tPay, ThatPay....BS?

so No, TnT miles behind...

[matr1x]

You should always have cash on you

[timelapse]

CBTT cant even enforce EMV cards properly....u think they can regulate the WiPay, UPay, ThemPay, C**tPay, ThatPay....BS?

so No, TnT miles behind...

They still using C**tPay by Richgold?

[zoom rader]

Cash is king

Only idiots uses cards especially credit cards.

When u use a card it has a physiological effect on you to spend more and what's not yours .

[FuadAdnan]

Everyone in T&T (ALL) live on loans.

lol not everybody like you.

[timelapse]

Cash is king

Only idiots uses cards especially credit cards.

When u use a card it has a physiological effect on you to spend more and what's not yours .

Correct.

[Redman]

What's laughable is that cbtt would say they were prepared when clico failed.

Trinidad is ready because there is demand for the service.

Cbtt needs to get it's regulatory game up and running, and let the market lead the way.

[DMan7]

I think the better question would be is T&T ready for anything progressive?

[Bad Dog]

This is the best move to reduce the daily crimes/robberies.

[VexXx Dogg]

We are not.
The infrastructure is poor, internet penetration is spotty outside heavily populated areas and cold hard cash is good to keep on hand.
Not just for everyday use, but for emergencies (national, disaster related or otherwise)

Doh take chain about digital currencies or relying solely on card transactions.

[gastly369]

How would a idea and store like this do in Trinidad?

[SuperiorMan]

People would jump over, take what they want and jump back out.

[j.o.e]

If I could use card 100% of the time I would. Keep an emergency stash at home and a few 100 vex money. Coconut vendor, doubles man, everybody could go cashless as far as I concerned.

[hustla_ambition101]

We are not.
The infrastructure is poor, internet penetration is spotty outside heavily populated areas and cold hard cash is good to keep on hand.
Not just for everyday use, but for emergencies (national, disaster related or otherwise)

Doh take chain about digital currencies or relying solely on card transactions.

THIS!!

Failure with online schooling shows how poor our mobile data/wireless internet/ networking infrastructure really is. Telecom companies are still unable to do connections because and I quote "it have no poles dey".

[Country_Bookie]

For Germans, more than for the citizens of virtually any other Western economy, “money” still means, above all, physical cash. The average German wallet contains 103 physical euros, the European Central Bank estimated in November, more than three times the figure in France. Cash is still the means of payment in some 80 percent of point-of-sale transactions, compared with only 45 percent—and falling fast—next door in the Netherlands. Using cash is a habit deeply resistant to regulatory intervention; mild suggestions in 2016 that it might be restricted in certain circumstances in Germany ignited passionate protest from almost every point on the political spectrum. In a world that for most of us is moving inexorably toward electronic payments for almost everything, Europe’s largest economy remains a remarkable holdout.

“Cash, to me, is an important public good by which you measure the transparency and legal order of a society, and also the respect for the individual and the private sphere,” says Max Otte, an economist in Cologne who leads Save Our Cash, a national campaign that opposes measures to restrict the use of physical currency. “ ‘Why do Germans like cash?’ is the wrong question,” he adds. Instead, Otte asks, “Why have others shifted to a cashless society so quickly?”

https://www.bloombergquint.com/onweb/ge ... -with-cash


There are lots of good arguments for maintaining cash. Think about those who are functionally illiterate, do we really think they can handle internet banking and credit cards?? Remember the blackout earlier this year when POS machines were down? Imagine if u couldn't purchase essentials like food or fuel for an extended period despite having money in the bank.

[KM_2NR]

The only think I use cash for is the occasional street food and legal weed now and then. Everything else is cashless

[triniterribletim]

Everything in Brazil, at least in Sao Paulo is largely cashless. From the man selling hotdogs on a roadside stand to the woman selling coconuts in the park. Brazil is a society that runs on plastic. I don't know if Trinidad is ready for that sort of thing though. There are still holdouts who won't even get a linx card.

[teems1]

The only think I use cash for is the occasional street food and legal weed now and then. Everything else is cashless

Legal weed?

[j.o.e]

The only think I use cash for is the occasional street food and legal weed now and then. Everything else is cashless

I assume you’re not in Trini because there is no legal seller/distributor of weed.

[Dohplaydat]

Firstly, I don't agree with a totally cashless future. But that's besides the point, we can't be cashless unless we dump these 1990s linx cards and move the visa debit. Secondly, there should be no transaction fees to the consumer as well. Thirdly, we need to improve our 4g coverage (digicel and bombile take note) to ensure these hand held terminals are reliable. Forth, we need to make it cheap and accessible for all vendors to have it. And lastly, we also have a problem of vendors who aren't registered businesses (mainly due to avoiding taxes), so they won't be incentivised to go cashless.

[RedVEVO]

Everyone in T&T (ALL) live on loans.

lol not everybody like you.

If you loan FREE well that is so nice .. We should make you Financial Wizard of Tuner .. Yippee ..!!

It's either you are a financial wizard or you pay cash for everything and maybe working not savory

Are you a Pastor ?

Are you a Wee Wee ( Sou Sou ) entrepreneur ?

[MaxPower]

No,

T&T is NOT ready to be cashless.

Not with our third world mentality.

[FuadAdnan]

Everyone in T&T (ALL) live on loans.

lol not everybody like you.

If you loan FREE well that is so nice .. We should make you Financial Wizard of Tuner .. Yippee ..!!

It's either you are a financial wizard or you pay cash for everything and maybe working not savory

Are you a Pastor ?

Are you a Wee Wee ( Sou Sou ) entrepreneur ?

If you think everybody in Trinidad living on loans (that is not associated with the underhand) then you dumber than you think you are. Must be the vene brains for you....actually this is how the vene think.

No gibberish and fanciful talking can change that.

[FrankChag]

"Cashless" really means "everybody has bank OR e-wallet accounts"

That's not going to happen because

- no-one knows about e-wallets down here (Nobody: "We accept PayPal,etc here")
- there are people without phones or bank accounts, like children
- there are people without credit cards (some on purpose, like some Muslims)
- there is still a distrust for banks, esp because outages is still a thing
- the State/Gov't doesn't even have its act together to drive this
- bank transaction fees are criminally high in this country. Eg, I PREFER to w/d spending cash for the month, and pay with cash than swipe my card.

As much as I enjoy paying ALL my utility bills online, I can't see myself ever going COMPLETELY cashless.

Here's an activity you can do, if you don't do it already... Pull your bank statement for the last year into Excel, and calculate how much money you gave the bank/s for all your linx/cc payments.. you'll be shocked, I promise you. It'll make the little $2 for KFC ketchup seem like nothing.

[RedVEVO]

Everyone in T&T (ALL) live on loans.

lol not everybody like you.

If you loan FREE well that is so nice .. We should make you Financial Wizard of Tuner .. Yippee ..!!

It's either you are a financial wizard or you pay cash for everything and maybe working not savory

Are you a Pastor ?

Are you a Wee Wee ( Sou Sou ) entrepreneur ?

If you think everybody in Trinidad living on loans (that is not associated with the underhand) then you dumber than you think you are. Must be the vene brains for you....actually this is how the vene think.

No gibberish and fanciful talking can change that.

Well you really special Fuad

Everybody known have a loan .

Credit card is a loan . Mortgage is a loan . Family is loan .

If you own a car - then you have to take a loan for the amor

And nice new car NOT a used Aqua - ALL of them Aqua is throw away Japanese peeps car odometer rewind

Or maybe you do not own anything .

And again you is a special item . But we care !

Do you like girls ? Or you still in diapers or in diapers Papi ?

[matr1x]

68% of trinis are cashless

[MaxPower]

68% of trinis are cashless

So how are this 68% living if they are cashless?

When last you heard of anyone starving to death?

Why are the clubs, bars and beaches so full?

How you derive at 68%?

Take a rest na Slimbo, it’s Sunday.

Vibes we tomorrow.