Go cashless this Christmas
The Trinidad and Tobago International Financial Centre (TTIFC) is working to ensure that Trinidad and Tobago becomes a cashless society by 2022/3. A Cashless Society is one where there is less reliance on cash. It is not the absolute removal of all physical banknotes and coins from the system. As part of achieving this mandate, the TTIFC is committed to providing all our stakeholders with the mechanisms and tools needed to reduce one’s dependence on cash.
Here are some quick tips for going cashless this Christmas:
- Increase use of your debit and credit card:
- Make use of your debit or credit card for payments at stores. Electronic transactions are quicker and more convenient than cash transactions. Having less cash in one’s possession is also safer during the busy season. If a bank card is lost or stolen, the commercial bank can cancel the card and issue a new one to the owner. However, lost or stolen cash, in most cases, is not recovered.
- Increase financial freedom and access a wider variety of goods and services from any part of the world. Completing Christmas shopping online through various forms of electronic payment methods reduces all the hassle of in-person shopping, long lines and the risk of COVID-19 transmission.
- Sign up for online and mobile banking:
- Most commercial banks now provide the facility for online banking via their websites or mobile apps. You can now manage more than one account easily from anywhere via mobile or online banking. During this festive season, spend more time shopping or doing the things that matter to you, as bank lines will no longer be an added stress when you sign up for online banking. Deposits and payments can be made via one’s mobile device with ease anywhere, anytime.
- Send gift vouchers or monetary gifts online
- Say goodbye to envelopes. Monetary gifts can also be transferred directly to your loved one’s bank account. Transfer funds to friends and family easily in a matter of seconds or give loved one’s gift vouchers which can be purchased and redeemed at their favourite stores online, it’s safer and faster!