There are no reservations toward these services, and online-banking is widely used. Nevertheless, e-wallet services have not succeeded in attracting as much customers.
Online-banking services are offered by the Financial Intermediation Entities solely for the use of their own clients. Transfers between accounts in different Financial Intermediation Entities are done by the Financial Intermediation Entities through the Payment Systems established by the Dominican Central Bank.
This means that in order to offer online-banking services the entity must be a recognized Financial Intermediation Entity as set forth in Monetary and Financial Law 183-02, and thus be supervised by, and follow all regulations of, the Monetary Board and the Superintendence of Banks of the Dominican Republic.
As mentioned before, online-banking services are offered by the Financial Intermediation Entities solely for the use of their own clients. These services, normally, are included in the fees paid for the account management to the Financial Intermediation Entity.
In the e-wallet market, there are three national services operating in the market.
José Cruz Campillo
Santo Domingo, Dominican Republic