Republic Bank is pleased to announce that it has successfully tested its first Digital Currency (DCash) transaction.
The operation signified the start of a closed pilot launched by the Eastern Caribbean Central Bank (ECCB) as it prepares to introduce this innovative, digital payment method to its Eastern Caribbean Currency Union (ECCU) member states.
The first transactions were successfully completed by two of the Bank’s staff at Foodland on Kirani James Boulevard on Friday, 19 February 2021. Grenada is among 4 of 8 ECCU territories selected for the pilot project, with Republic Bank being one of 4 participating local financial institutions.
Commenting on this groundbreaking event, Managing Director of Republic Bank (Grenada), Keith Johnson remarked, “I am elated that we have reached this milestone in our history. The success of this pilot means that soon banks and other financial institutions across the region can offer this payment solution to consumers as a faster, cheaper, safer alternative to pay for goods and services. Our staff has been working along with the ECCB over the past months and we are extremely pleased with the results today.”
Republic Bank commends the ECCB on this initiative which soon will give consumers the option to use digital cash to pay for goods and services, using their smartphone devices.
And so does your mobile phone.
I cannot even get a debit card from this bank in Carriacou. I hope they are not running before they can walk.
Before long, you have no access to your cash. You can’t hold no paper. All your financial transaction has a trace on it.
What is paper money anyway? Digital currency will replace paper money the same way paper money replaced gold and even gold replaced actual goods. Someone who is against digital currency has to also be against paper or even gold money…
I thought dcash was what you used to buy dgoods in dcaribbean.
Mon.
WALOB. Dey pinch de goods in de Caribbean. What dey need de cash for???
Good question, welcome to the New World of Control
I have one question about this D-Cash initiative which I am failing to comprehend. What is so different about this option versus something like Apple or Google Pay as a digital payment method?
I can completely understand why the ECCU and banks would like the public to move to digital cash and EFTPOS transactions, because in a cashless society no one can hide their savings under the mattress and there is a log of what you earn and what you spend (so you can be taxed). Of course there is also the benefit that no one can rob you of your cash… as it doesn’t physically exist.
Is this something that people in Grenada actually want?