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Cuba Consolidates Electronic Financial Transactions |
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Monday, January 8, 2018
Havana.- Cuba's financial sector will promote the use of international cards with chips in ATM machines, in order to meet the growing demand from holidaymakers.
According to experts, that measure will contribute to gradually replacing the cards with magnetic band that currently circulate in the country and that can be forged easily, including Visa and MasterCard from the United States, and Union Pay from China.
It will also allow financial authorities to weigh the possibility of issuing Cuban cards with chips, which create a unique and exclusive code for each transaction.
The activation of this service is part of an ongoing process to diversify and update the country's banking system.
Cuba has 920 ATM machines, including 527 in Havana, the country's capital, and several of those machines can exchange euros, and U.S. and Canadian dollars into Cuban convertible pesos (CUC).
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