Dominicans' use of e-banking grows, US$6 billion paid in taxes via Web

Dominicantoday.com , Santo Domingo, September 26 th 2007

The Web's influence over Dominican banks' financial services is unprecedented, as users increasingly access their bank from anywhere via a computer, in volumes unthinkable just a few years ago.

E-banking, Net-banking and Internet Banking are part of the financial jargon which depicts a tool to save time, money and eliminates the need to visit a branch.

With the Web users have access to their bank at all hours, from anywhere in the world to pay loans, credit cards, transfer money to accounts among other services, without standing in a line.

Though the Commercial Banks Association (ABA) and the Banks Superintendence (SB) don't have exact figures on the number of people who enter the financial system via the Web daily, the Internal Taxes Agency (DGII) said next year RD$200 billion (US$6 billion) will enter the banks via the electronically payment of the Transference of Industrialized Goods and Services (ITBIS) and Income (ISR) taxes.

Daris Javier, of the Banks Superintendence, said the Dominican banks' use of the Web will undoubtedly continue to grow at an accelerated rate, as many Dominicans' lifestyle forces them to save time and efficiently use their resources.

He said to June 30 this year the Dominican Telecommunications Institute (INDOTEL) registered 273, 082 accounts by companies which provide this service, a jump of 77, 897 new accounts. Of that total, 196,114 are "dial-up" and 76,968 are broadband.

Data from the financial sector show that 3 to 4 years ago the top factor which prevented e-baking's growth was distrust, as a natural reaction to the first experience with a new service.

The second factor was the difficulty for many people to get access to an Internet account.

That's over as 6 to 7 years ago there were only 200,000 Internet users in the country, whereas now there are 1.2 million.