Cashpin

Date Shared:

Thursday, August 21, 2014 - 16:00

Countries and areas:

Dominican Republic

2030 Agenda migration-relevant and related target Labels:

Goal 10: Reduced inequalities - 10.c on remittances costs reduction

Targets that could benefit from the potential of migration and migrants

GCM Thematic Cluster Areas:

Objective 20: Promote faster, safer and cheaper transfer of remittances and foster financial inclusion of migrants

Contributors:

Business

Chairmanship:

Belgium 2007

Geographical Relevance:

Regional

Tags:

Migration, Trade and Investments, Remittances, Diaspora Investment and Entrepreneurship

Summary:

In the Dominican Republic, Quisqueyana, Mercantil, and Visa International produced a product called Cashpin, the only card product in the Dominican remittance marketplace. Cashpin is a rechargeable debit card, hand-delivered in the traditional way. Once the sender sets up the account, the card need only be activated by the receiver by phone. Value can be increased by both the sender and the receiver. The card is usable anywhere in the local or international Visa Electron network, as well as on the domestic ATH network.

Link:

For more information: http://www.iadb.org/NEWS/docs/financialinstitutions_E.pdf

GFMD Source:

GFMD 2007- RT 2.1 'Improving the formalization of transfers and reducing their cost.'