Internal Trade will impose fines and close companies that resist electronic payment

Since last February 2, the Cuban Internal Trade Authorities (MINCIN) have begun to take action on companies that still resist electronic payment. Immediately from that date, the regulations that were announced several months ago, related to this issue, entered into force.

The important point is that all centers must provide the customer with the opportunity to make payments through the various digital platforms that currently exist in Cuba. MINCIN's “punishments” for those who do not comply with the provisions include fines, confiscation and withdrawal of business licenses from government and private buildings.

“The time has come to aggressively implement the banking policy,” MINCIN Deputy Minister Inalves Smith Lubin told local newspaper Granma. This was announced months ago due to high inflation, which led to an existential crisis for paper money.

“Failure to comply with these regulations will not only result in fines,” the executive noted. It will also lead to the withdrawal of the commercial certificate, and in the event of repetition, the confiscation of the assets subject to the violation.

“In the event of repetition, the penalty of confiscation of the tools, equipment, goods or antiquities that led to the violation will be imposed. This will be modified in accordance with what is stipulated in Decree No. 184 issued by the organization itself,” Smith Lubin said.

Electronic payment is an option

The Deputy Minister stressed that making electronic payments or not is a choice for customers. “Electronic payment is an optional method, and it is a right for the consumer, and cash transactions will continue to be carried out in commercial units and institutions.”

For now, the two payment methods will coexist. This measure aims to achieve balance in the shift towards digitalization, but without completely eliminating traditional methods.

MINCIN indicated that the only exemption from the implementation of strict measures will be for companies located in the so-called “zones of silence.” This is directly related to their limited access to telecommunications services which prevents the installation of POS terminals.