Tech News Summary:
1. Trinidad and Tobago is experiencing promising growth in cashless payments but also faces increasing cybercriminal activity, leading to the need for heightened security measures in the payments ecosystem.
2. The country has made strides in securing the payments ecosystem, including the migration to Visa debit cards with EMV contactless technology, the adoption of 3DS 2.0 for e-commerce, and collaboration with Visa Advanced Authorization to detect fraud faster using AI-enabled tools.
3. Visa is committed to providing tools, technologies, and intelligence for secure digital payments experiences, and is investing in innovative technologies to ensure the protection of all stakeholders within the payments ecosystem.
In an effort to modernize the payments ecosystem in Trinidad & Tobago, the Central Bank has announced plans to drive a secure, cashless environment for financial transactions. This initiative comes as the country strives to keep up with global trends in digital and mobile payments, and reduce reliance on physical currency.
With the increasing prevalence of digital technology, the Central Bank is looking to establish a robust and secure cashless ecosystem that will provide convenience, efficiency, and transparency for both consumers and businesses. This strategy aligns with global trends towards contactless and mobile payments, and aims to position Trinidad & Tobago as a leader in the Caribbean region.
The move towards a cashless society is expected to revolutionize the way financial transactions are conducted, making it more convenient and secure for individuals and businesses. This shift will also make it easier for the government to track and regulate financial transactions, reducing the risk of money laundering and other illegal activities.
To support this transition, the Central Bank will be working with financial institutions and technology providers to improve the infrastructure for digital payments, as well as implementing stringent security measures to protect consumers’ financial information.
This forward-thinking approach to payments is expected to have a significant impact on the economy, opening up new opportunities for businesses and consumers, and contributing to the overall financial stability of the country. As Trinidad & Tobago moves towards a cashless economy, the future of payments looks bright, with the potential to drive innovation and improve the overall financial landscape for the people of the nation.