Reduce cash transactions, the task that Colombia must fulfill nationally

One of the measures that countries have taken to discourage the use of cash was the cancellation or reduction of banknotes with a high denomination, the professor said during his participation in the 53rd banking convention.

In the country there are 3.025 million units, equal to $ 72 billion. Those of $ 100,000 and $ 50,000 represent 38% of the circulating accounts, that is, they represent $ 58 billion of the amount that circulates in the national economy.

Digital payments

Meanwhile, Timothy Murphy, general adviser and head of franchises of Mastercard, confirms that Colombia must establish an ecosystem for digital payments.

"The development of fintech companies and the union with traditional banking are needed to create a digital payment ecosystem, resulting in a reduction in the use of cash and the inclusion of more people in the financial system," Murphy said.

Important points

In Colombia, 85% of the transactions are made in cash.

Timothy Murphy says that infrastructure, trust and inclusion must be developed to create the system.

In digital infrastructure it is necessary that companies have the tools to pay electronically; For the trust, progress must be made with cybersecurity, because there is fear of attacks or theft of information. The third axis is inclusion in the financial system. Fintechs play a fundamental role in the development of digital tools and people have access to financial products.

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