He Dominican Popular Bank presented this tuesday Tokea platform digital payments with which it seeks to expand the use of electronic transactions in the country and integrate more people and small businesses into the formal financial system.
What is Toke and how does it work?
The entity defines Toke like a payments ecosystem that connects people and businesses in the same digital environment.
The initiative arises in a context in which the 75% of the payments Daily transactions in the Dominican Republic are made in cash and more than 35% of the population remains unbanked or uses formal financial services to a limited extent, according to data from the Global Findex Database of the World Bank cited by the bank.
- The platform allows you to paymentstransfers and charges from the cell phone during the 24 hours of the day, the 365 days of the year. According to the entity, it can be used even by unbanked peoplethrough a Account Flash digital that is obtained through electronic verification and that allows you to begin generating financial history.
In addition to individual users, the solution is aimed at micro and small businessesentrepreneurs and informal businesses. These can generate QR codes to accept digital payments and receive instant payments, which the bank maintains reduces operating costs and risks associated with cash management.
With this initiative, the People’s Bank seeks to integrate into one digital network to unbanked peopleusers already banked, micro and small businesses and formal companies.
Statements by the president of Banco Popular
The executive president of People’s Bank, Christopher Paniaguaindicated that Toke is part of the digital transformation strategy of the organization to expand the banking. “We expand our digital solutions to millions of users with this service clearly oriented to financial inclusion and economic growth,” he said.
Toke is available for customers of the People’s Bank like a button inside Popular App; for clients of Qik Digital Bank in its application; and as a standalone app for ages 18 years with Dominican ID. Registration is digital and requires an active cell phone and internet connection.
Once the account is activated, the user can send and receive money using your cell phone number, pay in stores or make payments for QRtransfer between Popular and Qik accounts with immediate availability and make telephone recharges.
