Executives from Visa, Mastercard and CardNET reported that nearly 90 percent of card transactions in the Dominican Republic now use contactless technology.
The representatives stated that 83 percent of banking operations in the country occur through digital channels, while a similar proportion of financial entities offer mobile applications.
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Speaking at an industry conference, Visa country manager Gustavo Turquía, Mastercard country manager Tomás Alonso, and CardNET board president Luis Bencosme said the Dominican banking system has built strong foundations for financial transformation. They noted that consumers opened about 1.5 million financial products digitally over the past two years.
The panel took place during the XIX International Congress of Finance and Audit and the XXIV Latin American Seminar of Accountants and Auditors. The events were organized by the Association of Multiple Banks of the Dominican Republic and BDO Business School, with Manuel González, Nicolás Franco, Tomás Alonso, Luis Bencosme, Gustavo Turquía and Gustavo Ortega participating.
Digital Banking Growth and Customer Adoption
Bencosme attributed the sector advances to investments made by financial institutions and the evolution of the regulatory framework. Citing data from the Digitization Ranking of the Superintendency of Banks, he noted that 16 percent of adults with financial services reported never visiting a bank branch.
Bencosme said these metrics demonstrate the commitment of financial institutions to deliver a user experience that builds trust and promotes application usage.
Alonso stated that digital channel expansion has broadened financial inclusion, noting that 65 percent of the adult population currently accesses financial services. He added that the Dominican financial system has established solid digital foundations supported by strong numerical progress.
Future Trends and Fintech Integration
Turquía highlighted the economic and institutional stability of the Dominican Republic, alongside rapid consumer technology adoption, as key factors driving digital payment growth.
Nicolás Franco, chief executive officer of Socorro Partners for Spain and Latin America, said the next phase will feature deeper integration between banks and fintech companies using their complementary capabilities. Franco explained that regional expansion of digital wallets requires bank backing due to the role banks play in financial intermediation.
The panel also examined broader industry trends redefining financial services, including instant payments, digital wallets, digital onboarding, open banking, embedded finance, tokenization, and stablecoins.
