Internal trade will impose fines and shut down businesses that oppose electronic payments

Since last February 2, the Internal Trade Authority in Cuba (MINCIN) has begun to crack down on businesses that still resist electronic payments. Precisely from that date, a regulation announced several months earlier, relating to this issue, came into force.

The point is that all centers must offer the customer the opportunity to pay 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 commercial licenses from state and private premises.

MINCIN’s deputy minister, Inalvis Smith Luben, told local newspaper Granma that “the time has come to firmly enforce the banking policy. This was announced months ago due to the increase in inflation which had created an existential crisis for the paper currency.

The executive reminded that “Failure to comply with these rules will not only attract fines, it will also lead to withdrawal of commercial certificates and in cases of recurrence, assets involved in the violation will be confiscated.”

“In case of repetition, it is planned to confiscate the instruments, equipment, goods or effects giving rise to the violation. This will be adjusted in line with the rules established in the organization’s Decree 184,” Smith Lubben said.

Electronic payment is an option

The Deputy Minister assured that it is a choice for customers to make electronic payments or not. “Electronic payment is an alternative method, it is the right of the consumer, and cash operations will continue in commercial units and establishments.”

For now, the two forms of payment will co-exist. It is a measure that seeks to balance the transition towards digitalization, but without completely eliminating traditional methods.

Minasin reminded that the only exemption from the implementation of severe measures will be for businesses that are located in the so-called “silent zone”. This is directly related to their limited access to telecommunication services which prevents the installation of point of sale terminals.