HAVANA, Cuba.- In order to encourage the use of magnetic card as a safe and efficient means of payment, the Cuban banking system implements a bonus to payments made through point-of-sale terminals in stores, for the purchasing its products or services.

In a press conference, the first Vice-President of the Central Bank of Cuba, Francisco Mayobre, explained that the measure on a national basis is already in force, after its execution in an experimental way.

The bonuses applied by each bank, he said, are between 2 and 5 percent over the price of the goods or services purchased.

Mayobre said that those possessing magnetic cards associated with payroll products and recognitions, retirees and savings accounts, both in Cuban and convertible peso, will be benefited.

Safe and Efficient Means of Payment

The first Vice-President of the Central Bank of Cuba, Francisco Mayobre, specified that higher bonuses may be applied on dates when banks consider it advisable to further encourage the use of point-of-sale terminals, to decrease the use of cash.

Mayobre added that the bonuses are not reflected in the bill of the store, but he explained the customer will be able to review the debited amount by consulting his last movements in ATM or mobile banking, where he would verify that is less than the value of the merchandise acquired.

The official put an example: if a person makes a purchase for a value of 10 CUC, and the bonus applied is 5 percent, the real money discounted will be 9.50.

He stressed that the costs resulting from such a measure are assumed by the banks, to the detriment of the profits generated.