The Dominican Republic is one of the dreamy holiday destinations. Along the white coast, you’ve got the full spectrum of beaches, while inland, mangrove lagoons, mountain peaks and waterfalls are just the start of the story. There is more to discover in this heaven. Tourism is the main income of this country. There are many holiday resorts from luxury to budget friendly options. This island has a fascinating history and culture. When you are bored in your hotel you can visit museums and art galleries or local markets. This tropical island welcomes you with a tropical climate. The dry season runs from December to April and the weather during these months is sunny and dry.
While you are visiting this amazing country weather for holiday or business, we recommend you to explore authentic Caribbean flavours. The national dishes are a combination of recipes and ingredients of native Tainos, Spanish conquistadors with a little touch of African spices. You can try flagship dishes in local restaurants.
The economic growth of the Dominican Republic is remarkable. The regional average over the past two decades, resulting in almost 3 million people passed from poverty to middle class. However there are still thousands of immigrants living abroad due to poor conditions. And most Dominicans send money back to their country for their loved ones and families. The lack of proper banking infrastructure creates high fees and additional expenses. In the country there is an improvement in the quality of life in terms of access to basic services, housing, and education. To maintain this dynamic growth and extend its benefits, the Dominican republic also invested in banking systems. The government shows dedication to bring competitiveness, innovation. We observe that the digitalization of payment services, and the social and political climate towards that path has been positive so far.
Taking advantage of new business opportunities and private sector solutions, and developing assets in key sectors such as logistics and financial services, would increase the attraction of competitive investors to the Dominican Republic, while gradually reducing the country’s dependence on fiscal incentives. The government has been planning to attract foreign investment to the country.
The Dominican Republic has been growing its use of digital wallets. Driven by digitalisation, competition, and the ambition to satisfy consumers, the financial industry is constantly evolving and creating new innovative solutions such as the eWallet. But what makes an eWallet like Jeton better than regular money transferring methods? This article will list some of the benefits of using Jeton in the Dominican Republic.
If you are planning to travel to this location, during your holiday or business trip in the Dominican Republic, you may not necessarily need to use the local currency, which is the Dominican peso. In touristic areas, especially in hotels, you can easily use cash in dollars or euros. However, if you want to venture outside of your hotel, take public transportation, eat and shop at local stores, it would be ideal to have pesos. Although there is a good chance that you can use your dollars to pay, it will often be less advantageous for you and more complicated because change will be given to you in local currency. Then at the end of your stay you need to convert the local currency into dollars or euros which may be inconvenient.
You can use your bank services or credit cards in the Dominican Republic but due to poor banking infrastructure this will cost you a lot of money. The currency exchange rates are very volatile and also there will be additional costs. You might have a big surprise when you go back to your home. If you are planning to use your traditional banking services, we recommend you notify your bank beforehand so you don’t face problems abroad.
Or if you want to avoid risks, you can choose a world wide reliable payment platform to have peace of mind. Jeton has been operating in more than 100 countries all around the world. Whether you want to make a crossborder transaction or simply you want to spend in the country, Jeton gives you the best solutions.
It is very convenient to open a Jeton account. After registration you can connect your smartphone to your Jeton account and you can make all necessary payments from your mobile phone or any other device connected to the internet. Whether you are on holiday and enjoying this beautiful country or you are here for business reasons Jeton provides you a smooth user experience in the Dominican Republic.
Current Market Trends in Dominican Republic
Thanks to globalisation, innovations in digital technologies, and the effects of the COVID-19 pandemic, the Dominican Republic has adopted global eCommerce policies, creating new online purchasing models and strengthening existing structures in order to offer better payment solutions.
The pandemic had a positive impact on the country’s digital aspect. There has been a huge growth in the purchase of goods and services through digital means during this time. And ecommerce transactions still keep growing. Online purchases in the Dominican Republic are primarily in these categories: Electronics (48%), Fashion (25%) and Personal Care (9.30%).
The Dominican Republic government has prepared a framework for digital transactions. However small local businesses are slow to adapt to the digital revolution in the country. On the other hand, during the pandemic, the e-commerce market skyrocketed. Big supermarket chains used digital means to reach out their customers. Also new apps have been developed for delivery of goods. This allowed the sales growth around the country. And from there other areas such as restaurant and hospitality services have adapted digital solutions for their customers. Facebook and Instagram are the most popular social media platforms where digital sales keep increasing.
Compared to 5 years ago, today customers are more adapted to e-commerce and digital payment methods which has a big impact on the development of digital payment solutions in the country. Beside the local online payment platforms such as Cardnet, Visanet and Azul, other global big players have stepped into the game. Amazon payments and PayPal have a big share on the market.
User experience in digital payment platforms in Dominican Republic
Today the customer profile in the Dominican Republic is financially more aware and demanding. The increasing usage of smartphones and digital payment methods make this market very competitive. The big payment platforms everyday come up with innovations and new features.
Another reason why people in the Dominican Republic have turned towards the digital world is now they have more financial literacy and they have adapted the benefits of digital payment solutions. Most countries in Latin America often have informal economies and deal with fluctuating currencies, which is why digital wallets offer a secure and convenient alternative to using cash. Nowadays customers are looking for more secure and reliable ways for their financial transactions.
As a developing country, the Dominican Republic attracts big investments from all around the world. There are many import and export operations between the USA and the Dominican Republic. Thus big companies started to look for cost efficient solutions for cross border transactions and customer satisfaction. Like we mentioned above, the banking infrastructure is not sufficient due to this reason most of the companies prefer digital payment platforms. They either use existing popular payment methods or they develop their internal technologies adapted to banking networks in the Dominican Republic.
Why choose Jeton?
Jeton is designed to meet your needs whether it’s sending, receiving or exchanging money you can manage all the activities from your phone. Jeton accounts are fully encrypted and have the most advanced security features. You can easily trace your transfers. Jeton offers a personalised design. You can set your notifications and keep an eye on your transaction easily. You can connect your Jeton account to your smartphone. So you don’t need to worry about carrying cash if you are travelling to the Dominican Republic. With the best exchange rates you can spend your money without additional fees.
In comparison to the more traditional services, Jeton is extremely easy to use, given that you simply have to download the application, open an account and get verified. All of this happens within a few minutes.You can deposit funds with your credit or debit card and exchange more than 50 currencies along with cryptocurrency. Having your funds in one central place makes paying simple and fast. The biggest advantage of Jeton, therefore, is its convenience and easy usage. Jeton is safe and secure, so even when you lose your wallet, no one will have access to your details without your password or biometrics, as all information is encrypted by the software. Payment transactions are completed in the blink of an eye, which really does redefine the whole user experience when making a payment. Besides this, Jeton often comes with handy tools such as checking your transaction history, which gives you the option to track your transactions.
Jeton offers individual services beside business transactions. If you are a small or big scale business operating in the Dominican Republic you can take advantage of Jeton’s services. Whether you are making cross border payments or simply sending money to the Dominican Republic Jeton offers best tailored services.
With Jeton you can operate with multiple currencies with low exchange rates. All international transactions are very fast and secure in the Dominican Republic. Jeton app is fully localised so you can use the app in your native language.
Jeton offers a full customer service experience. Jeton’s customer service is available 7/24 and equipped with professionals. It is very easy to reach out to Jeton customer service. If you don’t have time you can directly connect with an agent from the Live Chat section. Also if you have a general inquiry you visit the FAQ page and our blog section where we have explained everything you need to know.
How to Open a Jeton Account in the Dominican Republic
Just like everywhere else in the world, it is very easy to open a Jeton account in the Dominican Republic. Simply visit our homepage on www.jeton.com and click on Sign up or download our app, which is available on both App Store and Google Play. Fill in the registration form with your correct personal information and a password that contains 8-50 characters, 1 letter, 1 non-letter character and no special characters. You will receive an SMS code to your phone or an email code to verify your account; enter your password below your telephone number. You can now log in to your account.
For better protection we also require an additional verification with your identification and a proof of address. This process doesn’t take much of your time and once it’s done you can enjoy all the benefits of Jeton.
You can use Jeton for all your personal transactions as well as your business operations. If you want to make a business account in the Dominican Republic, visit the business section on our website and create your account with the given steps. The business verification steps are different but still simple.
Sending Money Online with Jeton
Sending or receiving money online to the Dominican Republic used to be very complicated and expensive. With all technological developments now everyone can send money online instantly. First of all, we recommend that you research digital payment platforms. Today many Dominican Republic citizens live mostly in the USA and other countries around the world.
If you want to start sending money abroad you can do that by entering the recipient’s email address or phone number that they used to login to their account. If the person you’re sending money to doesn’t have a Jeton account, do not worry, you can still transfer money to them. They will receive a notification from us letting them know they have money in their account. After a registration they can access their funds.
Jeton is secure, fast and low cost. If you decide to choose Jeton to send money online to the Dominican Republic, please also check our blog article “Discover How to Send Money Abroad with Jeton”.
