Republic Bank (Grenada) announces that it has successfully tested its first Digital Currency (“DCash) transaction.
The Bank made the disclosure today.
REPORT:
It’s out of the operations that have signaled the start of a closed pilot project launched by the Eastern Caribbean Central Bank (ECCB, preparing to introduce what’s seen as an innovative, digital payment method throughout Eastern Caribbean Currency Union (ECCU) member states.
The first transactions were successfully completed by two of the Bank’s staff last Friday at Foodland on Kirani James Boulevard.
Grenada is among four of eight ECCU territories selected for the pilot project, with Republic Bank being one of four participating local financial institutions.
Commenting on what recognized as a ground-breaking event, the Managing Director of Republic Bank (Grenada), Keith Johnson remarked that he’s elated having reached this milestone in history.
According to him, “This means that soon banks and other financial institutions across the region can offer this payment solution to consumers as a faster, cheaper, safer alternative to pay for goods and services.”
The staff of Republic Bank (Grenada) has been working along with the ECCB over the past months, and, according to Mr. Johnson they’re extremely pleased with the results.
It’s believed that the DCASH initiative will be convenient for consumers armed with the option to use digital cash to pay for goods and services, using their smart phone devices. Selwin Noel, Wee FM News.
