Industry-Specific Reforms > Cashless Economy

  • In spite of all efforts exerted to promote financial inclusion and limit cash transactions, a number of institutional and legislative barriers continue to persist.

Industry-Specific Reforms > Cashless Economy

  • Overlapping jurisdictions between the National Council for Payments and other government agencies.

Responsible Entities

Date 2/2/2020

Industry-Specific Reforms > Cashless Economy

  • With few exceptions, all laws regulating sovereign payments do not include provisions that require electronic or bank payments. Currently, the use of an electronic payment mechanism is required only under Law 201 of 2014 (amending the Income Tax Law No. 91 of 2005) and Decrees No. 117 and 172 of 2015 issued by the Minister of Finance, which pertain to income tax payments.

Industry-Specific Reforms > Cashless Economy

  • None of the laws regulating non-bank financial services include any provision that requires parties to use electronic payments or payments through bank accounts (e.g. Companies Law, Capital Market Law, Insurance Services Law, Mortgage Law and Financial Leasing Law). 

Industry-Specific Reforms > Cashless Economy

  • The National Council for Payments does not have in place a clear plan, with specific interim objectives to guide the universal implementation of the cashless payment system.

Industry-Specific Reforms > Cashless Economy

  • The disconnect between the government’s efforts to transition to a cashless economy and its digitalization plan.