Polymer or Digital

So let me start by saying that I am in support of tactics that can help curb any money laundering or counterfeiting problem that exists here in Trinidad and Tobago. I believe that the introduction of the TT$100 polymer note and the continued phasing out of older paper based currency towards a polymer based system will be a step in the right direction. I'm not commenting on the timeliness of the activity as I am of the opinion that there are other reasons not being spoken of in the public domain that is the real genesis of this but that isn't what this note is about.

I'm suggesting that if we are indeed looking at ways of dealing with counterfeiting and money laundering then we should also be putting more effort into digitizing the financial transaction systems towards one where digital wallets are mainstream and as common as LINX machines in retail establishments.

From my experience in the eCommerce space, there are still some challenges in convincing clients to include this service as an essential part of their website. Solving this starts from education both on the retail and consuming public BUT in my opinion, there is also work that is needed by the banking sector to make this more appealing to customers. At the time of writing this, I did not have any documentation that spoke of the legislative framework that could also be a hindrance in this regard so if anyone reading this can assist with sharing that information; please do so.

(Not so) Simple things like having Trinidad and Tobago fully recognized by PayPal can go a long way. That being said, we do have our own local provider in that of WiPay making significant strides in that arena. This also seems to be a perfect opportunity for WiPay or Zwillo advertising, particularly this week, when people may be looking for options and alternatives that are as easy as cash payments.

Sometimes you don't event need to go as far as a mobile app which requires a data plan. There are many success stories from Africa for example where total commerce is done via text messaging on standard phone handsets.

I'm not saying that a Digital Economy / Digital Wallet system will be void of any issues but the conversation needs to mature and that is what this message is about.

So I hope that this Polymer introduction does bring a reduction in illegal activity. But also, I hope that the discussion on the Digital Economy in Trinidad and Tobago evolves.

I'd like for us in TT to say #WiPayMe in similar fashion to #VenmoMe in the US