Republic Bank today announced in a release that it has successfully tested its first Digital Currency (DCash) transaction.
According to the financial institution, “The operation signified the start of a closed pilot launched by the Eastern Caribbean Central Bank (ECCB) as it prepares to introduce this innovative, digital payment method to its Eastern Caribbean Currency Union (ECCU) member states.”
The bank further revealed that two of its staff members participated in the transactions, which they successfully completed at Foodland on Kirani James Boulevard on Friday, 19 February 2021.
Just last year, in October, the Eastern Caribbean Central Bank announced that it had begun testing the digital currency in several territories including Grenada. ECCB also selected Republic Bank, a major player in the region’s financial sector, as one of the participating banks.
Managing Director of Republic Bank (Grenada), Keith Johnson noted his satisfaction with reaching such a significant milestone in the bank’s history.
“The success of this pilot 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. Our staff has been working along with the ECCB over the past months and we are extremely pleased with the results today.”
Republic Bank commends the ECCB on this initiative which soon will give consumers the option to use digital cash to pay for goods and services, using their smartphone devices.