Regulation comes into force that forces businesses to accept electronic payments

As of December 2, a new regulation of the Ministry of Internal Trade (MINCIN) in Cuba came into force.

The measure, published in the Cuban Gazette as Resolution 93/2023, was published a month ago and establishes a new requirement for companies that want to register in the Central Commercial Registry and are obliged to implement digital payments.

In essence, the new rule says that companies must ensure that their customers can pay electronically. This means that merchants will need to have the ability to charge through national payment gateways or point-of-sale (POS) terminals.

It applies to all people and companies that carry out commercial activities and that need to register in the Central Commercial Registry.

In this regard, the deputy minister of the MINCIN, Inalvis Smith Luben, explained that the resolution affects several activities, including wholesale and retail trade, food services, technical-commercial and domestic services, and accommodation services provided by Popular Power companies.

Although cash can still be used as a payment option, companies must have the Transfermóvil and Enzona payment platforms enabled. To implement these platforms, MINCIN has worked with several organizations, including the Ministry of Tourism and the Palmares Group.

ELECTRONIC PAYMENTS IN CUBA

The managers recalled in a recent Round Table that companies have two deadlines to comply with this new resolution. New businesses have 30 days to register with the Central Commercial Register and already registered businesses have up to 60 days to ensure they can accept electronic payments.

The national director of MINCIN, Santiago Secada Elozegui, mentioned that more than 198 thousand self-employed workers, as well as Local Development Projects, cooperatives, companies, MSMEs and independent producers, must comply with this provision.

If a company does not comply with the provisions, it may face various sanctions, including fines, closure of the business and confiscation of the instruments, equipment, merchandise or effects that gave rise to the violation.