A survey commissioned by the Central Bank of The Bahamas has revealed that more businesses have embraced digital payments in the wake of the COVID-19 pandemic.
The business digital payments survey, conducted in the last quarter of last year, found that both the acceptance and use of electronic payments increased in The Bahamas during 2020.
Fewer than 30 per cent of Bahamian businesses still conduct important transactions using cash, with more opting to use checks for payment.
There is a push to achieve a 50 per cent reduction in the use of cash and an 80 per cent reduction in the use of checks by 2025.
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