Dominican Republic

In a country heavily reliant on cash, Intercash is cultivating the fintech approach to traditional cash and payment options in the Dominican Republic. We pride ourselves on offering small communities with greater access to traditional and innovative financial products and enable companies to launch their financial services with a firm fintech solution backing them up.

With local issuers in the Dominican Republic, Intercash can provide customized payment solutions for your business.

Overview

Population

10.8 million

Gross domestic product

$90.46 billion

E-commerce market value

$888 million

Internet penetration

80%

Smartphone penetration

39%

Bank account penetration

67%

The island nation has the largest economy in the Caribbean and Central American region and is the eighth-largest economy in Latin America. Over the last 25 years, the Dominican Republic has had the fastest-growing economy in the Western Hemisphere. An upper middle-income developing country, the Dominican Republic has a Gross Domestic Product (GDP) of $90 billion and a Purchasing Power Parity (PPP) of $182 billion, ranking 69th and 66th in the world respectively.

The Dominican Republic has long been viewed primarily as an exporter of sugar, coffee, and tobacco, but in recent years the service sector has overtaken agriculture as the economy’s largest employer, due to growth in telecommunications, tourism, and free trade zones. The economy is highly dependent upon the US, the destination for nearly 60% of exports. Remittances from the US amount to about a tenth of GDP, equivalent to almost half of exports and three-quarters of tourism receipts.

During the last three decades, the Dominican economy, formerly dependent on the export of agricultural commodities has transitioned to a diversified mix of services, manufacturing, agriculture, mining, and trade. The service sector accounts for almost 60% of GDP; tourism, telecommunications and finance are the main components of the service sector, although none of them account for more than 10 percent of the whole.