Generally, electronic payments (e-Payments) refer to payments made or received electronically i.e. the electronic transfer of funds from one user‘s bank to another. E-Payments can be made between businesses and consumers, or between businesses or between Government and consumers or Government and businesses. The National Electronic Payment Strategy seeks in part to stimulate the development of a suitable environment in which e-Payments may prosper.
Payment for any good, service or information can be received via any of several relatively inexpensive, convenient electronic mechanisms (including, if not especially, web-based mechanisms), and can originate from a buyer both locally and internationally. Leading by example, the Government will likely be the largest enterprise and user of e-Payments and the proposed e-payment gateway. Creation of an enabling environment will allow:
- Government to remit electronic payments to suppliers.
- Allow the Government to receive payments through the e-Government Portal (Taxes, fees etc.)
There are business benefits to be gained from using electronic payments:
- Reduced cycle time
- Better inventory management
- Increased productivity
- Reduced costs
- Improved accuracy
- Improved business relationships
- Enhanced customer service
- Increased sales
- Minimized paper use and storage
- Increased cash flow
The Stakeholders for this policy include:
- The Central Bank of Trinidad and Tobago,
- Ministry of Trade and Industry,
- Ministry of Finance
- The Bankers‘ Association