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Guyana’s move to reduce cash transactions is expected to clear a major hurdle within the next three months as local banks fast-track the introduction of a system to allow debits cards to use a single terminal.Chairman of the Guyana Association of Bankers, John Tracey,Cheap NFL Shop, in an exclusive interview with Kaieteur News last week, also disclosed that the cards will be piggy-backing on the international Visa system. Local banks are three months away from introducing a single terminal that will allow for the different debit cards to be used.The growth of debit cards in the local banking industry has been mainly stymied by the fact that each bank has to install separate point-of-sale equipment at supermarkets, gas stations and other major outlets.In addition to the technical work that is involved in installation of these points,Cheap Nike NFL Jerseys Wholesale, the maintenance costs would have also been a prohibitive factor.With a common terminal,Cheap NFL Jerseys, a customer of Republic Bank, for example, can visit an ATM machine and withdraw cash. Supermarkets, instead of having five point-of-sales, will have one instead.According to Tracey,Cheap NFL Jerseys Wholesale, who is also the Managing Director of the Guyana Bank For Trade and Industry (GBTI), the Visa platform is an “inexpensive means” for the local banks hoping to introduce the common terminal as urgently as possible.There have been arguments that the continued use of large cash transactions is one of the main reasons for the incidence of robberies and long lines at the banks.The use of large cash transactions is also widely seen as a means of money laundering and a means to escape from taxes.Banks have been pushing for the increase of ATMs and online banking to pay utility bills and transact transfers from one account to another.Already, Republic Bank, GBTI and Scotiabank have all rebranded their debit cards under Visa. Citizen Bank,Cheap Jerseys From China Online, Demerara Bank and Bank of Baroda are making moves to do so.Once the system comes on stream, the debit cards can be used to transact business at any Visa terminal, Tracey explained.The banks will have to get permission from Visa to tweak the local systems so that customers will not be charged according to the US fee structure.Currently a local debit card transaction using a Visa system will be converted to US dollars at the prevailing exchange rates, causing it to be expensive.Tracey disclosed that the new system will see local transactions being kept in a “loop”,Cheap Jerseys Wholesale, reducing charges right away.The common terminal is expected to be in use by three months, Tracey said.