WILLEMSTAD – Curaçao is undergoing a quiet but profound shift in how people pay for everyday goods and services. New research by the Central Bank of Curaçao and Sint Maarten shows a sharp decline in cash usage across nearly all sectors, signaling a decisive move toward digital payments.
According to the study, the share of residents willing to reduce their use of cash rose from 59 percent in 2020 to 72 percent in 2024. Payments for utilities, groceries, gasoline, clothing, and even building materials are increasingly being made electronically. In the case of building materials, cash payments dropped dramatically, from 83 percent in 2020 to just 41 percent in 2024.
The transition is partly driven by convenience and efficiency, but also by structural changes in the banking sector. Fewer physical branches, higher fees for cash transactions, and the expansion of debit card and online banking options have nudged consumers toward digital alternatives.
Yet the shift is not without friction. More than 70 percent of respondents consider bank transaction fees too high, while 55 percent say it is not easy to open a bank account — a higher percentage than in 2020. This tension highlights a growing paradox: Curaçao is becoming less cash-dependent, but many residents still feel excluded or burdened by the formal payment system.
