Despite the adoption of new technologies across a variety of industries prior to the pandemic, studies pointed to Trinidad and Tobago’s dependence on cash as a significant factor limiting potential economic growth. In light of the fiscal pressures and economic slowdown caused by the pandemic, the government and the private sector have responded with robust monetary and fiscal measures and have introduced a digitalisation agenda with a vision to spur innovation and introduce new products and services. From cost savings and greater financial inclusion, to the creation of new companies and government revenue streams, a less cash-reliant economy has the potential to yield substantial dividends for the twin-island nation.
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