Financial entity Cimex S.A. (FINCIMEX) has announced a temporary halt of six hours in the functionality of magnetic cards in Cuba, starting at midnight on Monday, January 27. This pause will impact cards issued by both Cuban and foreign banks. FINCIMEX explained via its official Facebook page that this interruption is necessary to implement critical technological updates in card processing systems.
Services are anticipated to resume by 6:00 a.m., adhering to the scheduled timeframe. The interruption will affect major card types such as REDSA, AIS, Clásica, Visa, MasterCard, Union Pay, and MIR. However, the national payment gateways, Transfermóvil and EnZona, will continue to operate as usual during this period.
Additionally, service stations operating in Cuban pesos (CUP) will not face disruptions, although fuel availability remains scarce. To reduce potential inconvenience, users are encouraged to carry cash, especially in establishments that deal in Freely Convertible Currency (MLC).
The company has expressed apologies for any inconvenience and thanked the public for their understanding regarding this necessary measure. FINCIMEX, a component of the military conglomerate GAESA, is responsible for managing magnetic cards, international remittances, and electronic payments within Cuba.
Since 2020, FINCIMEX has been subject to restrictions due to U.S. sanctions, which have curtailed the flow of remittances. This led the Cuban regime to establish alternatives like Orbit S.A., also linked to GAESA. The reliance on these systems has been reinforced by mandatory banking measures imposed by the Central Bank of Cuba (BCC). These require businesses to use point-of-sale (POS) terminals for transactions exceeding 5,000 CUP, often passing on the associated fees to consumers amidst soaring inflation.
As for MIR cards, they are specifically designed for Russian citizens, facilitating transactions at ATMs and POS terminals in Cuba. While there is an intention to boost Russian tourism on the island, the uptake of these cards is limited, averaging 558 transactions per day.
Understanding FINCIMEX's Role and Impact of Payment Interruptions
Why is FINCIMEX implementing a temporary halt in card payments?
FINCIMEX is conducting a temporary halt to implement essential technological updates in the card processing system to enhance efficiency and security.
Which cards will be affected by this interruption?
The interruption will affect various card types including REDSA, AIS, Clásica, Visa, MasterCard, Union Pay, and MIR.
Are there any alternatives for transactions during the outage?
Yes, users are advised to use cash, especially in stores accepting MLC, and national payment gateways such as Transfermóvil and EnZona will remain operational.