Introduction

As the world embraces digital transformation, the financial sector revolution is the one of the first ones to strive. The coming in of digital payments and e-wallets have revolutionized how finance and money flows across the world and within sub regions. In Suriname as well, the adoption of digital means of commerce is on a rise with new e-wallets and fintech solutions.

The CBvs operates the national payments system in Suriname. It’s aiming to introduce and fuel up modern electronic payment systems in the local banking and day to day transactions. As it wants to provide an up to date financial infrastructure, it is aiming to provide the following benefits;

1. The central bank would provide transparency and risk reduction
2. The banking industry will become more efficient by picking up solutions which are cost effective and convenient. 
3. The national economy with sound systems will promote overall growth.
4. It will improve the entry of foreign businesses and investors and help grow the local businesses.

With this initiative of the CBvs comes the advancement in already planted digital payments and fintech services that facilitate business operations in Suriname. Let’s find out more about the economy of Suriname and its positioning in terms of digitization of payments. Let's also look at the best payment and commerce solutions in the country!

The Rise of digital payments in Suriname

Over the past few years, Suriname has witnessed a significant rise in the use of digitization of money, the following factors have contributed to this change;

1. Increased Internet penetration and mobile phone usage
2. Better financial literacy among local folks
3. Advancement in the features and security provided 
4. Ease of use and improved approach with transactions

These factors have actively contributed to the growth of digital payments among the Surinamese which is leading to a significant shift in banking methods and digital finance. 

How to Choose a Payment Platform in Suriname?

Payment platforms pave the way by facilitating payments between buyers and sellers. But as a business, if you want to employ the services of a payment platform, you need to look for a few criteria before taking the plunge. Here are some things to look out for before shortlisting a payment platform:

1. Reliability

When dealing with financial and monetary standards regularly, you need to consider a reliable payment platform with a reputable market standing. This way, whenever you or your customers transact online with your business, you know your business is in safe hands, and you won’t be tricked. 

2. Support currencies

As you expand your business to other countries, you must accept payments in different currencies. However, not every payment platform accepts payments in multiple currencies, which can often be a deal breaker. Every country’s payment platform provides various local and international currency options, allowing the local population to receive/send payments via their preferred mode.

3. Payment options

A good, reliable payment platform offers plenty of opportunities for users to make payments via different payment methods. These might include payments via the following channels:

• Credit cards
• Debit cards
• Net banking
• Digital wallets

The list is not exhaustive; what’s important is that you need to have the facility for your customers to make payments without worrying about transaction safety.

4. Market integration

The first sign of a successful business is expansion and market integration. As you develop your business and venture out into newer markets, you will always want a payment option that works well with the inherent local currency. The idea is to provide convenience to your customers to pay in the local currency.

5. Security

The internet is full of fraudulent scamsters who leave no opportunity to hack into financial accounts and steal confidential information. A secure payment platform needs several layers of encryption that prevent hackers from stealing customer information. Plenty of payment platforms in the market provide secure transaction level security to businesses and customers alike.

6. Pricing and other options

You need to consider the different pricing, transactional, and conversion fee applied to payments received via the payment platforms. As a business, you can even employ multiple payment platforms to choose the one that offers the best pricing and transactional fee when sending/receiving payments.

Look at no other solution when it comes to running your business smoothly on the side of finances -  managing transactions, secure flow of money, customer support, it’s all covered with the cost effective solutions of Transfi. 

Also read about: Mapping the Stablecoin Stack: Infrastructure, Yields, and the New Digital Dollar Economy

The Best Way to Accept Global Payments

Transfi offers a full-service payment infrastructure that enables your business to accept payments from Suriname and beyond. Our platform is designed for global payment processing, with a scalable solution that can grow as your business expands. 

By choosing Transfi as your payment service provider, your business can take advantage of a range of benefits, including:

1. A variety of payment methods, from debit and credit cards to digital wallets and local payment methods.

2. Developer-friendly APIs for a custom website integration, to create the optimal checkout experience for your customers

3. PCI DSS Level 1 compliance, ensuring that every transaction meets global security standards.

4. Multi-factor authentication through the 3D Secure 2.0 (3DS2) system, providing protection against fraud.

5. Customer insights and transaction reports, available through the user-friendly Pay Dashboard.

6. Transparent pricing with a straightforward flat-fee per-transaction structure, enabling you to upgrade your payment platform with no hidden fees.

Click here to create your Transfi account now!

How Transfi Makes Payments Faster, Cheaper and Smarter?

Transfi helps businesses improve conversions by offering faster, more reliable payments. Customers can pay instantly through the payment platform from their linked bank accounts or stablecoins and other payment methods without needing a credit card, removing unnecessary steps that slow down transactions.

What makes Transfi different?

Payments process in real time. No waiting, no pending status.

No credit card needed. Customers pay directly, with fees which are very low and there are no hidden costs. Multiple ways to pay. Instant payment links, QR codes and no-code checkout pages make transactions effortless.

Transfi is a global payment integration and aggregation platform that can help you integrate 40+ currencies and 250+ payment methods across 70+ countries. So, whether you're based out of Suriname and want to offer online services to people in Suriname or across the globe or expand your business in Suriname, you can rely on Transfi to facilitate seamless payments.

Impact of digital payments on Suriname’s economy

Digitization in recent years has had a profound impact on Suriname’s economy. It has facilitated the growth of e-commerce enabling businesses to reach a wider consumer base and ease the pipeline of buying and selling. Additionally it has resulted in better financial inclusion by providing financial services to everyone. Conclusively, it has contributed to the growing significance of the country's economy in the wider realm. 

Conclusion

Seamless Payments for Every Customer, Every Industry!

At the end of the day, customers expect fast, secure and convenient payments. Surinamen consumers, in the present day, have a growing need for a variety of payment preferences, from card transactions and instant transfers to contactless payments and cash. Businesses that support these options create a frictionless experience that keeps customers coming back.

By integrating Transfi, businesses provide a single payment solution that combines speed, security and affordability in these changing times. Customers get a seamless way to pay, while businesses cut costs and simplify transactions – all with an easy-to-implement system that works across industries. 

A hassle-free payment means happier customers, fewer abandoned carts and increased revenue. Payments should be the easiest part of the business, and with Transfi, they are. 

Frequently asked questions (FAQs)

1. How has digitization impacted Suriname’s economy?

Digitization in recent years has had a profound impact on Suriname’s economy. It has facilitated the growth of e-commerce enabling businesses to reach a wider consumer base and ease the pipeline of buying and selling. Additionally it has resulted in better financial inclusion by providing financial services to everyone. 

2. What's the safest way to accept payments in Suriname?

The safest way to accept payments in Suriname is through Transfi. We comply with the highest level of PCI DSS security standards through tech like tokenization, which hides transaction details in transit. 

3. How can my business accept digital payments from Suriname?

Your business can easily accept payments from Suriname with Transfi. We offer global payment processing for a wide range of payment methods popular in the region. When you work with Transfi, you can let your customers pay you the way they want, while knowing that your payment system is completely secure.

4. What are the criterias to look out for payment platforms in Suriname? 

• Reliability
• Supported currencies
• Payment options
• Integration
• Security
• Pricing 

5. What is the Best Way to Accept Global Payments in Suriname?

Transfi offers a full-service payment infrastructure that enables your business to accept payments from Suriname and beyond. Our platform is designed for global payment processing, with a scalable solution that can grow as your business expands.