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Palau's Ministry of Finance (MOF) said more than 700 transactions have been completed at this stage, of which more than 400 are payments to retailers. The report notes that both exhibitors and retailers had a good experience during the pilot period, and that the PSC was well received as a digital payment system, even in the face of opposition from some government officials.
While there was no explicit mention of the second phase of the PSC pilot, the Ministry of Finance said that "the long-term goal is to implement the PSC as a convenient and cost-effective payment method across the country," implying that the project will be in the short term.
To achieve this, the pilot project will expand its reach to allow more financial institutions, retail businesses, and individuals to participate in the payment network. The report also calls for educational events to be held to show the public the benefits of using this digital cash alternative.
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