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Saturday, October 7, 2017

Venezuela tests mobile payment to mitigate cash shortage

The Superintendency of Banking Sector Institutions of Venezuela (Sudeban) started this week the pilot tests of a new payment system through the mobile phone to mitigate the shortage of cash that crosses the nation, informed today the Venezuelan state agency AVN .

The system, known as Peer to Peer (P2P), seeks to "stimulate the use of electronic money and adapt the use of cash in the country" since natural persons can make payments or bank transfers using the mobile phone number associated with the banking institution and its identity card, according to the agency.

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