Bolivia authorized electronic payments with digital wallets

Two new solutions that will facilitate payments for Bolivian citizens were authorized by the country’s Central Bank: the use of digital wallets for electronic payments and the issuance of virtual electronic cards.

According to an official statement from the Central Bank of Bolivia, the initiative constitutes a step towards the modernization of payments in the territory.

Board Resolution 111/2024, issued by the BCB, “promoted digital innovations by enabling digital wallets, or e-wallets, for users to use as electronic payment channels.”

The measure seeks to reduce risks and streamline payment processes, “to ensure the timely settlement of operations and, in this way, promote efficient communication between participants, maintaining the smooth operation of the payment system,” the statement said.

The measure is part of the modifications to the Regulation of Payment Services, Electronic Payment Instruments, Clearing and Settlement through Board Resolution No. 079/2022.

To help with familiarization in the use of digital wallets, workshops will be organized nationwide for financial institutions and all actors in the payment ecosystem. The content will include information on “the benefits, scope and potential of the regulatory framework to promote the development of the national payment infrastructure.”

By updating the BCB’s regulatory framework, it is possible to bridge gaps and facilitate the access of more citizens to safe and regulated digital financial services, within the framework of digital financial inclusion and the democratization of payments.

M.Pino

Source: cointelegraph

(Reference image source: Getty Images for Unsplash+)

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