Digital transactions in Venezuela are about to reach a 100 %

Venezuela continues to advance in the application of digital technology in its banking system, where transactions in this modality are at 99.1 %.

The president of the Venezuelan Banking Association, Pedro Pacheco: “We are in an extraordinary moment,” when addressing the issue of new technologies, ethics and regulation.

He argued that although the country is lagging in the technological field, initiatives have been applied to counteract what he considers “a decade of disinvestment.”

Pacheco was optimistic about the digitalization of the banking apparatus, stating that there is “a rebirth and an awareness of the need to catch up” on technological issues and Banking has a fundamental role.

The national banking system “has been making strong progress on issues that we had lagged behind, such as contactless,” he added.

He noted that in June the Superintendency of Banking Sector Institutions (Sudeban) published regulations to regulate the opening of digital bank accounts, as well as electronic contracts, biometric security system, among others.

Pacheco highlighted that in Venezuela, “99.1 % of digital transactions exceed the in-person operation of going to an agency. The (transaction in) agency practically today means less than 1%.”

Regarding financial inclusion, the president of the Venezuelan Banking Association indicated that “84 % of Venezuelans have a bank account. “We are leaders in Latin America when it comes to inclusion and banking.”

It is estimated that by the end of 2024, 70 % of operations will have reached contactless points of sale.

M.Pino

Source: eldiariodeguayana

(Reference image source: Unsplash+, in collaboration with Oleg Ivanov)

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