Bank branches in Venezuela will be closed next Monday, January 12th, the first holiday on the calendar of the Superintendency of Banking Sector Institutions (Sudeban), due to Three Kings Day, which falls on January 6th.

However, citizens and businesses will be able to carry out transactions normally through the digital banking system, from their mobile devices or computers.

Likewise, ATMs will be available throughout the country, in addition to the telephone channels of each banking institution.

Sudeban recommends making payments, withdrawals, and other transactions that are available over the weekend at physical branches.

M.Pino

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La entrada Banks will be closed on Monday, January 12th apareció primero en Bitfinance.

The president of the National Association of Supermarkets and Self-Service Stores (ANSA), Italo Atencio, stated that in Venezuela, 80 % of supermarket transactions are made electronically, whether through point-of-sale terminals, mobile payment systems, or biometric payment methods, among others.

Atencio explained that “currently, 96 % of transactions are made in bolivars, while the remaining 4 % are made in foreign currency.” He also highlighted the use of payment platforms operating in the country that allow “installment purchases as an alternative to increase average spending.”

The association president referred to the frequency of shopping, which is determined by income, indicating that previously people would shop once a week for essential items, primarily protein products. This pattern has changed to shopping two or three times a week.

Atencio mentioned that “90 % of the products on the shelves are made in Venezuela or assembled there, while the other 10 % are imported.” The preference for locally produced products is positive for competition.

M.Pino

Source: elaragueno

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La entrada Electronic transactions show remarkable increase in Venezuela apareció primero en Bitfinance.

Visa has signed a definitive agreement to acquire the Brazilian ‘fintech’ Pismo, which has operations in the regions of Latin America, Asia Pacific and Europe, for a total amount of 1,000 million dollars (about 914 million euros).

With the acquisition of Pismo, Visa will be positioned to provide central banking and issuer processing capabilities across debit, prepaid, credit and commercial cards for customers through cloud-native technologies. Pismo’s platform will also enable Visa to provide support and connectivity for emerging payment lanes, such as Pix in Brazil, and for financial institution customers.

Pismo will retain its current management team. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in late 2023.

Visa’s director of product and strategy, Jack Forestell, has stated that through the acquisition of Pismo, Visa can “better” serve its financial institutions and ‘fintech’ clients, with “more differentiated” banking and issuing solutions.

For his part, the co-founder and CEO of Pismo, Ricardo Josua, explained that Visa provides them with “unmatched” support to expand their presence around the world and help shape a new era for banking and payments.

Source: dpa

(Reference image source: Europa Press, dpa)

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La entrada Visa buys Brazilian fintech Pismo for USD 1 billion apareció primero en Bitfinance.

The adoption of electronic payments is becoming morecommon in the financial market and its growing interest is evidenced in surprising figures, as indicated by the US payment processor Stripe.

One of the main reasons is that digital payments make it easier for buyers to cancel sellers without the need to exchange physical currency, and although their existence as financial services has been going on for many years, current times serve as a stimulus for the demanding population to resort to to this mode in order to avoid banknotes and coins.

In previous times this service was very useful to attract customers, today digital payments have become a more secure and reliable channel to achieve any type of additional sales. In addition, they also generate real-time data on sellers’ operations, when cash flows occur, and consumer buying habits.

Patented benefits

Cryptocurrencies are another financial vehicle that offers patent benefits in the case of digital payments, and unlike fiat currencies, they have a guarantee in their value, that is, at the time of issuance it continues to maintain the amount. Decentralized verification is another benefit, as it eliminates the need to trust the other parties involved such as: governments or regulators.

Despite these advantages, the value of digital assets is not managed by the Central Bank, which means that their fluctuations constantly vary. However, there are crypto assets anchored to stablecoins such as the dollar, fully backed by cash reserves, known as stablecoins but, like other traditional means of exchange, they depend on regulators.

K. Villarroel

Source: bancaynegocios

La entrada Digital payments, the most common financial service apareció primero en Bitfinance.

Skrill and Neteller have made the decision to quit the list of electronic payment platforms that are shared in Venezuela, as both companies announced to their users through social networks.

The measure urges its users of the South American nation to withdraw funds before February 20. To date only the withdrawal service will be enabled and the deposit option has been suspended.

Although more details of what happened are unknown, both Neteller and Skrill tweeted that the measure responds to a “business decision“. The tweet was published after receiving numerous messages from customers requesting a justification for the fact.

Neteller and Skrill services will be suspended not only in Venezuela but in Zimbabwe were users also received the same email with the respective limitations, leaving only the withdrawal service until April 20.

Given the shock experienced in the networks by such news, many users took advantage of the moment to clarify that cryptocurrencies could help the affected people by driving the demand for greater adoption of bitcoin.

 K. Villarroel

La entrada Skrill and Neteller will stop providing service in Venezuela apareció primero en Bitfinance.