Increased remittances to Venezuela will strengthen the use of digital wallets
Experts predict a boom in digital wallets in Venezuela as a result of the increase in remittances to the country from the United States
Experts cited by the Inter-American Dialogue Migration and Remittances Program Data Program predict a boom in digital wallets in Venezuela thanks to the increase in remittances from the United States.
The reduction in the exchange rate disparity between the US dollar and the bolivar, Venezuela’s official currency, has led to remittances from the US increasing from 5 % to 20 %, according to Manuel Orozco, director of the Inter-American Dialogue Migration and Remittances Program.
Regarding this, Juan Mendoza, CEO of the Panama-based company Zinli, points out that “digital wallets are going to be the big winners here in Venezuela.”
Data indicates that Venezuela received approximately $6 billion in remittances in 2025. According to Mendoza, the “gap between the official exchange rate and the parallel rate (between the dollar and the bolivar) has narrowed from almost 120% to 30% currently.”
Considering that amidst the internal changes in the South American country, cash in dollars may become scarce, electronic means will be the leading option for sending remittances from the U.S.
M.Pino
Source: elorientaldemonagas
(Reference image source: Growtika on Unsplash)
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