Ken research’s Payment Landscape In Venezuela: Opportunities and
Threats 2021 gives a detailed insight about the
payment industry in Venezuela. The report extensively talks about current and forecast values for each market in the
Venezuelan cards and payments industry, including debit and credit cards. The
report also includes detailed insights into payment instruments including
credit transfers, cards, cheques and direct debit. It also, includes an
overview of the country's key alternative payment instruments. Various
government regulations and market drivers of the cards and payment industry are
discussed. Different strategies used to market debit and credit cards by the
Venezuelan banks and institutes are analysed. The top market players in the
payment industry of Venezuela are Banesco Banco Universal, Banco de Venezuela,
BBVA Provincial, Mercantil Banco Universal, Banco Fondo Comun, Banco Occidental
de Descuento, Mastercard and Visa.
All over the world, businesses and consumers
have moved from cash to digital and cashless payments and the payments industry
is evolving at a fast rate in the countries digital payments are not commonly
used due to various reasons. Global payments revenue has been increasing in
multi-fold despite many disruptions in the market. Nonbanking digital entrants
have changed the customer experience and offer diverse payment options. Lack of cross-border payment services have encouraged various
players in the past to enter the market. Digitalisation in payment industry has
led to the digitalisation of transaction industry as well. As customers have
become more and more comfortable with swiping cards and paying through mobile
phones, the digitalisation of transaction industry is also expected to give way
to its infrastructural development. In Venezuela, the country faced a shortage
of cash in 2017 and the government has ever since been encouraging digital
payments through an app introduced by them, called BilleteraMovil. Many ATMs were shut down last year
owing to the increase in operational costs of running the machines.
Various government regulations have made it easier
for the penetration of payment companies and start-ups. The Government of
Venezuela recently reduced the VAT for debit ad credit part payments by 3-5%.
On a mission to promote cashless transactions and reduce cash dependency, all
major public and private sector banks have launched their own payments app
which allows them to transact online and go cashless. The Venezuelan government
is facing a cash shortage and thus is urging its citizens to move to digital
platforms to make payments and reduce cash dependency. The country is seeing an
increase in mobile phone users and thus the market for online payments is
forecasted to be favourable.
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