Cards & Payments Industry Performance in Venezuela Explored by GlobalData in Its Cutting-Edge Report Available at MarketPublishers.com12 Apr 2017 • by Natalie Aster
LONDON – In 2016, the government of Venezuela imposed a new regulation that capped daily cash withdrawals at ATMs in order to reduce the dependence on cash and also to promote electronic payments in the country. According to this novel policy, individuals can only use their own bank’s ATMs, moreover, they can carry out maximum of 4 transactions per day and withdraw a maximum of USD 1,002.5 (which is equal to VEF 10,000).
Furthermore, in December of the past year the Venezuelan government launched a two percentage-point discount on VAT on services and products bought with the use of payment cards, thus bringing the VAT rate down from 12% to 10%. The discount only applies to transactions valued over USD 20,050.6 (VEF200,000).
In the wake of accelerating financial turmoil and hyperinflation in Venezuela, virtual currency bitcoin is gradually gaining momentum in the country. In November 2016, the number of users reached 85,000. To capitalize on its escalating popularity, Cryptobuyer (Venezuela-based startup) partnered with Visa in September of the past year to offer free bitcoin debit cards, which allow users to send bitcoin payments to individuals in other countries without intermediaries, such cards could also be used to make payments at POS terminals and make cash withdrawals at ATMs in Venezuela.
Cutting-edge topical study “The Cards and Payments Industry in Venezuela: Emerging Trends and Opportunities to 2020” by GlobalData is a reliable source of valuable data on the performance of the cards and payments industry in Venezuela. The report touches upon the top trends, examines the main market segments, sheds light on the recent developments and examines the key influencing factors. It identifies the top opportunities and threats, reviews the major market players and touches upon the regulative scenario, in addition, the report contains future forecasts through 2020.
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