Venezuela Launches NFC โMobile Paymentsโ with Initial Rollout to Major Banks
CARACAS – Venezuela has โtaken โa step toward modernizing โits financialโฃ infrastructure with the launch of โNear Field Communication (NFC) โขmobile payments, allowing users to completeโ transactions simplyโค by bringing their smartphones near a compatible device. The technology, โฃdevelopedโฃ by the Suicheโ 7B interbank network, is currently availableโ through the mobile applications of Bank of Venezuela, National Credit Bank, and Banking and Banking.
The โฃrollout follows the incorporation โขof โQR code payments less than twoโ years ago โคand aims to provide a faster and more secure payment experience for Venezuelans. According to Madelein Suรกrez, executive presidentโ of Suiche 7B, “This is a โขspecificโข step towardsโข a more agile and safe payment experience. We are proud โฃto see โhow the bank incorporates proximity solutions that directly benefit users.”
NFC technology enablesโ wireless and secure data โขtransmission between two compatible devices. Users accessโ the NFC S7B mobile payment option within their โbank’s app,โข then hold their phone nearโค theโฃ recipient’s device, enter the amount, confirm the transaction, and โawait a โคconfirmation sound.
Currently, the system supports person-to-person (P2P) and person-to-commerce (P2C) transactions, with โplans to integrate commerce-to-personโฃ (C2P) payments in a โฃlater phase. Users must have theโ updated mobile application andโฃ activate the option within their phone’s settings.