Venezuela Launches NFC Mobile Payments with Initial Rollout to Major Banks
CARACAS – Venezuela has taken a step toward modernizing its financial infrastructure with the launch of Near Field Communication (NFC) mobile payments, allowing users to complete transactions simply by bringing their smartphones near a compatible device. The technology, developed by the Suiche 7B interbank network, is currently available through the mobile applications of Bank of Venezuela, National Credit Bank, and Banking and Banking.
The rollout follows the incorporation of QR code payments less than two years ago and aims to provide a faster and more secure payment experience for Venezuelans. According to Madelein Suárez, executive president of Suiche 7B, “This is a specific step towards a more agile and safe payment experience. We are proud to see how the bank incorporates proximity solutions that directly benefit users.”
NFC technology enables wireless and secure data transmission between two compatible devices. Users access the NFC S7B mobile payment option within their bank’s app, then hold their phone near the recipient’s device, enter the amount, confirm the transaction, and await a confirmation sound.
Currently, the system supports person-to-person (P2P) and person-to-commerce (P2C) transactions, with plans to integrate commerce-to-person (C2P) payments in a later phase. Users must have the updated mobile application and activate the option within their phone’s settings.