The Superintendence of Banking Sector Institutions (Sudeban) held a meeting with authorities of the financial sector to evaluate the progress of the Interbank Mobile Payment System (P2P), the adaptation of the Carnet de la Patria as payment instrument and the regulations to points of sale. The Carnet de la Patria is an identification document that the government seeks to convert into a payment instrument by scanning the QR code of the card through a mobile device, without requiring any type of electronic device.

The meeting was led by the Deputy Minister of Economic Articulation, Xavier León of the Ministry of Economy and Finance and representatives of the Banking Association of Venezuela (ABV). Representatives of the private public banking sector, telephone and credit and debit card operators were also present at the meeting.

The regulatory agency asked financial institutions to try to counteract the effect of hyperinflation by granting consumer credit. Specifically, the representatives of the Superintendence asked the entities of the sector to periodically review the limits of transfers, operations at points of sale and credit cards – after studying their clients’ risk. The supervising body reported that a mechanism is being worked out so that this increase in credit cards is made progressively. They also indicated that they will review the interest rates, controlled by the financial authorities.

In the case of the Carnet de la Patria, public banks are the only ones currently providing recharge services through cashiers for this means of payment, leading Sudeban to exhort private banks to set the date for the activation of this system.

On the other hand, Sudeban presented a series of measures aimed at blocking financial crimes carried out with family remittances through national banks by means of international platforms. The details regarding these measures have not yet been disclosed.