A new financial application called Shasta is expected to start operating in Venezuela in the next few weeks. The new digital tool is for people without a foreign currency bank account which grants debit cards to its users. Anybody interested in using it must download the application on their cell phones and enter their personal and bank details. Confirmation from the Superintendency of Institutions of the Banking Sector (Sudeban) is still required for the operation to be officially approved, expected in the next few days.

The application, which has been running for several months in Europe, allows you to send money to anywhere in the world. It also supports payments through QR codes in authorized establishments. The Executive is hoping to include new players in the means of payment sector, to boost competition and discourage the use of cash.