Sudeban and banks review progress in developing alternative payment system
6 septiembre 2019

The Superintendence of Banking Sector Institutions (Sudeban) met September 3 with representatives of public and private banks and credit and debit card operators to analyze the progress of these institutions in developing an alternative means of payment system, complementary to the one currently provided by Mastercard and Visa. A working group made up of technicians from Sudeban and banking institutions will be set up in order to propose within ten days concrete measures for creating this new national payment system.

During the meeting, the president of Sudeban, Antonio Morales, announced that the interconnection of credit and debit card operators will be carried out through a scheme developed by Consorcio Credicard, which is called “Naiguatá”. He also said that “our payment system cannot depend on international franchises”.

Finally, Morales asked the institutions to increase the daily limits for point of sale (POS) operations, from Bs.S. 5 million to Bs.S. 10 million (from USD 209 to USD 419), by September 10. He also urged to increase the number of POS available in the country.