Venezuela: 3.5 million informal businesses use digital payments

Approximately 3.5 million informal businesses and entrepreneurs in Venezuela are utilizing digital payment tools, according to data from the Venezuelan Chamber of Electronic Commerce (Cavecom-e).

Erick Beni Flores, Vice President of Cavecom-e, emphasized the need for administrative simplification to help these businesses transition into the formal economy. He noted that streamlining the process for obtaining licenses and permits through better coordination between government entities would allow entrepreneurs to increase income and expand the national taxpayer base.

Digital transactions now dominate the Venezuelan retail landscape, with official data indicating that between 96% and 99% of total national commercial payments are processed via digital channels in bolívares. Among these, ‘Pago Móvil’ remains the most widely used method, accounting for over 60% of daily electronic operations for both formal and informal sectors.