Venezuela digital payment trends and banking costs

Venezuela is experiencing a period of intense digital financial activity characterized by high transaction volumes and rising costs. By August 2026, mobile payment transactions reached 8,500 per minute, up from 6,000 per minute in 2025 and over 7,000 in June 2026. Richard Ujueta Contreras, president of the Venezuelan Chamber of Electronic Commerce (Cavecom-e), stated that the country maintains one of the highest volumes of financial transactions globally, with 99% of operations conducted digitally in bolívares.

Recent data from Cavecom-e indicates that approximately 3.5 million informal businesses and entrepreneurs are now utilizing digital payment tools. ‘Pago Móvil’ has emerged as the dominant method, accounting for over 60% of daily electronic operations across both formal and informal sectors. In response to these shifts, Cavecom-e is advocating for broader digital transformation through electronic invoicing to improve transparency and administrative efficiency.

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

However, this digital surge coincides with significant increases in banking commissions implemented by the Central Bank (BCV). Minimum fixed fees for mobile payments rose from Bs 2 to Bs 14, a change that applies even to failed transactions. Specific rates include 0.30% for person-to-person (P2P) transfers and 1.50% for person-to-commerce (P2C) transactions, while commerce-to-person (C2P) fees between different banks can reach 2%. Experts have warned that these costs create a ‘trap’ for micro-payments, such as those used for public transportation.