 22-Jan-18, Reuters

Amid a dire economic crisis in Venezuela a payments innovation is taking hold, though for very different reasons than in the US. People from vegetable sellers to taxi drivers have registered to use mobile payment applications to attract customers who do not have enough paper money, which is in short supply due to soaring prices. 

Image: Reuters

The maximum daily amount Venezuelans can withdraw from cash machines is around VEF10,000, around USD0.04 at the black market rate.

Venezuela’s hyperinflation, one of the first of the digital era, is producing surprise winners in a tough business climate: small technology companies based in the crisis-stricken country.

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