Fascinating Reuters article highlighting the move from cash to digital payments in Venezuela, despite some of the world’s lowest internet speeds and a significant fraction of the population without bank accounts and cellphones.
Requests for a taxi on the Nekso application, somewhat similar to Uber, doubled last year, according to its head of strategy Leonardo Salazar, speaking at the company offices that boast a Playstation console and ping pong table. Vippo, a Caracas-based payment app, saw a more than thirty-fold increase in the number of people registering last year. Citywallet, born as a pilot project for online parking payments at a private university, was extended to several shopping centers. “The cash crisis is getting worse every day but is giving us the opportunity to capture more and more transactions with our solution,” said Citywallet co-founder Atilana Pinon, 29.