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News > Latin America

Venezuela Launches Innovative Digital Fuel Payment Initiative

  • Some of the latest developments in technology will be utilized in the program including fingerprint recognition, QR coding, and geolocation.

    Some of the latest developments in technology will be utilized in the program including fingerprint recognition, QR coding, and geolocation. | Photo: Reuters

Published 24 September 2018
Opinion

Bio Pago, will limit the cross-border trading of gas and stabilize the constant fluctuating international gas prices for members.

A new digital program, Bio Pago, arrives in Venezuela Monday for a month-long trial in an effort to control fuel smuggling and offer citizens a state-funded payment alternative for their daily commute.

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Gas stations across the South American country participated in the launching of the revolutionary platform this week, introducing wireless devices capable of reading the state-issued card.

Venezuelan President Nicolas Maduro explained Thursday that the system will limit the cross-border trading of gas as well as stabilize the constant fluctuating international gas prices for those enrolled in the government program.

"The fuel that the nation will save through the internationalization of prices, will go directly into the foreign market to generate financial return and boost investment in education, food, public services, housing, health, and medicine," said Maduro.

Some of the latest developments in technology will be utilized in the program including fingerprint recognition, QR coding, and geolocation.

The initiative is currently active in the Amazonas, Apure, Bolívar, Falcón, Delta Amacuro, Táchira, Sucre, and Zulia states.

Bio Pago supports the nation’s Economic Recovery, Growth and Prosperity program which aims to fight inflation by circulating money into the economy and, consequently, back into government institutions.

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