Cryptocurrency

Users of Uphold in Venezuela will be able to pay accounts in us dollars and euros with bitcoin

A new alternative payments with the dollars you plan to make appearance in Venezuela, then from the platform to Uphold pactara recently a partnership with the app Agile Fintech.

Local merchants will now be able to accept foreign currencies for the purchase of products, just by scanning a QR code from the mobile application of Agile. Additional to this service, each of the payments made on the new platform may be financed from Venezuela with bitcoin and those cryptocurrencies enabled in Uphold. So says exclusively for Breaking News Robin O’connell, editor-in-chief of revenue Uphold.

O’ Connell states that, in a next stage of this project, Agile and Uphold plan that bitcoin will become an alternative payment enabled for residents of Venezuela. In this way, the users of Uphold be able to directly access their savings in cryptocurrencies and make purchases national.

In a first stage, users will have access to your balance in dollars and euros. Also, users of cryptocurrencies will be able to fund your account dollars through a swap operation Uphold. We are already analyzing for a next stage, the ability of users to access directly from Agile to their balances in cryptocurrencies and make payments.

Robin O’connell, editor-in-chief of revenue Uphold.

Uphold takes more than a year studying the venezuelan market to introduce a payment solution that can be useful to its citizens, who must deal with daily to a hyperinflationary economy. Likewise, the platform for financial services predicts that Venezuela is the first country of many in Latin america that will benefit from the association with Agile Fintech, notes Robin O’connell.

Venezuela pays in dollars and euros with Uphold

Agile Fintech is described on its website as a platform for digital payment that has license to operate granted by the authorities of the united States, the United Kingdom and the European Union (EU).

The platform is currently active in 35 countries, turning smart phones into points of sale for the payment of goods, services, and cancellation of payroll. Businesses only have to join quick to get a QR code tailored to your business, that allow you to accept payments in foreign currencies.

The startup works by means of an application, which can be downloaded by Google Play and the Apple App Store. He also points out that users can get transfers in dollars and euros, without the need of a bank account abroad, which would facilitate the use of these currencies in Latin american countries.

Uphold decided to partner with this startup to offer a payment solution in the caribbean nation, as it has an infrastructure that can adapt to the needs of this market. “Venezuela is going through a special situation in the region and Agile is taking advantage of that opportunity to offer and test this new service model,” said Robin O’ Connell.

The alliance agreed by both companies is based on “synergy” between services, since Agile will allow users to access their account balance in us dollars in Uphold and conduct transactions P2P at the time. Also, each trader that join the settlement will receive a product tailored to their needs, describes the director-in-chief of income:

The team of Agile will adapt the solution to each trader, so that each cashier will receive a notification, which is much less cumbersome than the current process. You will have a very easy to payments in premises, at the time of charge. The client will only have to register in our URL (web app), which will be launched soon and to link your account made Easy to your account Uphold. Currently in Venezuela, there are no alternatives with these features and benefits.

Robin O’connell, editor-in-chief of revenue Uphold.

Transactions in 7 seconds

O’connell describes Agile as “a layer of services”, as it connects the balance in foreign currencies that is kept in Uphold with the possibility of make payments physical. In this way, users can use their savings in dollars to cancel goods and services.

People who hold bitcoin and other cryptocurrencies in his account of Uphold be able to do an exchange to dollars to take advantage of this payment service in Venezuela. Already with an account balance in us dollars, the user only needs to scan the unique QR code of the trade and enter the amount to transfer.

Each trade that will join Agile will have its unique QR code, which will be used by the clients to transfer dollars and euros. Source: Agile Fintech.

Completed the payment, the cashier of said merchant will receive a notice of the transfer, which allows you to generate a receipt. The company will record such receipt in your data source and shall deliver the goods to the customer. “We estimate that this process will take between 7 and 10 seconds,” says O’connell.

A population is unprotected

What dollars, euros, bitcoins, a kilo of rice? All of these are payment alternatives that venezuelans have begun to use in the day-to-day as a substitute of the bolivar, the national currency.

Robin O’connell is the editor-in-chief of revenue and partnerships Uphold.

The lack of cash and the hyper-inflationary economy leads to the citizens of the caribbean country to have that apañárselas with foreign currencies, that allow them to protect the value of their property and wages to the constant devaluation of the bolivar.

The dollarization of the market brought with it another problem: the dollars and euros are also physical goods are scarce. In addition, in Venezuela there is not yet a stable infrastructure and inclusive that allow the transfer of foreign currencies, which further limits the payment of goods and services with dollars.

In case outside little, is an essential requirement for the safe transfer of these currencies that their owners have a foreign account where to ensure your savings. Because of this, a large part of the population remains without access to alternative methods of payment other than the bolivar and the dollar in cash.

Before the emergence of the dollar as the hard currency in Venezuela, services as Zelle began to be used with increasing frequency, leading to a congestion of transactions that led to the suspension of its operations. On the other hand, alternatives like Paypal and Payoneer have not been able to penetrate in the common use, although they are widely used by employees to freelancers.

In the midst of this conyuntura, Robin O’ Connell states that Uphold saw an opportunity to introduce a new payment solution in Venezuela that you can solve this problem.

The venezuelan economy faces a problem of hyperinflation and the system of local payments has been moved to the dollar. The majority of these transactions are done in cash, which generates many problems for consumers and businesses. We have more than a year working on this. For us it was clear that there was a need, and the massive adoption of Zelle was unworkable and with little scalability. Further developments of Zelle, had nothing to do with our pitching, although they represent a clear opportunity.

Robin O’connell, editor-in-chief of revenue Uphold.

Uphold has been in negotiations with two strings of trade of venezuela for the adoption of this application of payments, and expect to have satisfactory results with two other companies that also have discussed the use of this platform.

“We hope that in mid-July of 2020, customers make purchases with their balances to Uphold using the Agile implementation”, states the director-in-chief. In addition to these plans, Uphold expected that in the near future the settlement of payments to achieve independence from the venezuelan market and bet on other countries of Latin America.

About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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