These types of cards are used primarily for purchasing food products and are not transferable. The annual calculation must be made by adjusting the annual amount according to the inflation rate in the previous year, as set out in the law.
Open-loop prepaid cards are an additional benefit for Venezuelan employees, in both the public and private sector, and represent 100% of the prepaid cards that are used in the country. There are two modes of delivery for employee benefits: open-loop prepaid cards, mainly through Visa or MasterCard, and vouchers.
At the end of 2017, prepaid card operator Pago Mobil Sodexo introduced a new payment platform that allows transactions to be made via text message from any type of cell phone, whereby through only two text messages the transaction can be made, without the need to use a point-of-sale terminal. This will help cardholders to solve part of the problem of cash shortages for buying consumer goods.
In Venezuela, there are only open-loop prepaid cards available for food benefits. There are several companies offering cards in this area: Cestaticket Accor Services with its Ticket Alimentación Electrónico is the leader with the largest number of prepaid cards in circulation, followed by Sodexho Pass Venezuela with Bonus Alimentacion and Todoticket 2004, which is a subsidiary of Banesco Banco Universal.
Prepaid cards now work like a debit card for both the payee and the store because the commission for the store is the same as for a debit card. In some instances, these cards can also be used for online purchases in electronic stores.
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