Cadivi to test online spending system

Thursday, May 13, 2004

Venezuela's currency exchange control board Cadivi plans to launch a two-week test period next Monday to monitor the use of credit cards for online purchases, government news service Venpres quoted Cadivi president Edgard Hernández as saying.

Cadivi has completed theoretical analyses of the technical and legal aspects, and now needs to ensure that its relationship with the credit card chamber, banks and exchange bureaus works in practice.

Depending on the results of the test, banks can start issuing credit cards for online purchases from June 1.

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To keep online spending separate from spending at physical locations abroad, technical advisers suggest consumers use two separate credit cards. The online card would have an annual spending limit of US$1,000-2,000, whereas Cadivi has already authorized overseas spending of US$2,000 a year.

Holders must activate cards for overseas spending by presenting an ID card and passport, travel visa and flight ticket, but the online card will be automatically active once delivered, Hernández said.