Suiche 7B Denies Mobile Payment Fee Increases, Clarifies Fee Structure

Suiche 7B, Venezuela's primary interbank network, has issued a statement to quell rumors of increased mobile payment fees. The corporation clarified that the percentages for its mobile payment service have not changed. Instead, the minimum fee per transaction saw an adjustment, rising from 2 to 14 bolivars. This new minimum applies to all transactions, including those that are rejected or returned by the system.

The company specifically addressed and denied reports suggesting a blanket 2% increase across all interbank transfers. Suiche 7B emphasized that the 2% figure is not a general commission for mobile payments. It represents the maximum charge for the Commerce-to-Person (C2P) model, a cost borne by the merchant, not the individual making the payment. The network detailed that its mobile payment service operates with different percentages and responsibilities across three distinct modalities.

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In consequence, the figure of 2% does not constitute the general commission for Mobile Payment. It corresponds to the established limit for the C2P (Commerce to Person) modality, a charge assumed by the commerce and not by the user making the payment. The three modalities retain different percentages and distinct responsibilities: in P2P (Person to Person) the commission reaches up to 0.30% and is assumed by the person making the payment; in P2C (Person to Commerce) it reaches up to 1.50% and is assumed by the commerce.

In the Person-to-Person (P2P) model, the commission is capped at 0.30% and is paid by the sender. For Person-to-Commerce (P2C) transactions, the commission can reach up to 1.50% and is also absorbed by the merchant. Suiche 7B further explained that the 14 bolivar base fee is applied only when the calculated percentage of a transaction falls below this regulatory floor.

To illustrate, a P2P transaction of 1,000 bolivars, with a 0.30% commission, would amount to 3 bolivars. However, the minimum charge of 14 bolivars would apply. If the same P2P transaction were for 10,000 bolivars, the 0.30% calculation would yield 30 bolivars, which would then be debited as it exceeds the minimum threshold. This clarification aims to provide transparency regarding the fee structure and usage of Venezuela's mobile payment system.

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For Suiche 7B Corporation, it is important to point out that the figures contained in the tariff schedule of the Central Bank of Venezuela constitute maximum limits. Each financial institution defines its rates within these caps, so the applicable conditions may vary and must be consulted directly with the corresponding entity.