FIRST AIRED: February 16, 2018

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>> Venezuela's longstanding economic problems have made paper money hard to come by. So it's fueling a boom in digital payment apps like Vippo and Tpago, which function like PayPal. And it's attracting everyone from vegetable merchants to taxi drivers.>>
> At least 18 private Venezuelan banks have also launched their own payment apps since 2016. And Venezuela's own Central Bank inadvertently reinforced the boom by slowing cash production. Just as inflation was spiraling into the quadruple digits. But banking websites and mobile apps often crash. Because the country's outdated telecommunications infrastructure just can't cope with the surging demand.
I get uncomfortable because I like to deal with customers quickly and speed things up.>>
Creating an app in Venezuela usually requires little capital though, given most salary expectations from coders. Electricity and internet utilities are also very cheap. Vippo, which is based in Caracas, saw a 30-fold increase in the number of people registering with it last year.>>
Yet despite the fact that many people don't even have bank accounts, much less cell phones, cash is clearly falling out of favor in Venezuela.