Venezuela produces hi-tech POS terminals with Chinese technology

Venezuela has produced hi-tech point-of-sale (POS) terminals under an agreement with Chinese companies, which improves the country's financial security.

The new terminals were put to use on Wednesday. Venezuelan company of Site One Technology reached the agreement on the production of the electronic devices for card payment with Chinese Newtech and PAX Technology company.

On the outskirts of Caracas, the POS assembly plant has been built, which is expected to reach a capacity of 150,000 units annually.

The non-direct human contact technology has been applied in the new POS terminals with their advanced software, which will greatly improve the security in financial transactions.

Jose Urena, member of the technology committee of the Venezuelan National Assembly, said this agreement shows the good relationship between Chinese and Venezuelan companies.

"The representatives of the Chinese companies brought not only the assembly lines but also the knowledge of exchange. Venezuelans will be able to operate and assemble this type of technology in the country", he added.

The assembly plant is also expected to meet the demand in neighboring countries, such as Colombia, Ecuador and Bolivia, according to Liang Guo, manager of PAX Technology for Latin America.