Home Business Money Card Payments Of Less Than ¢15,000 Do Not Require Signature or ID

Card Payments Of Less Than ¢15,000 Do Not Require Signature or ID

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Paying for purchases of ¢15,000 colones or less at Costa Rica retail outlets with credit or debit cards that have a chip or contactless technology no longer require the presentation of ID or have the voucher signed. The change was adopted by the Central Bank in May of this year and applied at retail outlets last month.

In Costa Rica, there are about five million cards in the market, of which 60% are chip or contactless, explained Carlos Melegatti, head of Payment Services of the Central Bank. By December 31, 2018, all cards issued in Costa Rica must have chip or contactless technology.

In addition, some 65% of the Point of Sale (POS) terminals have the chip or contactless technology.

The change allows for quick payment for small amounts at retail outlets, in particular at corner stores or fast food outlets.