Friday 3 February 2023

Consumers must enter PIN starting in February

Measure applies to debit or credit cards.

Paying the bills

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3 February 2023 - At The Banks - BCCR

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QCOSTARICA – Starting February 1, a new guideline by the Banco Central de Costa Rica (Central Bank) will come into effect when paying for products or services, with credit or debit cards, in any retail store in the country.

With this new guideline, for amounts greater than ¢30,000, the printed voucher will no longer be required, nor will you have to sign it or show your ID

All cardholders must enter the PIN number of their card for purchases greater than ¢30,000 colones, a mandatory requirement as of that date. Some retail stores, such as Pricesmart may, as they do currently for the signature required, have a higher threshold for the PIN.

It is for this reason that all cardholders must know the PIN number of their cards, which is the same used at the ATM.

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

With this new guideline, for amounts greater than ¢30,000, the printed voucher will no longer be required, nor will you have to sign it or show your ID (ie cedula or passport).

Currently, if the purchase is less than ¢30,000, the printing of the voucher or signing it is not required, only if the customer requests it.

Whether the purchase is less than or greater than ¢30,000, the transaction notification, to your email or text message, should reach you in less than a minute.

Read more: Printed voucher for purchases under ¢30,000 was eliminated from January 1

The use of the PIN for card purchases greater than ¢30,000 was to have taken effect last July, but the Central Bank extended the term.

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The Central Bank says the new guideline is a way of giving security to the purchases, to avoid fraud or scams.

Security recommendations

As of February, it is important that users be careful when entering their PIN at the point of purchase, basically taking similar precautions as they would at an ATM

Important also is not to share this password with anyone, nor should it be written down on a piece of paper in their wallet or card or stored in their cell phone

This measure is also applied in other countries.

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