Saturday, 6 June 2020

Costa Rica Central Bank Introduces Virtual Wallet (Monedero Virtual)

celulares7-hero

QCOSTARICA – Customers of the Banco Nacional (BN), Banco de Costa Rica (BCR) and BAC San José can, through Monedero Virtual (Virtual Wallet) now make SINPE transfers from the smartphones.

The Banco de Central de Costa Rica (BCCR) – Central Bank –  on Thursday introduced the SINPE Móvil (Mobile SINPE) and the Cuentas de Expediente Simplificado program, a simplified bank account opening process (to start in second half of the year), with the objective of making formal banking available to an estimated 35% of the population (1.4 million people) over the age of 15 that does not currently use banks.

The SINPE Movil, an extension of the Sistema Nacional de Pagos Electrónicos (SINPE) – National Electronic Payments System, allows anyone with an account in colones in a commercial bank, who have an active cellular phone line, to make payments through the Banca SMS, Banca Web Móvil, Banca App, Banca en Línea and Red de Cajeros Automáticos channels.

- paying the bills -

For now there is no commission on all transactions up to ¢100.000, for higher amounts, the corresponding fees will apply.

sinpe-movilAccording to the Central Bank, in Costa Rica about 90% of the transactions are made in cash. The objective of the new tool is to give consumers an alternative to cash through a secure electronic payment mechanism.

The benefit of this platform for banks is that they can reduce the circulation of cash in the domestic market, allowing them to cut operating costs and increase customer safety.

“The use of cash, currency and coins costs the country US$500 million dollars in transfers, custody and other costs,” said Costa Rica President Luis Guillermo Solis, through his account on Twitter.

Getting ready to join the Monedero Virtual system are Coppe Ande, Coopenae and the Lafise bank.

- paying the bills -

More, if not all, banks are expected to join before the end of the year, though there is no deadline or requirements for institutions to join, according to  Carlos Melegatti, director of Payment Systems at the BCCR.


How Does It Work?

At the Banco Nacional (BN), for customers with accounts in colones, they are required to have a Kolbi (ICE) cellular line and a cellular phone with SMS (text message) capacity.

  • Transactions are processed only from a registered telephone number, and although there are no fees for transactions, there is the cost of ¢5 colones to send a text message (this charged by the cellular operator).
  • By default, mobile transactions are restricted to ¢20.000 daily, but can be increased by changing the limits at any ATM or the banks website.
  • Transactions cannot be cancelled or reversed.
  • International transactions (transfers made outside of Costa Rica) are permitted if and when the customer subscribes to roaming.

Terms and conditions may vary with other financial institutions.

Rico
Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

Whom to believe, hackers or your BCR bank?

(Rico's Digest) “To our great regret, executives, employees, regulators, Visa and...

Dollar Exchange Drops Below ¢570

The "yo-yo" dollar exchange today, Wednesday, April 15, is at a...

MOST READ

Stay home! Clínica Bíblica offers COVID-19 testing at home!

Understanding the need for social distancing and facilitating access to the health of the population, the Hospital Clínica Bíblica offers COVID-19 testing and any...

Restaurants and hotels among re-opening effective today

(QCOSTARICA) Starting today, Monday, June 1 and until June 19, new "extensions" for commercial activities apply; that is while maintaining measures of social distancing...

Tourists must fill out an epidemiological form to enter the country

(QCOSTARICA) Starting next July 1, the entry of tourists to Costa Rica could be resumed. Given this, the country is already working on new...

Moody’s changes the outlook on Costa Rica’s ratings to negative from stable; affirms B2 ratings

Moody's Investors Service on Tuesday (June 2) changed the outlook on Costa Rica's ratings to negative from stable. Concurrently, Moody's has affirmed Costa Rica's...

Increase in Covid-19 cases is linked to “agricultural or packaging activities,” says Salas

The spike of 52 new cases on Wednesday and 37 on Thursday of Covid-19 in Costa Rica is linked to agricultural and "packaging" activities,...

Eruptions in Rincón de la Vieja volcano rose up to 2,000 meters above the height of the crater

The Rincón de la Vieja volcano, located between the cantons of Liberia and Upala, made two eruptions Monday, June 1, that reached 2,000 meters...

Let's Keep This Going!

To be updated with all the latest news and information about Costa Rica and Latin America.