Friday 17 September 2021

Costa Rica Central Bank Introduces Virtual Wallet (Monedero Virtual)

Paying the bills

Latest

500 Intel drones illuminated the night of celebration of the Bicentennial of Costa Rica

QCOSTARICA - During the celebration of the Bicentennial of...

Covid-19 contagion rate drops, but hospitals still under pressure

QCOSTARICA - The contagion rate of covid-19 once again...

More than 1.1 million vaccines against covid-19 have been received so far in September

QCOSTARICA - With the arrival of 157,950 doses of...

Chile reopens borders to visitors ahead of summer tourism season

Q24N - SANTIAGO (Reuters) - Chile announced plans to...

Chile among the 5 countries that are opening up and living with Covid

Q REPORTS - London (CNN) - More than 18...

Why buy a flat in Dubai

Investing and getting a good income is one of...

Today’s Vehicle Restriction September 17: Plates ending in “9 & 0” CANNOT circulate

QCOSTARICA - For today, Friday, September 17, vehicles with...
Paying the bills

Share

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.

- Advertisement -

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.

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.

- Advertisement -

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.

- Advertisement -

- Advertisement -
Paying the bills
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

Costa Ricans lose hope of a low dollar

QCOSTARICA - In December, Costa Ricans expected the dollar exchange rate...

BAC Customers Warned Of Online Banking Scams

QCOSTARICA - Users of BAC San José online should be careful...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.