Saturday 12 June 2021

Daily Costa Ricans Using Less Cash Or Checks

COSTA RICA NEWS – A recent study by the Banco Central de Costa Rica (BCCR) – Central Bank, reveals Costa Rica are using less cash or checks to pay bills or shopping.

The study by Carlos Melegatti Sarlo, director of the Sistema Nacional de Pagos (SINPE) – National Payment System, shows that daily the SINPE moves billions of colones. Last year, for example, the online payment system recorded 7 million transactions, moving some 40 billion colones. The study also shows that last year Costa Ricans made some 200 million ATM transactions.

670px-Protect-Your-Online-Transactions-Step-3“In 2000, notes and coins in circulation accounted for 45.7% of the money supply (funds available for all economic transactions), representing 4.1% of the Gross Domestic Product (GDP), while in 2013 it had dropped to 39.9% and 3.7%, respecitvely, showing a weaking in the use of cash for payment”, noted the report.

- Advertisement -

Compared to other countries, Costa Rica maintains a cash percentage of the GDP lower than in other Latin American ecomonies like Mexico (5.5%) and Brazil (4.3%), and similar to that of the United Kingdom (3.8%) and Canada (3.8%), but relaltively high when compared to Sweden (2.7%) in 2012.

When it comes to plastic (debit and credit cards), the Central Bank study indicates that at the end of 2013 there were a total of 7.473.561 cards in circulation in the country (5.581.862 debit and 1.891.699 credit), an increase of 4.4% over 2012.

In 2013, a total of 213.7 million transactions were made with cards, an average of 45 transactions per capita, representing a 7.4% increase in over the previous year.

b4teadotcomTechnology promotoes the culture of the online payment system. The large number of salaries employees are paid by direct deposit to their bank account and then use a debit card to withdraw from an ATM or make purchases. With the implementation of the SINPE, businesses can now make payments for goods and services, all with the stroke of a keyboard, eliminating the necessity to visit a local bank branch and time wasted in line.

- Advertisement -

Every major utility in Costa Rica, ie. water, electricity, cable tv, internet and cell phones, can now be paid online. And at any time of day or night.

The use of electronic deposit to workers has increase significantly, reducing the use of a checkbook or cash, according to Soto.

Sources: Central Bank; CRHoy.com

- Advertisement -

FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

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

New Television Program To Promote Family Fun

Q ENTERTAINMENT - Attention families of Costa Rica! A new contest...

Nicaragua government assures that detainees violated one of the Ten Commandments

TODAY NICARAGUA – The vice president of Nicaragua and First Lady,...

MOST READ

The U.S. and Democracy in Nicaragua

Q REPORTS (Council on Foreign Affairs) Democracy is being destroyed in Nicaragua. This has been the long-term project of Daniel Ortega, the country’s dictator,...

COVID vaccines in the workplace: Can I ask who got their shots?

(DW) Jon works for the local government in the US state of Virginia. The 40-year-old received both his COVID shots in April. Most of...

Kamala Harris begins tour in Guatemala

Q24N - Arriving in the Guatemalan capital about two hours late, after the plane in which she was traveling had to turn around due...

Direct flight will connect Guanacaste with Austin starting in November

QCOSTARICA - American Airlines announced that starting November 2, 2021, it will offer a direct flight between Austin, Texas and the Daniel Oduber International...

Your cell phone can now notify you if you had contact with a positive case of covid-19

QCOSTARICA - Fifteen months after the national emergency against covid-19 was declared, Costa Ricans will have a digital platform where you can be notified...

Nicaragua government assures that detainees violated one of the Ten Commandments

TODAY NICARAGUA – The vice president of Nicaragua and First Lady, Rosario Murillo, assured that those who feel persecuted are for the crimes they...

Today’s Covid News: Contagion rate in Costa Rica remains unchanged in the last week

QCOSTARICA - The contagion rate of covid-19 in Costa Rica in the last week did not change, a fact that is seen for the...

Today’s Vehicle Restriction: June 11, “EVENS”

Today, Friday, June 11, only EVENS can circulate. The measure is countrywide and applied between 5:00 am and 9:00 pm, save for those under the...

El Salvador Makes Bitcoin Legal Tender, A World First

Q24N (Reuters) El Salvador has become the first country in the world to adopt bitcoin as legal tender after Congress approved President Nayib Bukele's...

WANT TO STAY UP TO DATE WITH THE LATEST!

Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

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.