Monday 26 September 2022

Sinpe Móvil transfers grow by leaps and bounds in 2020

As of July, the platform moved ¢79 billion colones in some 4.5 million transactions; 3.6 times compared to March

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24 September 2022 - At The Banks - BCCR

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(QCOSTARICA) Money transfers in Costa Rica through the SINPE Móvil by the Central Bank accelerated the growth rate in 2020. As of July, a new record figure of some 4.5 million transfers was reached.

The option of transferring money between accounts within each bank and towards others by using the telephone number and without the need to ask for the account number is increasingly used by consumers as a means of payment for small amounts.

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Between March and July of this year, the number of transactions grew 3.6 times. As of July, almost 3.3 million more transfers were made than in March, when the COVID-19 pandemic arrived and, with it, sanitary restrictions.

SINPE Móvil registered in the seventh month of the year, a total of ¢79 billion colones.

The average amount for each transfer is ¢17,400.

Unlike the full SINPE, the mobile version is a free service whereby money is transferred from one account to another by assigning a cell phone number.

The total amount allowed to transfer per day is ¢100,000 and the total amount received is a maximum of ¢2 million per month.

In addition to making payments, SINPE Móvil allows users to check their bank account balance through text messaging, by sending the word “BALANCE” to the code indicated by each financial institution.

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The Sistema Nacional de Pagos Electrónicos (SINPE), accessed through each bank’s website, has and costs between US$0.50 and US$5 dollars for a delayed transfer (usually the next day) or immediate. Each bank sets the commission rate and transfer limits and conditions for the use of the SINPE.



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Q Costa Rica
Reports by QCR staff

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