Congress on Credit Cards in Panama

From July 6th through 8th, experts from the financial industry will analyze the process of migration from traditional plastic to cards made with a chip.

Friday, June 26, 2009

The SmartCard Alliance Latin America (SCALA) will hold "C4 – Latin America/SCALA Annual Conference" in Panama City. There will be 30 exhibitors and 150 people related to the international financial industry participating in the event.

The conference will take on the topic of the migration from traditional plastic credit and debit cards, to the more secure and reliable cards with chips or “intelligence.” According to Laestrella.com.pa, “More than 60% of bank clients in Europe have cards with chips. In Latin America, out of a total 800 million credit and debit cards, just 30% use intelligent cards. The goal is to achieve better than 50% by the beginning of next year.”

More on this topic

Nicaragua: Credit Card Balance Grows by 21%

April 2014

The increase correlates to an increase in the number of merchants affiliated to credit card systems, the growth of the purchasing power of Nicaraguans and increased bancarisation.

According to a report by the Superintendency of Banks and Other Financial Institutions (Siboif), "...

Credit Card Rates and Fees in Panama

August 2013

A comparative analysis of fees and nominal annual interest rates for the first week of August 2013 on credit and financing cards.

From information published by the Consumer Authority of Panama:

Background

"Credit Card: An instrument which is magnetic, electronic or using other technology from the execution of a credit agreement previously concluded between a financial intermediary and another person, in order to facilitate the lease of or to obtain goods and services or obtaining cash from business affiliated to the system. "

Panama Prepares for Migration to Smart Cards

May 2013

Panamanian banks are preparing for the migration from magnetic to chip cards in an effort to reduce fraud in the country.

Although the change from magnetic to chip cards (EMV) in Panama is being applied gradually, banks such as Bac Credomatic and Banco General are already applying the finishing touches to adopting this new technology.

Microchip Cards Announced in Guatemala

July 2012

Visa has announced it will begin in Guatemala the process of eliminating magnetic stripe cards and replacing them with ones that have chips.

Guatemalan financial institutions are working on building the infrastructure necessary to meet this new technology, said the executive director of Visa Central America, Roger Sanchez. The delivery of the first chip card is scheduled for early next year.

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