The preference for electronic financial transactions increases everyday, but the trend is to migrate to contactless payments, which will allow consumers to make their purchases 10 times faster than the traditional way.
Specialists in the subject explain that unlike the payment methods that until now are the most used in the region, contactless payments simply consist of holding a card in a payment reader to proceed with the transaction.
In Costa Rica, 36% of grocery stores and retail outlets have card payment systems, and on average they sell 27% more than those that do not have the service.
The data, which was collected between April and July of this year and is part of a study conducted by Fundes, shows that 44% of these types of businesses have bank accounts and 83% of establishments have an internet connection.
In 2017, money transfers made in Costa Rica through the Sinpe Móvil service added up to $34 million, 140% more than in 2016.
According to figures from the Central Bank "...In 2017, this service showed the highest growth in terms of quantity with 140.4% compared to 2016, being the service that showed the highest growth rates since its launch in May 2015."
In 2017, the amount of electronic payment services provided totaled $40.510 billion, which represented about three times the value of Nicaraguan GDP.
In 2017 the value of transactions increased by 15.6% with respect to 2016, behavior explained mainly by a greater dynamism in the operations of the Automated Clearing House (ACH), as these grew by 198%, while BCN operations did so by 7.8%.
The Costa Rican company Impesa has received an undisclosed investment from the Dominican company Agrega Partners, which will now hold a 15% share.
Impesa, dedicated to creating electronic payment solutions and owner of the Moneybite system, foresees, with the injection of capital received from the Dominican company, strengthening its administrative structure and reaching 10 countries in 2018.
It is estimated that the country has a delay of between 7 and 10 years in terms of access and use of mobile banking and electronic transactions compared to the United States and some South American countries.
The low level of bankization, low investment in technology and communication development, and difficulties in accessing the internet are some of the reasons why the country lags behind in relation to other nations in the use of applications and systems for making transactions online.
Ignorance and distrust on the part of the users is preventing mobile applications from being used more to carrying out financial transactions in the country.
From a statement issued by the Central Bank of El Salvador:
The Central Bank reported results from the "National Survey of Access to Financial Services in El Salvador", on this day, July 1.
The commercial potential of mobile devices continues to grow in emerging markets, where 93% of people check their phone in the first hour after waking up.
A global report by Deloitte highlights the growing business potential of mobile devices such as tablets and mobile phones, both in developed and emerging markets.
Financial operators who allow transactions to be made using mobile phones must have support capital and put a limit on the amount of transactions.
The project in consultation with the private sector was prepared jointly by the Superintendency of the Financial System (SSF) and the Central Reserve Bank (BCR).
A bill is to be submitted to Congress which intends to regulate banking transactions via phones.
The initiative will be presented in the next few days by the Central Reserve Bank (BCR) and the Superintendency of the Financial System (SSF), said the president of the BCR, Martha Evelyn de Rivera.
60% of the world's population have no access to banking services, although 85% have a mobile phone.
Brett King, founder of the first mobile banking service in the U.S. and the UK, and specialist in innovation in financial services, was at the XII Latin American Congress on banking automation, which is being held in Panama. His states that the key "to popularize and expand banking services to all sectors of the population is the use of mobile technology, especially since the advent of smart devices. "
From the month of September recipients of remittances in Guatemala, Honduras and El Salvador will be able to receive them on their mobile phones.
By using a its cellular network platform, the Guatemalan company Tigo Money, a subsidiary of Tigo, will offer international services for money receipts.
Calling cards, cell phones and internet payments. Should financial authorities redesign strategies to combat organized crime and its profits?
Ramon Garcia Gibson, an expert on the prevention of money laundering and terrorist financing, points out the slowness of adapting, when it is done, the rules and administrative and police procedures to the vertiginous changes in technology, in this case in payments methods available to the public.
Tigo announced yesterday that it will increase the number of Tigo Money agencies in Guatemala from 1400 to 2000, in order to reach populations without banking facilities in rural areas.
Tigo Money started as a remittance service that allows cost-effective money transfers to Tigo users in Guatemala, and it is now making preparations so that these agencies, which are installed in convenience stores, drugstores and gas stations in local communities, can also to pay microcredit.
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