Name
Global FinTech Guide
Country _ Name
Costa Rica
SectionTitle
Payment services
Body
FinTechs belonging to this category offer alternative payment services which are supposed to provide a faster and cheaper way for national, European, and international payments for private and business customers by using new technologies.

For example, payment service providers hereby offer solutions to easily integrate several payment services in online shops.

Some FinTechs furthermore provide real cash register systems and online-reservation solutions for restaurants and shops providing their own payment services or making use of the payment services of FinTechs described above.

Introduction

Attitude of the country towards modern payment services

Costa Rica exhibits a highly favorable attitude towards modern payment services, establishing itself as the most prominent e-commerce market in Central America. In 2023, sales volume reached US$5.5 billion, and it is expected that between 2023 and 2026, e-commerce will grow at a compound annual growth rate (CAGR) of 21%, reaching US$9.7 billion. This success in online sales is partly attributed to the highly banked population, with 82% of adults already having a bank or fintech account. Additionally, it is estimated that 80% of adults in Costa Rica already shop online, reflecting significant adoption and trust in digital payment platforms.

According to Payment & Commerce Market Intelligence´s (PCMI) E-commerce Data Library, the primary payment methods for e-commerce in Costa Rica, by share of volume, are as follows: internationally-enabled credit cards dominate at 64%, followed by debit cards at 17%, bank transfers at 10%, and digital wallets at 3%. Other methods, including gift cards, pay-on-delivery, and other miscellaneous payment methods, account for 4%, while domestic-only credit cards represent just 1%. Additionally, device usage plays a crucial role in the e-commerce landscape, with 71% of the volume coming from mobile device purchases and 29% from desktop purchases.

Legal affairs

Obligations and requirements to provide payment services or ancillary services described above

Costa Rica does not have a legislation that specifically regulates FinTechs related to payment services or ancillary services. However, General Superintendency of Financial Entities (SUGEF) regulation concerning general FinTechs in Costa Rica may be applied.

To these companies could also apply the provisions of both Law 8968 on the Protection of the Person against the Processing of Their Personal Data , and Law 7472 on the Promotion of Competition and Effective Consumer Defense .

Additional comments regarding the legal situation for payment services or what FinTech’s must be aware of in this business area

N/A

Economic conditions

Market size for payment services and biggest payment service providers
The Digital Payments market segment is primarily driven by consumer transactions, encompassing payments for goods and services conducted online, as well as mobile payments at point of sale (POS) via smartphone apps, and cross-border money transfers made over the internet (digital remittances). Transaction value represents the monetary flow out of the specified region. In Costa Rica, various online payment methods are available for e-commerce and virtual stores. Three of the most common payment service providers are the following:

  • PayPal: A popular choice, PayPal accepts credit/debit cards and payments via PayPal accounts.
  • Clip: A fintech startup that offers mobile point-of-sale (mPOS) solutions, enabling businesses to accept card payments through smartphones or tablets.
  • Wise: Wise is a leading international money transfer service renowned for its cost-effective and transparent cross-border payment solutions.


Additional comments regarding the economic situation for payment services or what FinTech’s must be aware of in this business area

N/A

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