“Tap on Phone” Payment Technology Gets to Costa Rica

It Is the First Country in Latin America to Use This New Payment Method

With the objective that more people and businesses have greater access to the financial ecosystem and the informal economy is diminished, Banco Promerica launche its new Tap on Phone payment technology under the trade name “Toque”, which consists of offering merchants a simple and cost-effective solution for accepting contactless payments through a cell phone without the use of any additional device.

Merchants who want to have this technology should request the service by sending an email to the following address: [email protected]

“Tap” will work to accept payments from any card enabled with contactless payment technology directly from an Android device enabled for short-range and high-frequency NFC (wireless communication technology) that allows data exchange between devices.

“The new era has started now, only with a smartphone, any type of business can accept payments made with credit and debit cards, as well as other devices such as rings, bracelets or wallet applications,” said Javier Chacón, Manager of Electronic Channels and Adquirencia, Banco Promerica de Costa Rica.

Mastercard has been at the forefront in the design of security requirements around Tap on Phone “Touch” and thus ensure that payments captured through this technology remain as secure as with a traditional dataphone.

In addition to offering fast, safe and convenient experiences to their customers, businesses will have multiple benefits such as: access to a history of transactions made from the comfort of their mobile device, with the possibility of doing an analysis of them weekly , monthly, by currency or by amount, have the possibility to enter their products and be selected from the same app, and make purchases in colones or US dollars.

“And in the case of consumers, they will have the benefits of making contactless payments, which allows them to make their purchases in a fast, versatile way and almost anywhere where only cash was previously received”, affirmed Javier Chacón, Manager of Electronic Channels and Acquisition, Banco Promerica de Costa Rica.

Banco Promerica becomes a pioneering institution in implementing this new technology to pay products and services

The high penetration that the smartphone has had in the region will allow an accelerated growth of banking people, which will help more people have access to the financial system which will allow them to have greater control of their transactions, recover unrecognized expenses with complementary insurance and also, it will help them generate a good credit history.

“Mastercard brings innovation to Costa Rica, making it the first country in Latin America to implement acceptance technology through a mobile phone. The investment made by the country’s payment methods industry and the Central Bank’s vision of reducing cash have built one of the contactless payment ecosystem with greater coverage of the continent, creating the ideal conditions for Mastercard to enable and make the first implementation of this technology that transforms a mobile phone into a contactless acceptance terminal.

We thank our partners for the support that has led Costa Rica, its businesses and consumers to the forefront with this technology that contributes to the elimination of cash and favors financial inclusion”, Said Gabriel Balzaretti, Country Manager of Mastercard Central America.

As we already mentioned, this technology has multiple benefits that will transform the shopping experience of consumers as well as reducing the cost of acceptance.

Banco Promerica, being convinced of the opportunity that “Toque” represents in a country like Costa Rica, where a contactless payment ecosystem has already been established, makes available from now on the possibility that interested businesses can implement this technology.

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