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Your mobile phone will soon be able to receive SINPE money transfers

January 7th, 2014 (InsideCostaRica.com) The National Electronic Payment System (SINPE) will soon permit the transfer of funds to an individual using only their cellular telephone number, as part of an effort by the Central Bank to reduce the use of cash for common daily transactions.

 

Carlos Melegatti, director of the Payment Systems Division at the Central Bank, said the system would function by associating each cellular phone number with a bank account.

 

The new system should come online in the second quarter of this year.  Users will be able to send funds transfers to cellular phones using mobile banking apps on their own phones, via computer, as well as ATM machines depending on the bank.

 

Readers are advised to ensure that your bank has your current mobile telephone number.

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  • CRChris

    Amazing…I set up this system in Afghanistan 5 years ago as a way to pay 95,000+ Afghan National Police who were scattered across the country. Most were in places that could not even be reached by helicopter 3-4 months out of the year. Ninety percent of the people there are illiterate but they had cell phones. They could get paid and make payments via their cell phone.

    In an emerging country like Costa Rica I am surprised this is just being implemented. The same geographic difficulties are here for many people but they have cell phones. If it could be done in one of the most god forsaken hell holes on earth 5 years ago it should have been implemented here sooner.