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.