Costa Rica News – Look for this to backfire in Costa Rica in the next few months. Ticos will now know that they can go around making credit card purchases under 15000 colones on stolen cards with not ID or signature. If you get your card stolen make sure you cancel it right away.
Card payments under ¢15,000 will no longer require a signature or delivery of an ID card. Additionally, the receipt should only be given if asked for. This should simplify payments and make lines go quicker.
This applies only to payments made with cards that have a chip or contactless payment technology. 60% of cardholders have such a card and most will by the end of the year. It will be mandatory by 2021.
The Central Bank Payment System Regulation is behind establishing this new fast payment idea. It is in force since May 14th when it was officially published yet still some businesses and individuals do not know about it.
This type of payment should be safe for both the consumer and merchant. Financial institutions must inform the customer immediately about any movement of funds and there are safeguards in place against the card being used by someone other than the individual.