PCMI’s figures show that the compound annual growth rate (CAGR) for e-commerce in Costa Rica is expected to be 21% between 2023 and 2026, reaching $9.7 billion. Much of the success of online sales is attributed to the country’s highly banked population—nearly 90% of people over the age of 15 have at least one deposit account in the formal financial system, according to the 2023 Annual Report from the Central Bank of Costa Rica (BCCR). 2
This trend toward digitalization not only facilitates everyday transactions but also drives the country’s economic development. Responding to this growing adoption of digital payments, Banco de Costa Rica has implemented Click to Pay, the card brand wallet, in collaboration with Mastercard and with processing by Evertec—its technology and business partner providing the platform and infrastructure for digital payment acceptance.
“We are excited to collaborate with Mastercard and Evertec to bring Click to Pay to our customers. This solution not only enhances the security and convenience of online payments but also supports our commitment to innovation and economic development in Costa Rica.”
Guillermo Gayle
Manager of Innovation and Payment Methods, Banco de Costa Rica
The implementation of Click to Pay in Costa Rica represents a significant step toward payment digitalization and offers multiple benefits for users, such as:
- Enhanced security: Click to Pay uses advanced tokenization technology, meaning that sensitive card data is never shared with merchants. This significantly reduces the risk of fraud and protects users’ financial information.
- Convenience and speed: Users can make online payments in just a few clicks, without having to re-enter their card information repeatedly, streamlining the purchase process and improving the user experience.
- Boost to the digital economy: By making online payments easier, Click to Pay fosters e-commerce and supports local businesses in their transition to digital payment systems.
“The launch of Click to Pay in Costa Rica marks a crucial step in the growth of e-commerce in the country. By offering a fast, secure, and frictionless payment experience, this service facilitates online sales conversions and builds trust among consumers and merchants. With this technology, we are helping accelerate payment digitalization, driving the local economy, and creating new opportunities for business growth in the digital space.”
Jimmy Solano Blanco
Country Manager, Evertec Costa Rica
Click to Pay works as an electronic wallet for online purchases and is both open and agnostic, meaning users can store multiple cards from different brands or networks. This approach eliminates the need to enter payment details across various merchants, providing a more convenient and efficient experience. When Click to Pay is used through Evertec’s Placetopay gateway, users benefit from an advanced security protocol known as 3D Secure. This protocol focuses on an authentication process triggered after card information is entered, ensuring the rightful cardholder’s security. This extra layer of protection provides peace of mind during transactions.
“We are proud to offer users in Costa Rica an easier, faster, and more secure online shopping experience, powered by our advanced technology and the reliability of Mastercard’s global network. We will continue innovating to meet the evolving needs of consumers and enrich the payment ecosystem.”
Kristine Matheson
Country Manager for Costa Rica, Panama, and Nicaragua, Mastercard
(1) https://paymentscmi.com/insights/mercado-comercio-electronico-costa-rica/
(2) Memoria Anual 2023
