Google Wallet is now available in the country. Banco de Costa Rica (BCR), BAC Credomatic, and Banco Promerica are the first financial institutions to enable it.
With Google Wallet, users can make contactless payments from their phones from the credit and debit cards they store.
According to the latest Card Usage Study conducted by the Office of the Financial Consumer (OCF), 65% of people surveyed use cash, which they take out of the ATM to make purchases because they prefer it over their debit card.
However, with a fast-growing digital commerce environment, businesses and consumers demand that digital payments be simple, secure, and accessible.
“Accessibility is key to providing technological benefits to all people everywhere; the use of technological tools such as Google Wallet represents an opportunity to increase digital transactions and accelerate the economic growth of countries,” said Giovanni Stella, Director of Google for Colombia, Central America, and the Caribbean.
She also explained that “making digital payments accessible requires working with the financial sector and different allies.” This is why they will collaborate with other companies, including Davivienda, which will soon enable new services to be used through the wallet.
“Working together helps us create products that are useful for all people. Using our infrastructure and technology platform to connect more customers to a formal financial system and digitizing objects for use from our device allows us to help societies move from cash to convenient and secure digital economies,” added Giovanni Stella.
When using the Wallet, transactions are made with an alternative card number (a token), which is device-specific and associated with a dynamic security code that changes with each transaction. We provide everyone with transparency and granular control over managing this information.
“We know that people store information and valuables in their wallets, so privacy and security are the cornerstones of Google Wallet,” Stella assured.