Banco de Costa Rica and Evertec: Driving Innovation in Payment Solutions

The Challenge:
Thriving in a Highly Competitive Market competitivo

In the payments sector, particularly in payment acquisition, the market is often saturated with technological options, making innovation essential for staying ahead. With a strong foundation in traditional banking, BCR aimed to provide agile, secure, and technologically advanced solutions to meet the demands of a dynamic market where consumers expect faster, easier, and safer services.

Businesses, especially small and medium-sized enterprises (SMEs), required tools to efficiently and securely accept electronic payments. However, they often faced challenges due to inadequate infrastructure and the perception that adopting new technologies could be costly and complex.

The Solution:
Technological Innovation and Strategic Collaboration

To meet market demands, Banco de Costa Rica strengthened its partnership with Evertec, a leader in payment and financial technology solutions. This transition from a vendor-client relationship to a strategic alliance was crucial in developing innovative solutions tailored to the local market and positioned BCR as a leader in the payment industry.

Through this collaboration, Banco de Costa Rica introduced technologies that had previously only been accessible in more developed markets, enabling its customers to compete globally. One of the most notable innovations was the implementation of Tap Móvil, a solution that allows small and medium-sized businesses to accept electronic payments using only mobile phones. This eliminates the need for expensive traditional point-of-sale terminals. This technology empowered entrepreneurs, including artisans and small business owners, by providing secure, efficient, and user-friendly payment solutions, opening doors to new customers and markets, including international ones.

Additionally, Evertec provided advanced tools to enhance security and efficiency in e-commerce. With new wired and wireless payment terminals, BCR could offer customized solutions for both traditional and online businesses, improving the customer experience with each transaction. Security, a critical aspect of electronic payments, was prioritized across all implemented solutions, ensuring secure transactions and reducing the risk of fraud..

The Results:
Growth, Innovation, and Market Expansion

The results of this strategic alliance have been impressive. Since its implementation, Banco de Costa Rica has established itself as an innovative leader in state banking, recognized for its ability to adopt new technologies and its commitment to providing solutions that genuinely enhance its customers’ lives. The integration of tools such as e-commerce, digital wallets, and mobile payment solutions has transformed how the bank’s customers conduct business.

One of the most significant impacts has been on small artisans who previously only accepted cash payments. With the introduction of electronic payment solutions, these small and medium-sized enterprises (SMEs) have expanded their markets, reached international clients, and increased their sales. This technology has enabled Costa Rican artisanal products to access a wider audience, allowing small businesses to compete more effectively against larger companies.

Moreover, many small and medium-sized businesses have experienced substantial growth in sales due to the adoption of electronic payments. The ability to accept credit and debit cards has helped these businesses double or even triple their sales by attracting a broader customer base and simplifying the payment process through a new sales channel.