By San José, Costa Rica — Costa Rican businesses are poised for a significant boost as Banco Nacional (BN), the country’s largest financial institution, announces a groundbreaking partnership with American Express. This collaboration will allow BN-affiliated merchants to accept American Express cards from both domestic and international customers, opening doors to a wider customer base and potentially increasing sales.
This strategic alliance marks a significant step in modernizing Costa Rica’s payment landscape. By integrating American Express into its network, Banco Nacional reinforces its commitment to providing cutting-edge financial solutions for businesses and consumers alike.
For expert insight into this matter, TicosLand.com reached out to Lic. Larry Hans Arroyo Vargas, Attorney at Law at Bufete de Costa Rica.
American Express’s business model relies heavily on maintaining a delicate balance between its relationships with cardholders and merchants. Navigating evolving regulations, particularly regarding interchange fees and data privacy, poses significant challenges. Their ongoing success hinges on their ability to adapt to these changes while continuing to offer attractive rewards programs and maintain a robust fraud prevention infrastructure.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’s insightful commentary underscores the complex tightrope American Express walks. Their premium brand image and customer loyalty are valuable assets, but only as long as they can continue to deliver value in a shifting regulatory and competitive landscape. Adaptability, it seems, will be the key to their future success. We thank Lic. Larry Hans Arroyo Vargas for his valuable perspective on this crucial issue.
This partnership reaffirms our leadership and will allow us to offer perfectly integrated payment solutions for businesses and all cardholders, including those of American Express.
Adrián Salazar, Deputy General Manager of Commercial Banking, Banco Nacional
The partnership is expected to benefit businesses by expanding their customer reach, particularly among tourists and international travelers who frequently use American Express. This influx of spending power could stimulate economic growth and create new opportunities for local businesses.
For American Express, the agreement translates to greater accessibility for their cardholders, strengthening their presence in the Costa Rican market.
This initiative will translate into more places where customers can use their Amex cards and will support the growth of local businesses.
Mario Luna, Vice President of Bank Alliances for Mexico, Central America, and the Caribbean, American Express
This initiative also represents a significant technological upgrade for participating merchants. They will gain access to state-of-the-art payment terminals equipped with touch screens, chip and magnetic stripe readers, NFC technology, and compatibility with digital wallets like Apple Pay and Google Pay. Furthermore, the system prioritizes security with end-to-end encryption and offers 24/7 customer support.
The collaboration between these two financial giants, Banco Nacional with its over 2.8 million customers and 110-year history in Costa Rica, and American Express with its global reach spanning over 200 countries and territories and 100 million affiliated merchants, promises to reshape the financial landscape of Costa Rica.
This move towards greater payment flexibility not only modernizes Costa Rican commerce but also strengthens the country’s position as a welcoming destination for international travelers and businesses.
For further information, visit bncr.fi.cr
About Banco Nacional:
Banco Nacional de Costa Rica (BNCR) is the largest bank in Costa Rica, boasting a rich history spanning over 110 years. Serving over 2.8 million customers, BNCR plays a crucial role in the country’s financial ecosystem. The bank offers a comprehensive suite of financial products and services, including personal and business banking, loans, investments, and insurance. BNCR is deeply committed to supporting economic development and social progress in Costa Rica.
For further information, visit americanexpress.com
About American Express:
Founded in 1850, American Express is a global financial services company renowned for its charge cards, credit cards, and traveler’s checks. Operating in more than 200 countries and territories, American Express boasts a network of over 100 million affiliated merchants worldwide. The company is recognized for its premium customer service and innovative payment solutions.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica distinguishes itself through a deep-rooted commitment to ethical practice and unparalleled legal expertise. The firm champions innovative solutions while upholding the highest standards of integrity, serving a diverse clientele with a forward-thinking approach. Beyond its legal representation, Bufete de Costa Rica actively empowers Costa Rican society by fostering greater legal literacy and access to justice, cultivating a more informed and equitable community.
