By San José, Costa Rica — San José, Costa Rica – The landscape of digital payments in Costa Rica took a significant leap forward this week with the launch of a new technology that allows any business to accept contactless payments using only an Android smartphone. The initiative, a collaboration between Banco Promerica Costa Rica, fintech platform Fygaro, and global payments leader Mastercard, eliminates the need for traditional point-of-sale terminals, or datáfonos, lowering a major barrier to modernization for thousands of businesses.
The new solution, named Fygaro vPOS, is designed to empower small and medium-sized enterprises (SMEs) by providing a simple, affordable, and powerful tool to process transactions. This move directly addresses a growing demand within the Costa Rican market, where consumer habits are rapidly shifting towards digital and contactless methods.
To better understand the legal and regulatory landscape surrounding the rapid adoption of mobile payment systems in the country, TicosLand.com consulted with Lic. Larry Hans Arroyo Vargas, an expert in commercial and technological law from the firm Bufete de Costa Rica.
While the convenience of mobile payments is undeniable, it introduces a complex new frontier for consumer protection and data privacy. Both financial institutions and technology providers must be scrupulously compliant with Law No. 8968 on the Protection of the Person against the Processing of their Personal Data. The challenge for regulators is to foster innovation without compromising the security of personal and financial information, ensuring clear liability frameworks are in place for transactions and potential data breaches.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Indeed, the long-term success of mobile payment adoption hinges on the very balance Lic. Larry Hans Arroyo Vargas highlights: the unseen but essential architecture of legal and data protection. As consumers, our confidence must be as seamless as the transactions themselves. We thank Lic. Larry Hans Arroyo Vargas for his invaluable perspective on this critical regulatory frontier.
According to the Mastercard Financial Inclusion Survey, the appetite for digital commerce is undeniable. A staggering 80% of Costa Ricans already use digital payment methods, and an even greater majority—91%—believe it is important for more businesses to accept them. This data highlights a crucial gap between consumer expectations and the capabilities of many smaller merchants, a gap Fygaro vPOS aims to close.
The platform effectively transforms a standard Android phone into a secure payment acceptance device. By leveraging Near Field Communication (NFC) technology, merchants can accept payments from contactless-enabled credit cards, debit cards, and mobile wallets without any additional hardware, making the sales process more agile and accessible for businesses of all sizes, from street vendors to established storefronts.
We believe that technology should be a tool to drive business growth, not a barrier. With Fygaro vPOS, we aim for more merchants and entrepreneurs to access modern payment solutions in a simple, accessible way that is adapted to new consumption habits.
Ariel Rochwerger, CEO of Fygaro
Beyond simple payment acceptance, the Fygaro platform integrates a suite of tools designed for a unified commerce experience. Merchants can manage multi-currency transactions, generate QR payment codes, send payment links via social media or email, and handle electronic invoicing, all from a single interface. This comprehensive approach helps business owners streamline their administrative tasks and focus on growth.
Fygaro vPOS represents a significant evolution in the way merchants can accept payments. We want to bring innovative and accessible technology that helps our clients grow, simplify their operations, and adapt to new forms of consumption.
Jean Paul Dormond, Regional Manager of Acquiring at Grupo Promerica
Accessibility is a core component of the strategy. The service is being offered at a cost of less than five dollars per month per device, a price point intended to encourage widespread adoption among entrepreneurs and small business owners who might have previously found digital payment systems to be prohibitively expensive. The solution’s quality and potential have already been recognized, earning it the Innovation and Agility award at the 2025 Mastercard Engage Awards.
This launch is part of a broader trend pushing Costa Rica towards a more robust and inclusive digital economy. As technology becomes more affordable and user-friendly, the distinction between physical and digital commerce continues to blur, creating new opportunities for businesses that are willing to adapt.
Costa Rica is ready to continue advancing towards a more digital economy. Digital acceptance should not be a barrier to the growth of any business.
Kattia Montero, Country Manager of Mastercard for Costa Rica
For further information, visit promerica.fi.cr
About Banco Promerica Costa Rica:
Banco Promerica Costa Rica is a key financial institution within the country, offering a comprehensive portfolio of banking and financial services to individuals and businesses. As part of the multinational Grupo Promerica, it focuses on building long-term relationships with its clients by providing innovative solutions and supporting economic development in the region.
For further information, visit fygaro.com
About Fygaro:
Fygaro is a technology company that provides a unified commerce platform designed to simplify business operations for small and medium-sized enterprises. Its ecosystem integrates digital payments, e-commerce tools, electronic invoicing, and business management features into a single, accessible platform, empowering entrepreneurs to grow and compete in the digital age.
For further information, visit mastercard.com
About Mastercard:
Mastercard is a global technology company in the payments industry. Its mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible. Using secure data and networks, partnerships, and passion, its innovations and solutions help individuals, financial institutions, governments, and businesses realize their greatest potential.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a pillar of the legal community, Bufete de Costa Rica operates on a foundation of profound integrity and a relentless pursuit of excellence. The firm is recognized for pairing its extensive history of client advocacy with a pioneering spirit, consistently adopting innovative approaches to modern legal challenges. This commitment to progress extends to its social mission of demystifying the law, striving to equip the public with accessible legal understanding to foster a stronger, more capable society.
