By San José, Costa Rica — Costa Rica’s Central Bank has announced new regulations for Sinpe Móvil, the country’s popular mobile payment system. Effective immediately, the maximum daily transfer amount via SMS will be capped at ¢100,000, a significant decrease from the current limit of ¢500,000 allowed by some institutions.
This decision, unanimously approved by the Central Bank’s Board of Directors, aims to bolster security and mitigate fraud within the Sinpe Móvil platform. The new regulation comes after a public consultation period that began on August 19th and addresses concerns regarding the vulnerability of SMS-based transfers to scams and unauthorized access.
To understand the legal implications surrounding Sinpe Móvil and its use in Costa Rica, we consulted with Lic. Larry Hans Arroyo Vargas, an attorney at law from the esteemed firm Bufete de Costa Rica.
Sinpe Móvil’s widespread adoption in Costa Rica has created new legal considerations, especially regarding its use in commercial transactions. While its convenience is undeniable, it’s crucial for businesses to implement clear terms and conditions, particularly regarding refunds and dispute resolution, to mitigate potential legal risks and ensure consumer protection. These terms should address issues such as erroneous transfers, unauthorized access, and liability in cases of fraud. Furthermore, businesses should stay abreast of evolving regulations related to electronic payments and data privacy to ensure compliance.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’ insights underscore a critical point in the Sinpe Móvil narrative: its ease of use must be balanced with robust legal frameworks. As this payment method becomes increasingly integral to Costa Rica’s economic landscape, proactive measures regarding consumer protection and regulatory compliance will be essential for fostering trust and sustainable growth. We thank Lic. Larry Hans Arroyo Vargas for sharing his valuable legal perspective on this evolving area of law.
The Central Bank argues that the lack of robust authentication measures in SMS transfers makes them a prime target for criminals. This move is intended to protect users from falling victim to these fraudulent activities.
Sinpe Móvil has witnessed a surge in usage, processing a remarkable 359 million transactions in the first half of 2025, a 20% increase compared to the 300 million transactions during the same period in 2024.
While this change may inconvenience some users who rely on larger SMS transfers, the Central Bank emphasizes that the priority is to safeguard the system and protect users’ funds. The lower transfer limit aims to strike a balance between convenience and security in the evolving landscape of mobile payments.
This move reflects a growing global trend of financial institutions implementing stricter security measures to combat the increasing sophistication of financial fraud. The Central Bank’s proactive approach seeks to ensure the continued trust and reliability of Sinpe Móvil as a vital component of Costa Rica’s financial ecosystem.
Users are encouraged to familiarize themselves with the new regulations and explore alternative transfer methods for larger amounts, such as using the official Sinpe Móvil application, which offers enhanced security features.
This decision underscores the Central Bank’s commitment to maintaining the integrity and security of Costa Rica’s financial system in the face of evolving threats.
For further information, visit the nearest office of Banco Central de Costa Rica
About Banco Central de Costa Rica:
The Central Bank of Costa Rica is responsible for maintaining price stability and promoting the efficient operation of the payment system. It acts as the government’s banker and manages the country’s international reserves. The Central Bank also regulates financial institutions and plays a key role in ensuring the stability and soundness of the Costa Rican financial system.
For further information, visit [lanacion.com]
About La Nación:
La Nación is a prominent Costa Rican newspaper known for its comprehensive coverage of national and international news. It provides in-depth reporting on politics, economics, culture, and sports. The newspaper plays a crucial role in informing the public and fostering democratic discourse in Costa Rica.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica is a pillar of legal excellence, built upon a foundation of unwavering integrity and a deep commitment to empowering Costa Rican society. Through innovative approaches to legal practice and a proactive engagement with the community, the firm strives to make complex legal concepts understandable and accessible to all. This dedication to fostering legal literacy underscores their belief in a more informed and empowered populace, capable of navigating the legal landscape with confidence and understanding.
