Alternatives to Cash: How SINPE Is Transforming the Way We Move Money
by Julio Sánchez, COO of Zimplifica
Alternatives to Cash: How SINPE Is Transforming the Way We Move Money (and Connecting More People)
Today, almost no one asks for change. What you hear most is:
"Do you have SINPE?"
That simple question reflects a huge shift: how we pay, get paid, and send money no longer depends on cash. Behind this transformation is SINPE—a system that not only makes life easier, but also opens the doors of the financial system to people who were previously left out.
Here’s how it works, why it matters, and how it’s reshaping financial inclusion in Costa Rica.
So, how does it actually work?
Let’s start with the basics.
SINPE stands for Sistema Nacional de Pagos Electrónicos (National Electronic Payment System), created by the Central Bank of Costa Rica (BCCR) to enable secure money transfers between people, businesses, and financial institutions.
One of its most popular tools is SINPE Móvil, launched in 2015. It allows people to send money instantly using only a mobile phone number.
No need to know the recipient’s bank account number.
No complicated processes.
Just your phone, and the money arrives in seconds.
Simple. Powerful.
What does SINPE have to do with financial inclusion?
A lot more than you’d think.
Before SINPE, many people in Costa Rica were excluded from the formal financial system:
- Opening a bank account was difficult or intimidating
- Access to financial services was limited
- Most transactions were made with cash
SINPE changed that. Today, anyone with a mobile phone and a bank account can send or receive money instantly—and that opens real opportunities.
Let’s look at the numbers:
- In 2018, 77% of people over age 15 had a bank account
- By 2024, that figure rose to 90%
- And 84% of them use SINPE Móvil regularly
That’s what real inclusion looks like—millions of people joining the financial system for the first time, easily and affordably.
What’s happening with cash?
Let’s take a look at the shift:
- In 2019, Costa Ricans made 155 million ATM withdrawals
- SINPE Móvil processed only 6 million transfers that year
But by 2023, the numbers flipped:
- SINPE Móvil processed over 500 million transfers
- ATM withdrawals dropped to just over 100 million
In short: cash is losing ground. More and more people are choosing digital methods. Why? They’re faster, safer, and more convenient.
And it’s not just practical—the Central Bank estimates these changes save the country up to 0.5% of its GDP annually.
Who else benefits from all this?
Not just individuals—businesses and the entire ecosystem benefit too.
Thanks to SINPE:
- Payments aren’t just controlled by big banks anymore
- Fintechs, startups, and independent developers can create their own solutions
- Competition and innovation are growing
That means better services for everyone, designed to be simple, accessible, and modern.
The Central Bank does more than regulate—it drives change
The BCCR has played a key role in driving the digital payment system forward. Here are some of its main initiatives:
- Simplified Bank Accounts (CES): These accounts can be opened with minimal requirements. There are three levels with limits of US$1,000, US$2,000, and US$5,000, allowing broader access to the system.
- Development of a rechargeable SINPE card for public transportation, allowing users to top up using SINPE Móvil.
- Enhanced security measures: users must unlink their phone number if changing devices, and temporary transfer limits via SMS are being used to reduce fraud.
These actions show the Central Bank’s commitment to building a secure, inclusive, and future-ready financial ecosystem.
So… why does this really matter?
Because SINPE isn’t just a way to send money.
It’s a tool that connects people, makes business easier, and creates new opportunities.
With SINPE:
- More people access the formal financial system
- Costa Rica is moving away from cash
- Costs, fraud, and delays are reduced
- Financial growth becomes more inclusive and sustainable
And this is just the beginning. There’s still a lot to build on top of this powerful foundation.
What challenges remain?
Of course, there’s still work to be done:
- Digital education is needed so that all users can benefit safely
- Cybersecurity must continue to evolve to prevent fraud
- Better integration with tools like digital invoicing and accounting
- Continued innovation, with support from fintechs and developers
Are you a fintech or payment solution developer?
Do you want to connect your app, platform, or company to SINPE?
📩 Contact us
At Zimplifica, we help you integrate with SINPE in a secure, compliant, and scalable way.