QCOSTARICA — In a context where financial security becomes crucial, opting to use debit cards becomes a smart and safe decision. Carrying cash can present multiple risks, from theft to loss of money, which makes more and more people look for safer alternatives to make their purchases.
In fact, in Costa Rica, the use of debit cards compared to the use of cash increasingly shows a more marked difference.
For example, according to the Quarterly Study of Debit Cards presented in April 2023 by the Ministerio de Economía, Industria y Comercio (MEIC), – Ministry of Economy, Industry and Commerce, there are currently 6,360,301 debit cards in the Costa Rican market, while the international consulting firm McKinsey & Company revealed months ago that Costa Rica is among the ten Latin American countries that use cash the least.
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McKinsey & Company revealed that only 28% of consumers in Costa Rica prefer using physical money for their payments, followed by Argentina (25%) and Chile (13%).
Debit cars offer consumers a safe and efficient payment method, which not only facilitates daily transactions but also offers a series of benefits in terms of security and financial control.
Debit cards offer several advantages over cash, such as:
- Greater security: In case of theft or loss, cards can be blocked immediately, while cash is unrecoverable. In addition, card transactions often include security measures such as two-factor authentication, which reduces the risk of fraud.
- Financial control: Using debit cards allows for better control of expenses, as many institutions offer tools and applications to monitor usage and analyze consumption patterns. This makes it easier to create budgets and avoid excessive spending.
- Convenience and acceptance: Debit cards are widely accepted in stores, restaurants, and online platforms, eliminating the need to carry cash. In addition, they allow for quick and efficient purchases, especially in situations where it is not convenient to handle cash.
On a personal note, during the Covid pandemic using contactless payment such as plastic (debit and credit cards) or Sinpe Movil was a safer (health-wise) alternative to cash.
That trend remained with me and today I rarely use cash for transactions, keeping only a token ¢5,000 colones bill in my wallet and loose change in my vehicle in case my QuickPass doesn’t work.
Have you also changed your payment method? And what has been your experience of the change?
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