March 3, 2026Open Access

Fast payments and banking: Costa Rica’s SINPE Móvil

Key Points

The implementation of SINPE Móvil has resulted in over 65 million monthly transactions, reflecting robust adoption.
Data indicates that increased SINPE Móvil usage corresponds with a significant drop in cash withdrawals.
Using a synthetic controls approach, comparison to peer countries highlights the efficiency gains for banks post-pandemic.
Lower non-interest expenses observed suggest that payment innovations can improve banking operational efficiencies.

Abstract

Launched in 2015, the Costa Rican retail fast payment system SINPE Móvil has seen rapid adoption since 2020. As of 2025, >80% of the Costa Rica´s population older than 15 are active users, accumulating >65 million transactions each month. Higher SINPE Móvil use has been related to lower cash withdrawals, a greater number of users and lower average transaction values, suggesting SINPE Móvil has carved a prominent place in retail payments. With a synthetic controls approach comparing Costa Rica to peer countries, we show that wide adoption of SINPE Móvil led to lower non-interest expenses by Costa Rican banks after the pandemic. This suggests that payments innovation can enhance bank efficiency.

Fast payments and banking: Costa Rica’s SINPE Móvil

Key Points

Abstract

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