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PayPal will expand its network of banks and fintech

PayPal allows stores in Costa Rica to offer their products or services in more than 200 countries in which PayPal has coverage. These partnerships will make it possible to withdraw funds from your PayPal account locally.

Both alliances offer Costa Ricans speed, security and convenience in their transactions, since they can make withdrawals to any local bank, up to US $ 2,000 the same day, either in dollars or colones.

E-commerce is already a reality in the region

Costa Rica has not been left behind. Online sales in the country reached 102 million colones in 2017 and are expected to exceed 149 million by 2020, according to figures from Euromonitor.

Another study by the firm Frost & Sullivan says that in less than 10 years an internet penetration of 85% is foreseen in Latin America, of which about 459 million will be mobile internet users, that is, 2.5 million connected devices.

We also see that until 2017, Costa Rica already had 8.84 million subscriptions to the mobile telephony service, according to figures published by the Telecommunications Superintendence (Sutel).

This shows us the great advance of electronic commerce and the super opportunity it represents for local companies, which can not be left behind if they want to expand.

PayPal is comitted

So PayPal, committed to the Costa Rican market, is committed to the country and its growth by joining these large companies, so that together they can help strengthen the local economy.

“We are very pleased to announce these alliances in the country, as this complements our product offer and strengthens our commitment to the Costa Rican market. We want to continue opening new doors that promote the democratization of financial services in countries with as much potential as Costa Rica, all this with security, ease, and comfort for our clients. We will continue to work hard to satisfy more of the country’s needs” said Mauricio Sepulveda, Director of Cross Border Markets PayPal Latam.

How does Kipo work?

To use Kipo, users must only have an account in PayPal and a dollar account in any financial institution in Costa Rica. Transfers of funds may be made from your PayPal accounts to any of the entities of the Costa Rican financial system that are registered with SINPE.

Kipo allows you to only transfer funds from abroad to Costa Rica in dollars, so it is necessary for the user to have an account in this currency to carry out their transaction. In addition, the user can only transfer the funds from his PayPal account to his account at the desired bank.

Precisely, one of the main benefits of the new Kipo platform is its speed to perform transactions, since the transfer from PayPal to the customer’s account can be done in 24 hours. In addition, people can calculate the commission that IMPESA will charge for this transaction from the same website www.getkipo.com.

System security

For IMPESA, a fundamental aspect in its technological developments is to give the user the greatest possible security in the use of their personal information, which is why Kipo incorporates into its system what is known as a Second Authentication Factor; that is, one more factor is added to the identification of the user that only he can know and that changes dynamically in each login attempt.

Hernández explained that this system “consists of an OTP (One Time Password), which is a 6-digit number that is generated at the moment of entering the platform. Said OTP is generated through the Google Authenticator or Auth0 Guardian apps. This allows that if it were the case that a user of Kipo were robbed of their username and password, in order to gain access to their account they would need their mobile phone and access to the app to generate the code (OTP), without this it is impossible to access your account. ”

Additionally, in security matters, it is worth mentioning that Kipo will only allow downloading funds from Paypal accounts to any Bank, as long as they are owned by the same person, which introduces another element of security in the transaction.

PayPal customers can register and use Kipo as of today, April 9, 2018 by logging into www.getkipo.com.

About IMPESA

IMPESA is an innovative Fintech company, founded in June 2013. It has offices in Costa Rica, where it started its activities with an issuing bank and later expanded to Nicaragua, Panama and the Dominican Republic. In 2016, IMPESA opened an additional office in Stamford, Connecticut, to address a process of global expansion.

IMPESA has the license of a principal member of Visa® and MasterCard®. It is a developer of solutions and tools that provide competitive advantages to the financial sector. Such is the case of its flagship product Monibyte, this allows you to customize your credit card according to your convenience and also the integration with accounting systems (ERP). IMPESA has developed products such as Monibyte, Layla and Brainert.

IMPESA also works hand in hand with the different API’s (set of protocols and tools used by web developers) of Visa Developer and Equifax so that its specialists develop various platforms that come to facilitate and automate a large number of managements for the benefit of banks. and its customers.

Published inFintech

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