As part of the agreement, companies and entrepreneurs from Costa Rica will now be able to sell their products to all PayPal users without opening a US bank account, receive payments from online sales directly into their BN account five days after the transaction has been completed and send payments using their local bank account.
The new service is expected to become available in mid-May 2012 via BN’s internet banking platform. In order to activate the service companies and consumers are required to have a PayPal account and a BN account with access to the internet banking platform through BN’s security token.
Prior to this partnership, companies which wanted to sell their product abroad were required to open a US bank account. Even though e-commerce has increased over the last couple of years, online sales in Costa Rica have still faced several limitations, especially with regard to receiving payments from abroad.
Currently, PayPal has an estimate of 110 million users in more than 190 countries. Most recently, PayPal has inked a contract with The Bancorp Bank, a wholly owned subsidiary of US-based financial services provider Bancorp Bank, to provide person-to-person (P2P) payment services to consumers.
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