Costa Rica, known for its natural beauty and friendly people, is also emerging as a vibrant market for digital commerce. In this article, we will explore the key figures and trends that make this country an attractive place to do business, highlighting the role of PayRetailers as a crucial partner in the growth of companies in this promising market.
Why consider expansion in Costa Rica?
Costa Rica stands out as one of the fastest-growing markets in e-commerce, with a stable economy and a government that provides many business-friendly incentives in the country, creating an ideal environment for growth.
- Costa Rica ranks among the countries with one of the highest per capita GDPs in Latin America, and it is projected to have an estimated growth of 3.2% by the year 2024.
- It follows an outward-oriented strategy with a focus on trade and openness to foreign investment, resulting in favorable government policies, including 14 free trade agreements with 52 countries.
- The country has made significant economic progress, with over 79% of the population living in urban areas and the lowest poverty rates in Latin America and the Caribbean.
- With a population of 5.2 million, where more than 4.2 million have access to the internet, sectors like e-commerce have generated digital payments exceeding $2.4 billion.
Industries with High Growth Potential
The key sectors driving innovation and foreign investment in the country are:
- E-services: Contributing to 67% of the GDP, Costa Rica has been a leader in technology in this sector, standing out as an excellent exporter to other economies. From e-learning to ticketing systems, a growth rate of 19.7% is anticipated by the end of this year, with the market projected to reach $109.1 million by 2027.
- Tourism: One of the country’s strengths, focused on sustainable development, generating $1.4 billion for the country, and expected to reach earnings of nearly $1.6 billion by 2025.
- E-commerce: With a user penetration of 55% by 2027 and an expectation of 2.9 million users, the Costa Rican digital commerce sector becomes “the place to be,” with a mobile sales increase of over 30% and expected transaction values of more than $3.4 billion by 2027.
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PayRetailers: Your Partner for Success in Costa Rica
As the Costa Rican market evolves, it’s essential to have a strategic partner who understands local intricacies and offers optimal solutions. In this context, PayRetailers stands out.
Our specialized payment solution streamlines the expansion process for businesses in international markets. Our platform is comprehensive and outward-oriented, enabling companies to quickly adapt to local and global payment preferences.
This all-encompassing solution addresses the diversity of the payment methods landscape in Costa Rica, especially in e-commerce. Debit and credit cards lead with a 70.2% popularity, followed closely by wallets, bank transfers, and other methods at 19.8%, while 10% of people prefer to pay in cash. PayRetailers seamlessly aligns with this reality.
We offer local preference options, such as Banco Nacional (both online and cash), Puntos Hey, or Payser, in addition to credit cards like Mastercard and VISA. This allows businesses to align with customer preferences.
Furthermore, to simplify online merchants’ entry into the market, there is no need to establish physical entities. This makes PayRetailers the perfect ally for business growth in the region, facilitating adaptation to evolving customer preferences and compliance with market regulatory requirements.
Simplified Expansion with PayRetailers
- Local Adaptation: PayRetailers understands the payment needs and preferences of Costa Rican consumers. We offer local payment methods, making sales conversion and customer satisfaction easier.
- Payment Security: The robust payment security provided by PayRetailers protects transactions and customer data, instilling confidence among online shoppers and strengthening your business’s reputation.
- Comprehensive Support: PayRetailers is not just an effective and secure payment platform but also a strategic partner. We provide robust technical support and personalized assistance to ensure that businesses succeed in the dynamic Costa Rican market.
Costa Rica is on its way to becoming a top-tier digital commerce market in Latin America.
To learn more, download our Costa Rica market guide here and rely on PayRetailers to streamline your expansion in this exciting country.
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