Costa Rican Fintech Becomes a Key Ally in Facilitating Digital Payments in Central America and the Caribbean

Costa Rican fintech Tilopay is rapidly emerging as a regional leader in digital financial services, becoming a crucial ally in enabling fast, secure, and user-friendly digital payment systems. The company already operates in thirty-three regional markets and has announced ambitious plans to further accelerate its growth throughout Central America in 2025.

Founded in 2019, the Costa Rican fintech Tilopay was built on a vision to eliminate payment friction and empower businesses of all sizes to participate fully in the digital economy. Since its inception, it has evolved into a robust digital payments ecosystem that facilitates business transactions across Central America and the Caribbean, offering some of the most secure and technologically advanced solutions available today.

Tilopay provides tailored digital payment services optimized for retail, services, hospitality, and e-commerce industries. These solutions are designed to ensure smooth transaction experiences and enhance business efficiency and customer satisfaction. With a commitment to accessibility and innovation, Tilopay enables businesses, from microenterprises to multinational corporations, to simplify their payment infrastructure and focus on growth.

Extensive Integration and Market Presence

The Costa Rican fintech integrates seamlessly with over 90 major e-commerce platforms and industry-specific systems in sectors such as hospitality and services. This widespread integration allows for a streamlined onboarding experience, ensuring businesses can adopt Tilopay’s services without significant operational disruptions. As a result, Tilopay now serves over 25,000 businesses throughout its thirty-three operational markets, including more than 7,000 in its home country of Costa Rica alone.

A key component of Tilopay’s expansion strategy has been its close collaboration with sixteen prominent financial groups across Central America and the Caribbean. These strategic partnerships have played a vital role in building trust and ensuring compliance with varying local financial regulations. The company also emphasizes security, using cutting-edge encryption and fraud prevention systems to ensure safe and reliable transactions.

In terms of human capital, Tilopay has seen impressive growth. Over the past year, its workforce expanded by 200%, highlighting its dynamic momentum. The fintech is actively recruiting for engineering, sales, and finance roles as it grows. Those interested in exploring career opportunities can visit www.tilopay.com.

Transforming E-Commerce in the Wake of the Pandemic

According to Alejandro Pacheco, co-founder and Chief Commercial Officer at Tilopay, the COVID-19 pandemic catalyzed the digital economy across the region. “Following the COVID-19 pandemic, e-commerce has shown clear signs of dynamism across Central America and the Caribbean,” said Pacheco. “We recognized this growth and evolved from a startup to an established company that develops transactional technology, partnering with major global platforms and regional banks to facilitate money flow between buyers and sellers—safely and without traditional bureaucracy. We’re proud to democratize e-commerce and promote the digitalization of the economy.”

This vision has proven prescient. The Costa Rican fintech has quickly moved beyond traditional payments to become a full-stack provider of digital financial infrastructure, enabling seamless and scalable payment systems for both merchants and service providers.

A Boost for Costa Rica’s Tourism and Hospitality Industry

One of Tilopay’s standout achievements has been its innovation in the hospitality sector, especially within Costa Rica’s tourism industry, which is a cornerstone of the nation’s economy. In recent years, Tilopay has tailored its services to meet the growing demand from property managers, hotels, and tour operators seeking more efficient ways to handle guest transactions.

“We responded to this demand by developing an exclusive tool for the hospitality sector that simplifies the guest journey for tourism businesses. It allows them to charge easily and securely for reservations, without any hassle,” explained Pacheco. “This approach has helped increase the average guest ticket by more than 100%.”

The timing couldn’t be better. According to data from the Costa Rican Tourism Institute (ICT), Costa Rica welcomed 2.6 million international visitors in 2024, generating more than $ 5.4 billion in foreign exchange earnings. This vibrant tourism landscape offers a fertile testing ground for scalable fintech solutions. The Costa Rican fintech has capitalized on this by providing value-added services that directly contribute to business growth and customer retention in the tourism industry.

Regional Expansion and Product Innovation

Tilopay’s 2025 roadmap is packed with ambitious goals, starting with intensified expansion throughout Panama and Guatemala. These two markets have demonstrated rapid digital adoption in recent years, and Tilopay sees vast potential in offering customized payment infrastructure for businesses operating in these countries. Additionally, Tilopay is preparing to enter new markets in El Salvador, Honduras, and Nicaragua, aiming to replicate its success with localized strategies and industry-specific tools.

In Costa Rica, the company will continue strengthening its footprint in high-volume processing industries. By incorporating sector-specific platforms, especially in finance, e-commerce, logistics, and education, Tilopay is deepening its ecosystem’s reach. “Soon, we will launch innovative payment initiatives and expand our network of partnerships through Tilopay’s presence at key industry events internationally,” Pacheco noted.

As part of its growth efforts, the Costa Rican fintech is investing approximately US$500,000 in research and development to create new products and refine existing ones. These investments are expected to deliver advanced solutions in subscription-based billing, mobile point-of-sale (mPOS) systems, and cross-border payment facilitation—key needs for businesses scaling within and beyond their borders.

Simple, Digital, and Cost-Effective Onboarding

Tilopay’s success also lies in its user-centric approach. The fintech has developed a simple, 100% digital onboarding process with no fixed costs, making it easier for small and medium-sized enterprises to access world-class payment technology. To start, a business must visit tilopay.com, complete a short registration process, and submit the required documentation.

Once registered, and after a quick validation process, businesses receive credentials to integrate Tilopay’s services and begin accepting online payments. The process is designed to take just minutes. Moreover, for companies that need support, the platform offers direct assistance from highly trained customer service representatives who guide users step by step.

Looking Ahead: Empowering the Regional Digital Economy

As regional economies continue to embrace digitalization, the role of agile, secure, and scalable payment platforms becomes increasingly critical. Tilopay is well-positioned to lead this transformation, with its comprehensive digital infrastructure and a strong understanding of local market needs. Costa Rican fintech is helping businesses collect payments more efficiently and enabling them to expand their digital sales channels and tap into new customer segments.

Tilopay’s journey from a local startup to a regional financial technology powerhouse underscores the growing importance of innovation in Central America and the Caribbean. With its forward-thinking strategy and customer-first ethos, Costa Rican fintech is laying the groundwork for a more inclusive, connected, and prosperous digital economy across the region.

As 2025 approaches, all signs point to Tilopay becoming an indispensable partner for businesses seeking to modernize operations and thrive in an increasingly cashless world.