Thursday, August 25, 2016

Popular Becomes Second To Launch Credit Cards For Use In Cuba

Popular Becomes Second To Launch Credit Cards For Use In Cuba
By PYMNTS Posted on August 24, 2016

Popular announced on Tuesday (Aug. 23) that it has become the second
financial institution in the U.S. and the first in Puerto Rico to offer
its credit cards for use in Cuba.

In a press release, Popular said the Mastercard credit cards of its two
banking subsidiaries, Banco Popular de Puerto Rico and Popular Community
Bank, can be used at any of Cuba's authorized merchants and ATMs
throughout the country. The bank noted there is more than 11,000
authorized merchants.

"Popular is excited about this development. The ability to use these
credit cards in Cuba will facilitate travel and promote the interaction
between our clients in P.R. and the U.S. with the citizens of Cuba,"
said Ignacio Alvarez, president and chief operating officer of Popular,
in the press release.

The company noted that, before visiting Cuba, credit card customers have
to make sure that they have an active credit card and that they are
traveling under one of the categories authorized by U.S. regulations.
Those include religious and professional purposes. Customers also have
to complete a document that acknowledges the card may only be used in
connection with one of the 12 categories authorized by U.S. regulations.

Popular may be the second bank to issue a credit card for use in Cuba,
but it's not the only financial firm eyeing the market. In June, global
payments company Western Union announced it is bringing mobile and
online money transfers to Cuba through the Western Union app and
website. With over 15 years of working in the Cuban market, Western
Union said the move reflects its efforts to bring its global omnichannel
strategy to the Cuban diaspora in the United States. Consumers will see
a new "Send to Cuba" option while using or the mobile app in the
U.S., enabling them to send and track money transfers right until the
funds are paid out to the recipient in Cuba's local currency. Western
Union confirmed it has a network of 420 agent locations in Cuba and is
represented across every one of Cuba's 16 provinces and 168
municipalities through its principal agent, Fincimex.

Source: Popular Becomes Second To Launch Credit Cards For Use In Cuba | -

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