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SmartMoney is Nicaragua’s answer to Google Pay and similar apps used internationally.
SmartMoney keeps your credit card secure — with the buyer controlling the transaction — so there are no mistakes to be made from a cashier.
The app is built and supported by Nicaragua’s largest financial institution Banco Lafise Bancentro.
Paying with SmartMoney is super easy!
How To Pay With SmartMoney
First you’ll need to download the app from the Google Play Store or the Apple App Store. Once you have the app you can register your credit card and start spending.
The easiest way to explain how to use SmartMoney is with an example.
Let’s say I want delivery from my favorite pizza place in San Juan del Sur. Thankfully Sauced at LIT uses SmartMoney.
Here’s what I do:
- Check out the menu and decide on a pizza
- Send a WhatsApp (+505 7777 4992) or Facebook messenger message to Sauced with my order and ask for the total
- Share my location in Messenger or WhatsApp
- Scan their QR code with my SmartMoney app and enter the total amount I would like to pay
- Wait for my pizza.
It really is that easy!
Note: If you don’t have the retailer’s QR code you can do a quick search to find the business you want to pay.
SmartMoney for your business. Set up is easy!
Well, that’s what their website says. But I’m not one to take things at face value. I am willing to jump through some hoops though — even if it is only for an interesting blog article — so I visited my local Lafise Bancentro branch to test the theory.
Setting up our SmartMoney account really was quite easy. A walk in the park actually compared to opening a Nicaraguan bank account for the first time.
I brought my passport, city business license and DGI RUC (tax number) to the bank where I met with the manager Alvaro.
A couple of days later he contacted me to come back to his office. He wanted to ask a few questions that would help him better understand our business. He also asked to see some photos of our office.
One week later I received an email with a QR code and the login information for the SmartMoney control portal for businesses.
Yes, you can pay for In Nica Now services with SmartMoney!
In Nica Now was the 4th business in San Juan del Sur to adopt this new payment method. And more and more local businesses are adding SmartMoney all the time!
SmartMoney works with Claro & Tigo
For all of us who have run out of saldo (credit) on our cell phone — and had to physically go to a store to top up — SmartMoney is a game changer.
With any Nicaraguan or International Visa/Mastercard you can use SmartMoney to add credit to your Claro or Tigo phone.
Do More With SmartMoney
In Managua SmartMoney is very common and in San Juan del Sur it is becoming more popular every day.
Currently you can pay for your Iskra Travel airport shuttle with SmartMoney.
Or go to Fight Club Gym to get ripped. After you’ve burned some calories at the gym you can indulge with pizza from Sauced at L.I.T.
Maybe later you want to enjoy a few drinks and listen to live music on the rooftop bar at El Social?
You can do all this — and more — without cash or credit card in hand. All you need is your phone!
Love this idea. From a business perspective, what are the costs compared to the traditional point of sale credit card machines from BAC or Banco Lafise?
Hi Micah. There are no fees for the user but yes the vendor pays for the service. The fees depend on the category the business falls under. Ours for example is 3% in fees and 1.5% of the remaining balance for tax remittance.