SAN JUAN – Popular Inc. announced Tuesday that it is the second financial institution in the United States and the first in Puerto Rico to enable its credit cards for use in Cuba. The MasterCard credit cards of its two banking subsidiaries, Banco Popular de Puerto Rico (BPPR) and Popular Community Bank (PCB), can now be used at any of Cuba’s more than 11,000 authorized merchant terminals and ATMs throughout the island.
“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 Puerto Rico and the United States with the citizens of Cuba,” Ignacio Álvarez, president and chief operating officer of Popular said in the written announcement.
Before visiting Cuba, cardholders will need to ensure they are traveling under one of the 12 categories authorized by U.S. regulations, including religious and professional purposes. They will also be required to complete a document acknowledging that the card may only be used in connection with one of the 12 categories authorized by U.S. regulations.
Caribbean Business, August 23, 2016