Trinidad and Tobago and Jamaica are among the first Caribbean countries to benefit from a new partnership between Mastercard (the American multinational financial services corporation) and WiPay (the Caribbean’s leading fintech company).
An official statement on the partnership issued by Mastercard reports that the collaboration will bring significant gains for the region in the form of “a secure payments ecosystem”.
“Both companies will collaborate to drive greater financial inclusion in the islands through a suite of payment and acceptance solutions,” the release explains.
As a part of the partnership, WiPay will:
● Leverage Mastercard’s Bank in the Box solution to empower SMEs through card acceptance. Bank in the Box is an end to end solution for SMEs that do not accept card payments and that are not financially included;
● Partner with a local financial institution who will issue a Mastercard prepaid card, to strengthen local digital ecosystems and facilitate seamless, fast, and transparent disbursements of funds for SMEs and citizens.
● Leverage payment solutions for government programs, including:
− CourtPay, to facilitate court maintenance disbursements such as child support;
− GovPay, to facilitate public help services;
− Digital ID, EMV Card for Digital Identification and Disbursements.
Caribbean Division President for Mastercard, Marcelo Tangioni, says the cementing of the partnership is well-timed.
“We found in WiPay a knowledgeable partner to bring our vision to life and are excited to partner with them to bring these robust solutions to the market,” he notes. “This important partnership builds on our commitment to lead the journey towards developing smarter islands and cashless societies to strengthen economies and increase financial inclusion throughout the region.”
And Aldwyn Wayne, WiPay’s CEO, states:
“This partnership is huge for the Caribbean as it allows WiPay to accelerate financial inclusion by delivering innovative financial products to the unbanked and underbanked of the region. On a macro level, it enables WIPay’s regional settlement network to run on Mastercard’s payment rails, improving the ease of doing business in the Caribbean, particularly within the CARICOM Single market and economy region (CSME).”
The collaborative solutions will launch in Jamaica and Trinidad & Tobago initially, with roll-outs in Grenada, Guyana, Dominica, Barbados, St. Kitts, St Lucia, St. Vincent, and in the Bahamas, among others in the near future.