Mastercard and Paymentology have extended their partnership to boost financial inclusivity in El Salvador, Honduras, and Guatemala.
Mastercard’s partnership is part of a larger initiative to give consumers more access to financial services. In a study conducted with Americas Market Intelligence (AMI), Mastercard found that roughly 25% of banked adults have a debit or credit cards. The partnership with Paymentology really underscores both company’s efforts to bring digital payment access to more businesses and consumers in Central America.
“Since day one, in payment cards, Mastercard has been at the front and center of financial inclusion, and they’ve taken that standard globally, for decades,” said Brian Riley, Director of Credit and Co-Head of Payments at Javelin Strategy & Research. “It is exciting to see them aligned with financial inclusion, which will certainly make the effort a success, both online and offline.”
Building a More Inclusive Digital Economy
As part of the expanded partnership, both Mastercard and Paymentology will work together with financial institutions, fintechs, and telecoms within Central America to ensure they’re equipped with the financial tools they need to serve unbanked and underbanked consumers. “Our partnership with Paymentology will help build a more robust and inclusive financial ecosystem in Northern Central America by providing the technology, expert support, and efficient processes new financial institutions and fintechs require to launch and grow,” Thiago Dias, Senior Vice President Fintechs, Enablers, and Crypto at Mastercard Latin America and the Caribbean said in a prepared statement.
The topic of financial inclusivity has been a hotly debated one as some countries have demonstrated pushback when it comes to a fully digital, cashless society. In Australia, for example, some consumers have demonstrated their reluctance in the form of a strike, boycotting debit cards and using only cash for an entire week. Their stance is to do whatever it takes to keep cash from completely disappearing. This, they believe, is another, almost preferred form of financial inclusivity.
