Today, technology giant Mastercard announced its partnership with WiPay – the Caribbean’s leading fintech company – building on its strategic plan to evolve and develop its presence in the islands.
This groundbreaking partnership is prime to reap significant gains for the region. Both companies will collaborate to drive greater financial inclusion in the islands through a suite of payment and acceptance solutions.
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
“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,” stated Marcelo Tangioni, Mastercard’s Caribbean Division President. “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.”
“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)” Aldwyn Wayne CEO WiPay
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.
Mastercard (NYSE: MA), is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments, and businesses in over 210 countries and territories. Mastercard products and solutions make daily commercial activities such as shopping, travel, running a business and managing finances, easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardLAC, join the discussion on the Más allá de la Transacción Blog
WiPay, a registered payment service provider,that provides the Caribbean and South America a secure, fully integrated payment processing platform, designed and engineered to help individuals and businesses move money securely and efficiently. Our platform allows the ‘banked’ and ‘underbanked’ to participate in the growing Gig Economy. WiPay is headquartered in Trinidad & Tobago with operations in Jamaica, Guyana and St. Lucia and soon to be launched in the wider Caribbean region. Visit us at www.wipaycaribbean.com