Payment multinational Mastercard returned to Jamaica for its ‘Mastercard Day’, reinforcing its commitment to fostering the region’s digital transformation. 

In collaboration with government entities, financial institutions, and digital enablers, the milestone event unlocked emerging trends shaping the future of payments in Jamaica and the Caribbean, with a focus on empowering SMEs.

“Mastercard is proud to stand alongside our financial ecosystem partners to enable inclusive growth,” said Dalton Fowles, country manager for Mastercard Jamaica, Trinidad and Tobago, Barbados, and Eastern Caribbean. “We are not only investing in technology, but we’re also investing in people, in small businesses, and in the future of Jamaica’s digital economy, ensuring that more people and businesses can participate safely and confidently in the digitised financial system.”

Non-digitised payments create hidden costs and inefficiencies for small businesses, limiting their growth and competitiveness in a rapidly digitising market.

A newly released whitepaper commissioned by Mastercard sheds light on a US$448.4 billion digital payment opportunity in the consumer-packaged goods (CPG) industry alone.

The study was conducted across 11 countries in the Latin America and Caribbean (LAC) region and the United States. An emerging fintech ecosystem and growing interest in mobile wallets among Jamaican consumers reinforce commerce digitisation throughout the Caribbean.

Executives and representatives from the public and private sectors addressed challenges and identified opportunities during Mastercard Day Jamaica that accelerate digital payments, drive financial inclusion, and strengthen cybersecurity and fraud prevention.

Crucial topics included:

• ‘Empowering Jamaica’s Digital Economy: The Role of Government Collaboration in Driving Innovation, Inclusion, and Investment‘ by Industry Minister Aubyn Hill.
• ‘Navigating the Changing Landscape of Payment Acceptance in Jamaica‘ by Juan Santiago Martinez, principal of acquiring and acceptance aty LAC Mastercard 

• ‘Commercial payments: innovative solutions for business-to-business‘, by Dwain Neckles, regional head corporate solutions, Canada, Mastercard 

• ‘Montego Bay: from city to smart city – A vision for digital transformation‘ by Mayor Councillor Richard Vernon in fireside chat with Mayra Vivacqua, region head of the Caribbean for Mastercard.

• ‘Unlocking emerging market growth through digital payments‘ by Rafael Noriega, CEO of Yalutec 

·       ‘Cybersecurity and fraud prevention: minimising risk, maximising protection‘ by Ramiro Alberto Dominguez, director of security solutions management at North LAC Mastercard 

The return of Mastercard Day in Jamaica signifies its long-term commitment to empowering businesses and individuals through the digital transformation of commerce. The discussions and collaborations aim to lead to positive transformation and build an inclusive digital economy that benefits every Caribbean citizen