Regional fintech company WiPay has successfully launch its COLOUR APP in Trinidad, just in time for the 2024 Carnival season.
The COLOUR APP was designed to remove the pain points commonly associated with card payments and how people get paid or send money.
In the last five years, the Caribbean fintech community has been focused on digital money and e-wallet solutions. Across the region, several mobile wallet and e-payment solutions exist, promoted by legacy financial institutions. However, all of these solutions require both the purchaser and seller to have the same app on their phones and have local bank accounts, often with the same bank.
According to WiPay, this is inherently insular and excludes visitors (tourists) from doing business with local sellers, restricting their interaction to cash in the absence of a point of sale device. COLOUR APP, powered by WiPay, the Caribbean’s only licensed payment facilitator by both MasterCard and Visa Networks, offers a unique solution where only the seller, or the receiver of cash, is required to have the app. COLOUR allows users to collect payments from over 900 million Visa or MasterCard users worldwide.
“As a small business owner, during the Carnival season, I do pop-ups at many of the major fetes and Carnival Band Houses. Before the COLOUR App, I missed 90 per cent of sales because I don’t have my own Point of Sale machine. Now that I have the COLOUR App, I’m able to make more sales as all of these visitors have international cards. I’ve never been able to use any of the e-wallet solutions as it required my clients to download an app and have a local bank account,” shared Tameika, founder of Jewellery and accessories company AYA Styler. “WiPay’s COLOUR APP stands out as it doesn’t require my clients to download anything.”
The COLOUR APP boasts a myriad of features designed to simplify money management. Users can enjoy instant money transfers, Tap-to-pay and Tap-on-phone functionality for face-to-face transactions, QR code payments, and invoicing capabilities. The introduction and addition of the COLOUR Card further enhance security and convenience for users, making it easier to conduct business and manage everyday needs.
With an estimated 30,000 visitors flocking to Trinidad for Carnival annually, The COLOUR APP addresses a crucial need for a streamlined payment solution that caters to both locals and visitors. “Every traveller coming to Trinidad has a card, as they will need it to pay for flights, accommodations, fetes, or transport,” says Kibwe McGann, group CMO of WiPay.
“COLOUR ensures no one loses a sale. Annually, the Caribbean loses billions of dollars in foreign exchange due to missed sales. Small to medium entrepreneurs and vendors, who don’t qualify for point of sale machines because they don’t meet a particular income threshold, are unable to accept card payments and therefore miss out on sales, due to financial exclusion”.
After successfully launching the COLOUR App in Colombia, and now Trinidad, next on the horizon is COLOUR APP in Jamaica. As WiPay continues to revolutionise the fintech landscape across the Caribbean, the COLOUR APP reffairms its commitment to providing accessible, user-friendly digital payment solutions for all.
“Financial Inclusion is not a buzz term that WiPay takes lightly. It’s what drives us and is the ethos upon which the company was founded,” shared Kibwe McGann.