Mastercard Inc. and First Atlantic Commerce (FAC), a leading online payment gateway and fraud management solutions provider, have signed a memorandum of understanding (MoU) to advance financial inclusion and safe digital payments across Central America and the Caribbean.

The collaboration aims to take advantage of Mastercard’s network, expertise, and technology, and FAC’s payment processing and risk management solutions to create a simple, safe, intuitive, and frictionless payment experience for all users.

“Partnering with one of the industry’s most innovative technology companies opens up incredible opportunities to drive the Caribbean and Central America’s digital economy and realize the region’s bright future in digital transformation,” said Christopher Burns, CEO of First Atlantic Commerce. “We are inspired by the possibilities of this partnership and excited to work with Mastercard to advance financial inclusion across our markets.”

Furthermore, the partnership will promote the implementation of innovative digital acceptance solutions such as Tap on Phone and Click to Pay, enabling businesses and their customers to make and receive payments in a faster and more secure way.

Similarly, they will foster the launch and usage of Mastercard tokenisation services, which protect each transaction, improve customer experience, and strengthen the users’ confidence in digital payment methods.

Mayra Vivacqua, cluster lead for Mastercard Caribbean, said, “We are thrilled to partner with FAC to drive the region’s digital transformation and offer our customers across various sectors, including SMEs, government, and commercial enterprises, a safer, easier, and more convenient way of making transactions. Our goal is to bring about an inclusive and innovative digital economy that works for everyone, everywhere.”

Germán Roson, cluster lead for Central America and the Dominican Republic at Mastercard, added, “We at Mastercard share a common goal with FAC – to empower unbanked and underserved populations through innovative technological solutions. By connecting them to the digital economy, we aim to provide them with opportunities to improve their living standards and reach their fullest potential.”

Headquartered in Bermuda and founded in 1998, First Atlantic Commerce (FAC) is a leading provider of secure and robust internet payment solutions for merchants and acquiring banks in Central America and the Caribbean.

Its solutions include multi-currency, real-time credit card and debit card processing, as well as online consumer authentication and other fraud management services.