Business
JM | Nov 23, 2021

WiPay, PETCOM sign multi-billion-dollar processing deal

/ Our Today

administrator
Aldwyn Wayne, CEO of WiPay Caribbean.

In what is being described as the first of many, by WiPay Caribbean Chief Executive Officer Aldwyn Wayne, WiPay has executed a flurry of strategic partnerships over recent weeks.

On 10 November 2021, WiPay (Jamaica) Limited signed an exclusive payment processing agreement with gas distribution conglomerate, The Petroleum Corporation of Jamaica Limited (PETCOM).

WiPay, which officially opened its doors in Jamaica last August, is the Caribbean’s largest payment facilitator, providing online and point-of-presence card processing services.

This multibillion-dollar arrangement with PETCOM includes the upgrade of PETCOM’S current point-of-sale terminals to WiPay’s smart terminals for both instore and at-the-pump payments at all PETCOM gas station locations across the island.

WiPay will provide processing for PETCOM’s Cooking Gas Division and Home Delivery Services with ‘Tap on Glass’ mobile point-of-sale devices for use by PETCOM agents.

PETCOM’s Order-From-Home service will be supported by WiPay’s online payment gateway.

However, the WiPay-PETCOM arrangement goes beyond payment processing.

WiPay would also benefit from PETCOM’s islandwide network in providing a suite of other services through WiPay’s highly capable smart terminals and locally regulate service partners. PETCOM locations would now be powered to provide bill payment services (e.g., JPS, Digicel, Flow), money remittance, QR code payments, card loading and Cambio services.

Wayne revealed that he and his management team were just recently in Jamaica where they signed several agreements with high-profile businesses and partners.

“Our trip to Jamaica was extremely successful. The PETCOM partnership is the first of many and we were very fortunate in this very short space of time to have entered into some significant relationships that would have WiPay and its services in over 1,000 locations across Jamaica,” Wayne said.

In addition to the partnerships, WiPay also demonstrated two new payment technologies destined for the Jamaican market during an event held at Cru Restaurant in Kingston last Saturday (November 21).

Kibwe McGann (lef), WiPay (Jamaica) Limited country manager, and Aldwyn Wayne, CEO of WiPay Caribbean.

One of the solutions demonstrated was ‘QR Point-of-Sale’ where card payments were made using a QR code rather than a traditional point-of-sale terminal.

“This solution is designed for individuals, sole traders, merchants and businesses that may not have the resources or access to obtain a point-of-sale terminal, but would like to accept card payments,” said Kibwe McGann, WiPay (Jamaica) Limited’s country manager.

The other payment technology demonstrated was ‘EMV Tap on Glass’, which allows any cell phone to complete a secure EMV contactless transaction.

“This solution was developed for merchants who prefer a more traditional card payment transaction experience,” McGann explained.

“The intention is to turn every entrepreneur’s or small business owner’s cell phone into a mobile point-of-sale device, bringing us ever closer to our goal of achieving greater financial inclusion,” McGann concluded.

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