The COVID19 pandemic has meant that Jamaican businesses must step up to meet their global counterparts in becoming comfortable with an online presence. Recognizing the challenge that small businesses in particular face in getting payments from online sources through their Jamaican banks, Mastercard has stepped in to make the process smoother. Dalton Fowles, Country Manager for Mastercard in Jamaica and Trinidad and Tobago informed Financially Focused over a ZOOM call held today that “We are close to finalizing a solution with the local banks to allow for payment processing for small businesses.” Fowles, acknowledged that this solution would have fees, however, he explained, “we believe that the competition between banks in Jamaica will drive down fees that small businesses will face in payment processing online.”

The country manager continued, “We know that Jamaica is still trying to move towards a “normalization phase”, and consumers will want to maintain their safety and reduce exposure during the pandemic. That is why we are determined to continue driving the shift to contactless transactions and digital payments by leveraging consumers’ increased exposure to electronic transactions,” said Dalton Fowles, Country Manager for Mastercard in Jamaica and Trinidad and Tobago. “We are particularly excited about our recent partnership with Grammy Award Winner reggae artiste Koffee as our official brand ambassador in Jamaica. With this partnership, we will build awareness about digital payments and educate Jamaican consumers and merchants about the convenience, wide acceptance, safety, and security features of Mastercard electronic payment options”.

The goal of the Mastercard office in Jamaica and Trinidad & Tobago is to “ensure that as a region, we are not left behind. In 18 to 24 months, we will see massive shifts in digital businesses and how businesses are paid for their services.

During the first year of operation on the island, Mastercard has developed a reliable brand positioning in Jamaica, working proactively in supporting the SMEs (Small & Medium Sized Enterprises) by providing digital payment options while focusing on financial inclusion to develop a healthier and sustainable economy. This period has also solidified its value as a technology leader focused on bringing meaningful partnership with business owners. 

Fowles noted that he is opened to the idea of meeting with the Small Business Association of Jamaica and even regulatory firms such as the Companies Office of Jamaica to ensure that the “payment eco-system” is robust in Jamaica and includes the stakeholders.

“Ever since established day one in Jamaica back in 2019, one of our principal missions has been supporting the development of small and medium businesses, abreast encouraging financial inclusion. That is why we are proud to achieve this goal by proactively seeking strategic alliances to educate and support owners, incorporating them into digital strategies, such as e-commerce and introducing the use of contactless cards in their business models”, explained Fowles.

Mastercard recently announced the commitment of $250 million for over five years to support small businesses in financial, technology, product, and insight assets globally. Simultaneously, the company expanded its worldwide commitment to financial inclusion, pledging to bring a total of 1 billion people and 50 million micro and small businesses into the digital economy by 2025. As part of this effort, there will be a direct focus on providing 25 million women entrepreneurs with solutions to grow their businesses.

The challenges resulting from the pandemic have compelled larger businesses and SMES’s to embrace digital transformation locally. To aid this transformation, Mastercard launched the Digital Acceleration Platform, a resource for small business owners looking to expand their business digitally. The platform provides small companies a pathway to boost their online presence, protecting their online operations, and adapt to the new business environment. 

With the rise of COVID-19, Mastercard quickly pivoted and was established as an innovation associate. Through partnerships with local businesses, there was driven an exponential increase in CNP (Card No Present) transactions. One example is the alliance with MDLink, an innovative online medical service that allowed Jamaicans to get a discount while accessing medical care from the safety of their homes. Besides that, the partnerships with Quick Plate, 7Krave and MailPac have provided free food delivery while helping the customers to stay safe and minimize their exposure during the pandemic. 

Additionally, Mastercard partnered with the OTO Bootcamp to increase the skills and capacity for general business principles of SMES’s and translate this to their online environment. OTO Bootcamp, allows the participants to enter the formal online economy, participating globally with their services offering while getting all investments managed and housed in the local banking sector.

Another arm of the company’s support for businesses is the Contactless Training & Incentive Program, which was strategically launched in tandem with the roll-out of Scotiabank’s Debit Contactless Card to stimulate contactless usage and growth. This program involved 30+ major key merchant categories in Jamaica to drive widespread awareness and market adoption. 

One of the most recent and exciting initiatives is the ScotiaCard Mastercard® debit card, which improved security based on proven technology used around the world, Chip & Pin plus Tap and Go® with contactless technology that has been introduced as a convenient way to manage finances by deducting funds directly from the checking account.

Undoubtedly, Mastercard will continue to support the local economy’s growth and seek new opportunities to create priceless experiences and digital empowerment for everyone. “Although we are apart, this first-anniversary celebration reminds us that we are more united than ever,” finalized Fowles.