Mastercard and GCS International have extended their partnership to develop and deliver digital payments solutions to underserved consumers in Jamaica.
This partnership builds on the collaborative work already underway in the Dominican Republic and now has expanded to include solutions in Jamaica.
GCS International, a fintech in the Dominican Republic, specialises in technology within the payments industry, and focuses on the development of mobile solutions such as transfers between accounts, payment of basic services, loan payments, among others.
The collaboration will strengthen the economic growth potential in the Caribbean, providing the underserved population with a simple and secure real-time payment solution.
Financial institutions will be provided with a white label mobile wallet solution, including Mastercard prepaid cards for international use, providing end users with innovative and enhanced payment options in line with market trends.
During the signing ceremony held recently, president of Mastercard's Latin America and Caribbean region Carlo Enrico highlighted, "Mastercard is committed to delivering a digital economy that works for all. As the fintech landscape evolves at an unprecedented speed, Mastercard provides the infrastructure and assets to help fintechs grow and attract more people to the digital economy".
"We look forward to collaborating with the GCS International team through this next stage of growth and provide the solutions that will drive financial inclusion at scale," he continued.
Sharing similar sentiments, CEO of GCS International Brian Paniagua noted that, "This strategic alliance with Mastercard is a natural evolution in the industry goal towards achieving the financial inclusion of more countries in the Caribbean and capitalises on GCS' proven track record ability to apply leading technology to the financial industry in benefit of those who need it most. We look forward to expand this alliance in a near future to other countries in Central America as well."
According to him, the company has provided friction-less personal finance management tools and solutions to consumers creating value for individuals and their societies in Guatemala and the Dominican Republic, and in the near future, Jamaica.
Additionally, Mastercard pointed out that it will continue to advance equitable and sustainable economic growth and financial inclusion around the world through a broad range of efforts.
Last year, the company announced the expansion of its worldwide commitment to financial inclusion by pledging to bring a total of one billion people and 50 million micro and small businesses into the digital economy by 2025.
