By Mayra Vivacqua, 

Cluster Lead for Mastercard Caribbean

In today’s digital age, businesses of all sizes are increasingly aware of the need to move from manual systems to digital solutions for financial management. Not only does embracing digital technology help companies stay ahead of the curve, but it also meets the shifting consumer demands for seamless, secure, and faster digital experiences.

According to a recent report conducted by Mastercard in 14 Latin American and Caribbean countries, 77 percent of respondents had used digital payment methods, with credit and debit cards being the most common. Additionally, over 50 percent of those surveyed reported that since adopting digital payment methods, they have reduced their need to carry cash on a daily basis. These findings suggest a shift towards more convenient and secure payment options in the region.

This imperative shift is particularly challenging for micro, small, and medium-sized enterprises (MSMEs), who still commonly struggle to go digital and make and receive payments.  For MSMEs, going digital offers multiple benefits: facilitating optimised financial data analysis, automating tasks like accounting, granting them access to alternative financing, expanding their market reach via online platforms, and providing their customers with a better payment experience.

Mastercard is committed to supporting micro and small businesses as they navigate the shift to digital. With a goal to integrate 50 million new micro and small businesses globally into the digital economy by 2025, the company is focused on enhancing payment efficiency through innovative technologies. Key priorities include strengthening cybersecurity to build trust, fostering inclusion through partnerships, and offering tailored solutions to meet the diverse needs of businesses across various sectors.

Our educational platforms, such as the Entrepreneur’s Odyssey and MicroMentor, provide invaluable resources and mentorship opportunities for entrepreneurs transitioning to the digital economy. Additionally, Mastercard’s Trust Center serves as a hub for small and medium-sized businesses to gain knowledge and skills to protect their assets and information.

Similarly, Mastercard offers MSMEs access to Easy Savings Specials, a robust global redemption program designed to empower them by providing access to exclusive digital merchant offers. With over 100 tailored deals, the program aims to streamline operational and administrative processes, saving businesses valuable time and resources, while maximising efficiency on digital platforms. 

As we navigate the ever-changing digital Caribbean landscape, we will continue working with financial institutions, Fintechs, and governments to provide MSMEs with the resources, technology, and support they need to thrive in the digital economy, recognising they play a critical role in achieving a prosperous future, where everyone can benefit from the technological revolution.