Mastercard & Dynamics Payments partner to launch FinTech solution in the Caribbean
By Pavithra R
Mastercard has announced entering into a new partnership with payment processing technology company, Dynamics Payments, to launch an application that will increase financial inclusion for the Caribbean region.
The app is expected to result in a marked increase in credit and debit card usage in the coming years. It will be available in 3 Caribbean markets: Dominican Republic, Jamaica and Puerto Rico.
Dynamics Payments, with its vast experience in payment services technologies, will offer consumers a comprehensive digital wallet with the safety and security features that Mastercard cardholders experience and relies upon. Businesses will be able to utilize the app to register their mobile devices as payment terminals, including for Tap on Phone, a solution that turns phones into payment acceptance devices.
“At Mastercard, we firmly believe in providing the necessary tools to close the social gap in terms of financial inclusion within our Caribbean population, which is the key to economic and social growth in all countries. Therefore, through this alliance with Dynamics Payments, we reinforce our commitment to increasing financial inclusion. We are introducing technology that offers solutions to help increase the activation of the digital economy on the part of merchants, while, at the same time, provide payment and other transactions channels that are quick, simple and secure for everyone”, said Jimena Elia, Director of Business Development for Mastercard, Caribbean Division.
The app’s digital wallet will provide consumers with a simple way to perform transactions such as money transfers, purchases, bill payments and the processing of insurance and both personal and business loans. Users can also experience secure shopping by leveraging Mastercard Digital Enablement Service (MDES) technology (known as tokenization system). The technology protects payment card information by replacing the original 16-digit card number with a token, which makes attempts at fraud or suspicious transactions unlikely. Thus, users can store their cardholder information inside the app without the risk of exposing their actual account data. The application will further provide complementary functionalities such as transaction history, budget controls and spending limits.
“Dynamics Payments is confident that this alliance with Mastercard will pave the way for new technology focused on offering greater benefits to users of all ages, with particular attention to the financial needs of each of the regions we will impact. Financial education is an important part of the world of digital transactions. That is why our application is focused on providing users with access to personal and business finance tools from a single, fast, secure and intuitive dashboard,” said Frank Lopez, Global Strategy Director and Co-Founder of Dynamics Payments.
Additionally, Mastercard holders that use the digital wallet will get access to a digital combo card usable at any merchant where Mastercard is accepted (as well as the physical card). Access to this digital combo card will only require simple online registration. The app will also provide various accounting and inventory management tools, such as order and ticket registration, invoicing, inventory and sales reports and analyses.
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