Click to view full size
Despite evidence that digital payments can drive business growth, only eight per cent of small merchants in Jamaica use point-of-sale (POS) systems, with the country averaging 11 POS terminals per 1,000 inhabitants.
This was revealed in a recent MasterCard study on the state of digitalisation and financial inclusion in Jamaica, which highlighted that although the island has a strong foundation for wider digital payments, it faces critical merchant acceptance barriers.
“From a benchmark perspective, markets that are more digitised tend to have over 50 terminals per 1,000 inhabitants,” Dalton Fowles, MasterCard country manager for Jamaica, told journalists on Tuesday at a media roundtable. “So at eight per cent, we are way behind the target and it is impacting the state of digitisation.”
The portable companion to gazettE. Get notifications, track read articles, and more. The latest news from Trinidad and Tobago, in one place.
Related stories
See articles related to "Small businesses slow to embrace digital payments amid cost, fraud concerns"