Mastercard: 51% of Jamaicans use debit cards for daily purchases

Mastercard, the global technology company in the payments industry, hosted its first-ever "Mastercard Day" in Jamaica, marking a significant milestone in its efforts to foster the region’s digital transformation.

The event brought together top executives and representatives from leading financial and technological institutions to delve into emerging trends, address challenges, and seize opportunities within the payments ecosystem.

The event served as a platform for insightful discussions on the evolving preferences of Caribbean consumers.

Mastercard’s recent Consumer Payments Behaviour Report reveals, for instance, that 93 per cent of Jamaicans are comfortable with using new technologies, and over 51 per cent already use debit cards for their daily purchases.

“Today’s event allowed us to highlight the relevance of working together with financial institutions, Fintechs, merchants, and governments to develop innovative technological solutions that tend to the focalised needs of the people across our region, guaranteeing they can connect to and take advantage of the benefits of the digital economy," said Dalton Fowles, Country Manager for Mastercard Jamaica, Trinidad and Tobago, Barbados, and Eastern Caribbean.

Highlighting Mastercard's pivotal role in driving Jamaica and the region's digital transformation, distinguished Mastercard speakers included Walter Pimenta (Executive Vice President, Products and Engineering for Mastercard Latin America and the Caribbean); David Goldschmidt (Vice President, Transfer Solutions Commercialization Lead for Mastercard Latin America and the Caribbean); Roiana Reid (Director at Mastercard Economics Institute); Luiz Lessa (Director at Mastercard Market Trends), and Eduardo Sánchez (Senior Vice President & Head of Cyber & Intelligence for Mastercard Latin America and the Caribbean).

The company remains committed to driving positive change in Jamaica and the Caribbean. This inaugural Mastercard Day in Jamaica signifies its dedication to empowering individuals and businesses alike in the digital age.

Sessions led by industry experts and key stakeholders delved into crucial topics, including:

• Global trends in travel and leisure activities;
• New payment technologies that are transforming the user experience and catering to the needs of those traditionally underserved or underbanked;
• Latest trends on cross-border transactions that are granting users a more convenient, secure, and transparent payment experience, bringing people closer than ever;
• The need to adopt a holistic and collaborative cybersecurity approach to guarantee safe digital interactions for all users; and
• The opportunities granted by public-private partnerships to push forward transformative digital agendas across the region.