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Mastercard Enters Jamaica, Targets Unbanked

It’s been roughly a month since technology company Mastercard settled into its new office space in New Kingston, but discussions are already ongoing to have the company doubling users of electronic payment systems across Jamaica over the next three years.

Jamaica marks the first English-speaking Caribbean country where Mastercard has set up shop, having opened offices in the Dominican Republic and Puerto Rico some two months ago. Mastercard will next expand its footprint to Trinidad and Tobago and further to other islands in the region.

The company wants to triple its Caribbean market share by 2024.

Mastercard’s entry into Jamaica comes a year after the company undertook a fresh study of the markets, which, according to division president of the Caribbean Marcelo Tangioni, revealed that the use of cards for personal expenditures in Jamaica was below 20 per cent.

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