Digicel Financial Services is making business in the Caribbean cashless with their digital wallet — MyCash. The wallet, which allows people to conveniently manage their finances, has partnered with Mastercard to enhance its capability.
Aniqa Sandhu, CEO of Digicel Financial Services announced the partnership Wednesday, October 5, during the first-ever Fintech Islands conference (FiX2022) held at Hilton Resort.
“Mastercard is a great partner for us to bring to the Caribbean as Digicel Financial Services, so we have signed up with them for a multi-market deal and one that will enable more use cases, whether it is virtual powers, whether it is physical powers, whether you can go on the merchant and pay. So [it really is] developing the ecosystem around the experience that people have — banked, unbanked and underbanked,” said the CEO. The digital wallet will be rolled out in the 25-plus markets in the region. If all goes to plan, Barbados’ launch is slated for the first financial quarter of 2023.
MyCash has successfully integrated into Jamaica over the past two months with over 25,000 registered, active users and Haiti boasts of over two million customers.
Sandhu explained that the digital wallet will act like a debit card, where individuals can “go to an ATM and withdraw or [do] a bank transfer and withdraw” from their wallet.
Mastercard’s executive vice president for market development in the Caribbean and Latin America, Kiki Del Valle, stated that the financial instrument, which facilitates digital payments and cashless transactions, will be pivotal in transitioning towards a society that is more welcoming toward financial technology.
“This is a great way for us to bring additional financial services to uplift the poor, to find ways to better serve marginalised communities, particularly women, MSMEs (micro, small, medium enterprises) and leverage on the technology and the power of new ways, for consumers who are looking to pay,” said Del Valle.
“This is an opportunity for us to first gain access. It obviously has to be tied to the digital journey that the consumer is going through to eventually help facilitate additional use cases – investments, lending, savings but also providing financial literacy,” she added.