Mastercard, the global technology company in the payments industry, presented its new research on the payment behaviours of Jamaican consumers, revealing a growing adoption of digital payment methods in the country.

According to the study, 93 per cent of Jamaicans surveyed feel comfortable or very comfortable when trying new technology. Debit and credit cards are the preferred digital payment method for online purchases (84 per cent).

“At Mastercard, we are committed to facilitating a seamless digital transition in the country, ensuring convenience, security, and privacy for consumers. By leveraging innovative solutions and prioritizing consumer trust, we aim to drive financial inclusion and enhance the overall payment experience of all Jamaicans”, said Dalton Fowles, Country Manager for Jamaica, Trinidad and Tobago, Barbados & Eastern Caribbean at Mastercard.

Furthermore, debit cards are the most widespread digital payment method used in Jamaica: 51 per cent of Jamaicans surveyed use debit cards for daily purchases.

Mastercard said it understands these changing preferences and is working with its partners, including financial institutions, Fintechs, merchants, and governments, to develop innovative financial solutions that connect Jamaicans to the digital economy and allow them to enjoy its benefits. Its debit cards, for instance, offer reliable, safe, and transparent transactions for purchases made in person, online, via apps, or through digital wallets.

In a release on Thursday, Mastercard noted that convenience, security, and privacy have proven to be top priorities for the acceptance of digital payment methods among Jamaicans.

It underscored that 50 per cent of Jamaicans surveyed consider that using digital payment methods reduces the need to carry physical currency, while over 52 per cent are enticed by the swift processing of transactions.

Additionally, 29 per cent find appeal in the global acceptance of digital payments for online purchases.

Furthermore, 93 per cent of respondents consider security important or very important when choosing how to pay, and 71 per cent consistently opt for the most secure payment method available.

Twenty-seven per cent of surveyed Jamaicans have already enabled two-factor authentication to protect their transactions.

To respond to this preference of Jamaicans for secure payments, Mastercard stated that it has a holistic cybersecurity strategy. The company uses data analytics and artificial intelligence to identify vulnerabilities early and deploy automatic protection shields to all consumers.

Study markets include Argentina, Brazil, Chile, Paraguay, Peru, Uruguay, Ecuador, Colombia, Panama, Costa Rica, Mexico, Dominican Republic, Jamaica and Puerto Rico. The research took place between November 1, 2023, and March 30, 2024, and consisted of a survey of 9,009 adults aged 18 and over. In the case of Jamaica, 604 adults were part of the survey conducted.