With global digital payment transactions projected to hit US$11.53 trillion this year, one tech expert is urging businesses to foster market trust to increase customer participation.

The digital economy, driven by information and communication technology (ICT), covers myriad transactions among people, businesses, devices and data. Notably, e-commerce and mobile payments drive its growth.

Speaking at the recent Caribbean Travel Forum in Montego Bay, St James, Senior Director at C&W Business Delroy McLean highlighted Jamaica’s 110 per cent mobile penetration, but noted that only 40 per cent use smart features and fewer engage in e-commerce.

According to McLean, Caribbean nationals tend to be sceptical about mobile payments because of a lack of faith in institutions and supporting technology.

“Business moves at the speed of trust. Across the Caribbean we have a culture of ‘seeing is believing’ and an insistence on conducting business in-person,” he said.

He added that changing this culture to one that embraces transacting business remotely will begin with sensitising the younger generation.

“Are we engaging the next generation and equipping them with trust in the digital economy? Are we giving them the tools to navigate the online space safely? When we look at the economies that have made this work that’s exactly what they did,” he added.

McLean was contributing to a panel discussion on the topic ‘Under the Microscope – The Caribbean reimagined’.

Also part of the conversation was Javed Samuel, vice-president, NCC Group Cryptography Services. In agreeing with McLean, Samuel shared that most Caribbean nationals prefer using cash for perceived control.

“To get to the point where we are seeing more widespread use of digital payments is going to take user education and collaboration with our partners and financial institutions,” Samuel said.

He also outlined that risks associated with fraud and one’s account being compromised by bad actors also deter citizens from participating in the digital economy.

Also on the panel was Frank Wolfe, CEO, Hospitality & Technology Professionals. He agreed that sensitisation will be critical to a paradigm shift.

In looking at the future of the hospitality industry, Wolfe stressed the importance of training that matches the learners’ styles to foster technological adoption.

“We have to adapt to how the next generation wants to learn. Instead of someone presenting in the front of the room, the next time you have to do a training, get your department head or CEO to do a reel or a TikTok and use that instead,” Wolfe said.

In closing the conversation McLean highlighted the importance of embracing technology in the sector, particularly to harness feedback and improve the customer experience.

“With social media, every individual can have a voice with global reach. We can use AI [artificial intelligence] and analytics to harness those views, identify barriers, and most importantly get the output of information needed to make the right decisions promptly,” he said.