Mastercard is looking to further reduce the cash reliance of Jamaicans, with expectations to push-up digital payment usage over the next five years as the company actively collaborates with key stakeholders to build-out a stronger digital ecosystem.

Dalton Fowles, country manager for Jamaica, Trinidad & Tobago, Barbados, and the Eastern Caribbean, stated that, in addition to the solutions already in place, Mastercard plans to increase usage by at least another 10 per cent by 2030. The goal is to enhance digital acceptance across the Caribbean.

“When we look at personal consumption back in 2019, this was about 40 per cent…today we are at 45 per cent and what we expect for Jamaica and the wider Caribbean is that by 2030, we will be able to add another 10 per cent, moving to 55 per cent,” he told journalists during a round-table session held as part of activities for the company’s second staging of Mastercard Jamaica Day, held at AC Hotel in Kingston on May 13, 2025.

“As we’re seeing from studies that we have done, more and more people are becoming comfortable with making payments digitally,” Fowles added.

In the last National Financial Inclusion study published by the Bank of Jamaica, it was revealed that over 70 per cent of respondents (particularly those within the lower socio-economic bracket) indicated that they used cash daily, while digital payments were found to be more prevalent among higher income earners.

As Mastercard works to shift these dynamics, the country manager emphasised that the company continues to ramp up digital acceptance as it works to bring more of these solutions to larger segments of the population. Driven by an increased focus on small and medium-sized clients, the payments giant aims to foster financial inclusion as it fast-tracks the development of a digital society.

Backed by emerging payment technologies such as tap-on-phone, Apple Pay, and the soon-to-be-launched “Click to Pay” option, Fowles said Mastercard’s goal is not only to enhance the local payment landscape but also to offer a more diverse, consumer-focused payment experience.

“As we continue to innovate and to bring new solutions to the market, we are not only investing in technology, but we’re also investing in people, in small businesses, and in the future of Jamaica’s digital economy. This ensures that more people and businesses can participate safely and confidently in the digitised financial system,” he stated.

Fowles also highlighted Mastercard’s efforts in working with governments to develop stronger digital partnerships. These initiatives aim to strengthen commerce and empower businesses and individuals to take advantage of rapidly growing digital payment opportunities. Key sectors identified for growth locally include SMEs, remittances, and government services such as tax payments.

A recent white paper commissioned by Mastercard revealed a US$448.4-billion digital payment opportunity in the consumer-packaged goods (CPG) industry alone. The study, conducted across 11 countries in Latin America and the Caribbean (LAC) region, as well as the United States, underscores the vast potential for digital payment growth.

In response to ongoing concerns about fraud and cybersecurity, Mastercard, Fowles said, is also actively implementing measures to protect its customers. Leveraging tokenised transactions and artificial intelligence-powered processes, the company he said has been enhancing its security protocols to safeguard users from cyber scams.

“As Mastercard continues to build out its security framework, more biometric authentication is also to be included by 2030,” Fowles stated.