STATE minister in the Ministry of Industry, Investment and Commerce Delano Seiveright has warned that Jamaican businesses — particularly micro, small and medium-sized enterprises (MSMEs) — which fail to formalise and embrace digital payments risk being left behind.

According to Seiveright, businesses which adapt stand to reach more customers, improve efficiency, and access greater opportunities for growth.

Speaking at Mastercard Day Jamaica 2026 at the AC Hotel Kingston, Seiveright said the future will increasingly favour businesses that are connected to the formal economy and able to meet the changing expectations of consumers.

“The reality is that businesses which formalise, digitise, and embrace modern payment systems are generally better positioned to attract customers, grow revenues, improve efficiency, and access financing. Those that fail to adapt risk being left behind in an increasingly digital economy,” Seiveright said.

His remarks come amid growing evidence that Jamaican consumers are increasingly ready to pay digitally while many businesses remain unable to accept those payments.

According to a recent Mastercard and Payments and Commerce Market Intelligence (PCMI) study, only about eight per cent of Jamaican merchants currently have point-of-sale systems to accept digital payments despite growing consumer demand for cashless transactions. The study found that cash still accounts for approximately 72 per cent of personal consumption spending in Jamaica, highlighting a significant opportunity for greater digital adoption.

The report further noted that expanding digital acceptance allows businesses to get paid faster, reduce the risks associated with handling cash, reach more customers, including online, and build transaction histories that can support access to financing.

Seiveright pointed to Jamaica’s estimated 422,000 registered MSMEs — which, according to figures cited by the Ministry of Finance and the Small Business Association of Jamaica, account for approximately 80 per cent of jobs in the Jamaican economy — representing more than 1.1 million workers.

“The MSME sector is not a side issue in Jamaica. It is the economy. The small shop operator, the market vendor, the restaurant owner, the farmer, the barber, the small manufacturer, and the online entrepreneur all have a critical role to play in Jamaica’s future prosperity,” said Seiveright.

The state minister argued that digital inclusion and financial inclusion have become essential economic growth tools rather than optional business enhancements.

“Consumers increasingly expect convenience, speed, and security. Businesses that can offer those experiences are often better positioned to win and retain customers. Increasingly, cash-only businesses are leaving money on the table,” he added.

Seiveright also highlighted recent Government measures designed to support MSME growth, including the increase in the General Consumption Tax (GCT) exemption threshold from $10 million to $15 million, while pointing to the work of agencies such as the Jamaica Business Development Corporation (JBDC), Companies Office of Jamaica (COJ), and Jamaica Promotions Corporation (Jampro) in supporting entrepreneurship, formalisation, and business expansion.

He noted that the Government continues to pursue reforms aimed at improving Jamaica’s ease and cost of doing business, expanding access to opportunity and helping more businesses participate fully in the formal economy.

Seiveright also highlighted ongoing efforts within his constituency of St Andrew North Central to demonstrate how digital and financial inclusion can work at the community level.

He pointed to the introduction of digital payment solutions among vendors operating within the Manor Park Bus Lay-By and Vending Zone, an initiative being advanced through a partnership involving Mastercard, NCB, and Digicel.

The initiative is helping vendors who traditionally relied almost entirely on cash transactions to accept digital payments, broaden their customer base, and build stronger financial records.

“Digital payments improve convenience, transparency, efficiency, and security. But perhaps, most importantly, they help create pathways to upward mobility and long-term economic empowerment,” Seiveright said.

The state minister noted that the digital payments initiative forms part of a wider effort to modernise and improve the Manor Park commercial and transportation hub.

That broader redevelopment initiative has brought together a range of public and private-sector partners — including the Lake Group, PanJam Investment Limited, the Lisa Hanna Foundation, the Tourism Product Development Company (TPDCo), the Kingston and St Andrew Municipal Corporation (KSAMC), and others — with a focus on improving vendor facilities, commuter amenities, aesthetics organisation, and the overall customer experience.

Seiveright said the project demonstrates the importance of partnerships in delivering practical improvements that benefit small businesses, commuters, and communities alike.

“Whether we are talking about infrastructure, business formalisation, or digital payments, meaningful progress is achieved when the public and private sectors work together toward a common objective,” he said.

Mastercard country manager for Jamaica, Trinidad and Tobago, Barbados, and the Eastern Caribbean, Dalton Fowles, said the company remains committed to working with stakeholders to build a stronger digital economy across the region.

“Mastercard Day Jamaica has become an important platform to align vision, innovation, and collaboration around the future of digital commerce across Jamaica and the wider Caribbean,” Fowles said.

“This space reflects our commitment to continue building alongside our partners a more inclusive, secure, and future-ready payments ecosystem that can help drive the region’s next stage of growth,” added Fowles.

Seiveright said Jamaica has made significant progress in recent years but stressed that much more work remains to ensure small businesses are fully positioned to compete in a rapidly changing global economy.

“The businesses that thrive over the next decade will increasingly be those that embrace innovation, formalisation, and digital transformation. The opportunities are enormous, but so too is the risk of being left behind,” the state minister added.