Mastercard has teamed up with payment processing technology company Dynamics Payments, to launch an application (app) which will increase financial inclusion for the Caribbean region.
This solution is expected to result in a marked increase in credit and debit card usage in the coming years. The app will be available in three Caribbean markets, Dominican Republic, Jamaica and Puerto Rico.
With its vast experience in payment services technologies, Dynamics Payments will offer consumers a comprehensive digital wallet with the safety and security features that Mastercard cardholders have come to enjoy and rely upon. At the same time, businesses will be able to utilise the app to register their mobile devices as payment terminals, including for Tap on Phone, a solution that turns phones into payment acceptance devices.
The app’s digital wallet will provide consumers a simplistic means to perform transactions such as money transfers, purchases, bill payments and the processing of insurance and both personal and business loans. It will also allow them to enjoy more secure shopping, thanks to the Mastercard Digital Enablement Service (MDES) technology, better known as the tokenisation system. This technology protects payment card information by replacing the original 16-digit card number with a token, which makes attempts at fraud or suspicious transactions unlikely. Thus, users can store their cardholder information inside the app without the risk of exposing their actual account data. The application will further provide complementary functionalities such as transaction history, budget controls and spending limits.
Mastercard holders that use the digital wallet will get access to a digital combo card (for greater security in e-commerce), as well as the physical card, usable at any merchant where Mastercard is accepted around the world. Access to this digital combo card will only require simple online registration.
Businesses, on the other hand, will be able to use the app to register their mobile devices as payment terminals, where they can offer their products and services directly to customers for a more efficient purchasing experience. Mastercard has been spearheading the transition to contactless payments for years.
The app will also provide a wide-ranging accounting and inventory management tools, such as order and ticket registration, invoicing, inventory and even sales reports and analyses.