The St. Lucia-based digital wallet provider, Penny Pinch, says it has entered into an exclusive alliance with Mastercard that will allow the two companies to promote financial inclusion efforts across the Eastern Caribbean islands by offering a suite of payment and acceptance solutions collaborate.
“We are excited to work alongside Mastercard to leverage today’s technology to launch a world-class card product that will revolutionize how the unbanked and underbanked manage and spend their money. By building from the ground up, we can provide an unrivaled customer experience backed by the latest security and fraud protection features” said Penny Pinch’s Chief Executive Officer, Martin Hanna.
Penny Pinch said this ground-breaking alliance has the potential to yield significant benefits for Caribbean residents and small businesses and will work together to expand access to electronic payments and build simple and secure payment options throughout the Eastern Caribbean.
The Caribbean digital wallet company said the new agreement will allow for collaboration with local financial institutions to offer a prepaid Mastercard to thousands of expanding mobile wallet customers, ultimately enabling them to spend their wallet balance everywhere Mastercard is accepted.
It will also allow for the use of Mastercard’s Digital Enablement Service (MDES), which will allow cardholders to perform NFC payments without the need for a physical card. Additionally, cardholders will be able to view their card information, immediately freeze/unfreeze their cards, and have more control by deciding the types of transactions performed with their cards.
“As the demand for digital payments continues to accelerate, Mastercard is committed to supporting fintech innovators that are dedicated to a more financially inclusive future for all. By combining our joint expertise, we look forward to innovating and adding new solutions that address the needs within an evolving payments landscape,” said Ana Paola Gallo, market development director for the Caribbean.
Penny Pinch says the collaborative solutions will be launched in St. Lucia initially and then rolled out in the member countries of the Organization of Eastern Caribbean States (OECS) and the wider Caribbean in the near future.
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