“We believe that market leadership requires deep courage—from founders and the investors that back them”
– Aldwyn Wayne, CEO WiPay Caribbean
At the onset of the Pandemic the Caribbean’s largest fintech company, WiPay Caribbean created a “Digital Payments Transformation Fund” (DPTF) for the advancement of the use of Technology within the region. WiPay Caribbean committed USD 1 Million to the Fund and made it accessible to Governments, Sate Entities, NGO’S and FinTech Companies, to use technology to better promote financial inclusivity.
Within the Caribbean, the underbanked and unbanked population constitute the largest portion of society. For these persons, making payments are done face-to-face and with cash, this limits the ability for the Caribbean to effectively participate in local or global ecommerce. Covid19 also turned face to face cash payments into a health and safety risk as it promotes movement and congregation, what was always considered futuristic had to now become mainstream and be done quickly.
Leaders across the region recognized that the pivot to digital payments were required to maintain livelihoods due to the introduction of work from home and daily curfews, the rate in which this pivot needed to happen required: leadership and innovation from our greatest minds. WiPay created it’s “Digital Payments Transformation Fund” where regional Governments and State entities could access WiPay’s Digital Payments technologies as well as access funds for the development of their digitization projects. “We believe that market leadership requires deep courage—from founders and the investors that back them.” – CEO & Founder of the WiPayGroup, Aldwyn Wayne.
This fund has been utilized in 10 Payment Digitization projects across 5 countries. The latest project to access the fund will be a Digital Grant project by Member for Parliament for St. Elizbeth, Food for the poor WiPay Jamaica, andprogressive group and Petcom.
WiPay Jamaica in 2020 previously accessed the DPTF in partnership with RADA to develop a closed-loop digital fiat system for Jamaica’s first cashless farmer’s market. Earlier this year WiPay Jamaica again accessed development funds for the development of version one of the ENDS platforms, to date WiPay Jamaica has accessed USD $160,000. “I am very pleased to announce that WiPay Jamaica has been approved to access a further USD $60,000 from WiPay Caribbean’s Digital Payments Transformation Fund. WiPay Jamaica will develop a solution to provide instant Covid-19 Relief Grant to assist persons in need. The program will be manged by one of Jamaica’s largest NGO-“Food for the Poor”, and will also be partnering with The Bounty Foundation, The Progressive Group and JMMB to distribute within our communities,island wide using WiPay’s Digital Fiat technology and Point of sale terminals.” – Kibwe McGann, WiPay Jamaica’s Country Manager
“The total regional investment directly accessed for the Digital Payment Transformation Fund to date is approximately USD $800,000
WiPay Jamaica to access millions from Digital Payments
WiPay’s DPT Initiatives include:
[Trinidad and Tobago, May 2020] WiPay (Trinidad &Tobago) first utilized the fund in partnership with the Mayor of Point Fortin for the development of a QR code cashless application to provide digital Grants to the most vulnerable in Point Fortin. In addition to the application development the City of Point Fortin project DPTF provided 100 Point of Sale Terminals for the project and $30,000 in cash for distribution.
WiPay’s DPTF Investment: USD $100,000
[Guyana, 2020] WiPay(Guyana) partnered with the Government of Guyana Civil aviation authority and accessed the fund to develop a flight overpass system for collection of Digital Payments of aircrafts flying over Guyana’s airspace.
WiPay’s DPTF Investment: USD $80,000
[Trinidad and Tobago, April 2020] WiPay(Trinidad and Tobago) accessed the Fund for supporting the business community in Trinidad and Tobago during the country wide Lock down by the Government of Trinidad and Tobago. WiPay (Trinidad and Tobago) covered 100% the cost of 200 Touchless Point of Sale terminals for micro and small businesses and subsidized their processing fees for one year in order to offset their business costs.
WiPay’s DPTF Investment: USD $400,000
[Jamaica, August 2020] WiPay (Jamaica) in partnership with the Rural Agricultural Development Authority (RADA) accessed the fund to execute the region’s first Cashless Farmers Market. The Prime Minister and the Honourable Floyd Green, MP, Minister of Agriculture, were the key stake holders in the project and was herald as the perfect project to bridge the gap between the unbanked and digital payments in a real-world application
WiPay’s DPTF Investment: USD $20,000
[Jamaica, April 2021] WiPay (Jamaica) in partnership with the Private Sector Organisation of Jamaica (PSOJ) and the Government of Jamaica accessed the fund to develop the E-Commerce National Delivery System (ENDS) to facilitate a national delivery network as the country faced lockdown and severe Covid restrictions. As partof the solution, WiPay (Jamaica) also developed the QR code technology used by the Jamaica Constabulary Force (JCF) to identify bearers and restaurant personnel.
WiPay’s DPTF Investment: USD $60,000
[Jamaica, May 2021] WiPay (Jamaica) accessed the fund to deliver 1,000 free eCommerce websites to micro, small and medium-size business owners (MSMEs) within a 24hr period which was so successful it became an official Guinness world record
WiPay’s DPTF Investment: USD $80,000
Grenada, July 2021] WiPay (Grenada) partnered with the Government of Grenada and accessed the fund to develop a digital grants system using WiPay’s digital fiat technology. Beneficiaries of the grants receive QR codes encrypted with their biodata and grant amounts which can then be used to purchase school supplies from over 100 merchants and businesses island wide, all equipped with WiPay’s smart terminals.
WiPay’s DPTF Investment: USD $120,000
“The total regional investment directly accessed for the Digital Payment Transformation Fund to date is approximately USD $860,000 of which Jamaica has accessed USD $160,000. I am pleased to announce that Jamaica has been approved to access a further USD $60,000 via WiPay’s Digital Payments Transformation Fund in time for back-to-school. WiPay Jamaica will also be partnering with The Bounty Foundation, The Progressive Group and JMMB to distribute a Covid-19 Relief Grant to assist neediest persons in our communities island wide using WiPay’s Digital Fiat and QR Code technology .” – Kibwe McGann, WiPay Jamaica’s Country Manager
About WiPay: WiPay is the Caribbean’s largest online payment solutions company and a Mastercard partner. WiPay operates in several Caribbean territories – Trinidad and Tobago, Barbados, Guyana, St. Lucia and Jamaica. WiPay is a multi-award winning fintech, and most recently set a Guinness World Record for hosting the most users in an online web development hangout.
#WiPay Jamaica to access millions from Digital Payments
#WiPay Jamaica to access millions from Digital Payments
#WiPay Jamaica to access millions from Digital Payments
#WiPay Jamaica to access millions from Digital Payments
