MasterCard and GCS International have signed a contract extension on their strategic partnership in efforts targeted at promoting economic growth and financial inclusion in Jamaica. GCS International is a technology company focused on developing payment solutions and processing financial transactions. Mastercard has embarked on projects in Latin America for this same purpose, for example, Mastercard partnered with the Inter- American Development Bank (IDB) in 2021 targeting over 160 cities and remains committed to boosting economic development in the Caribbeans.
Tourism is a major source of national income in Jamaica however with global travel restrictions, Jamaica's GDP fell by 9.9% in 2020, as compared to a growth of 0.9% in 2019 reportedly the largest economic decline in the country's history. Mastercard's continuous partnership with GCS International aims to diversify the countries economy by exploring digital and financial inclusion. Introducing mobile payment options, credit, and debit cards, MasterCard aims to persuade over 2 million Jamaicans to embrace the digital economy.
Valued over $100 billion the Fintech industry has the potential to positively impact the growth of Jamaica's economy. MasterCard aims to capitalize and solidify its presence in Jamaica and the Caribbean. Enjoying the monopoly of the region.
Jamaica in focus:
Population: 2.96 million in 2020 as compared to 2.94 million in 2019
GDP: $13.81 billion compared to $15.83 billion in 2019
GDP per capita: $4664 in 2020 compared to $5369 in 2019
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