The partnership will enable a more robust financial ecosystem in Guatemala, Honduras, and El Salvador, granting underserved and unbanked segments of the population access to the digital economy.
Guatemala, August 2023: Paymentology, the leading global issuer-processor, today announces an expanded partnership with Mastercard to bolster financial inclusion across Guatemala, Honduras, and El Salvador.
According to a recent Mastercard and Americas Market Intelligence (AMI) study, while most Latin Americans gained access to basic financial products between 2020 and 2023, 21% still rely exclusively on cash and are still excluded. Furthermore, in Guatemala, Honduras, and El Salvador, only one in four banked adults possess a debit or credit card, further emphasizing the obstacles in accessing the financial system within the region.
Mastercard, a founding member of the Partnership for Central America (PCA), has committed to bringing 5 million people and 1 million micro, small and medium enterprises (SMEs) into the digital economy, including 300,000 businesses run by women, over five years. The partnership reflects Mastercard's commitment to building an inclusive digital economy where everyone, everywhere, can benefit from the technological revolution and reach their fullest potential.
As a member of the Mastercard Engage partner network since 2021, Paymentology has worked with Mastercard to build new and relevant financial inclusion solutions for its customers, and Paymentology has supported Mastercard customers in quickly deploying these product innovations at scale. Now, through an expanded partnership, Paymentology will continue innovating to help accelerate financial inclusion through its advanced issuer processing platform, offering an efficient go-to-market plan for issuers in the region and providing fast and seamless access to card issuance.
"Our partnership with Paymentology will help build a more robust and inclusive financial ecosystem in Northern Central America by providing the technology, expert support, and efficient processes new financial institutions and fintechs require to launch and grow," commented Thiago Dias, Senior Vice President Fintechs, Enablers, and Crypto at Mastercard Latin America and the Caribbean. "Our goal is to ensure more Central Americans gain access to innovative, safe, and convenient financial solutions that connect them to the digital economy and improve their lives," added Dias.
Paymentology and Mastercard will work closely with partner financial institutions, fintech companies and telcos to encourage and enable them to offer accessible financial tools and solutions to unbanked and underbanked individuals and SME owners. These solutions encompass digital and physical debit or prepaid Mastercard card programs and micro business cards tailored to their specific needs.
Furthermore, consumers and business owners will access robust security features and the ability to make and receive digital payments for various purposes, including social benefits, remittances (including person-to-person transfers), point-of-sale purchases, small business financing, and more.
"We are deeply committed to advancing financial inclusion across the globe, and we are thrilled to extend our collaboration with Mastercard on this important initiative, said Alejandro Del Rio, Regional Director for Latam at Paymentology. “We aim to establish a sustainable and economically viable experience for our clients and partners. Together, we are determined to serve the northern Central America region and tackle the substantial gaps in the financial inclusion agenda by implementing efficient go-to-market strategies. By leveraging our expertise and technology, we aim to empower individuals and businesses, driving positive change and economic growth in the region."
To learn more about Paymentology, please visit: https://www.paymentology.com/
Paymentology is the leading next-gen global issuer-processor. It gives banks, fintechs and telcos the technology, team, and experience to easily issue and process any type of physical or virtual card; debit, prepaid, credit, BNPL, revolving and more. Anywhere in the world, rapidly and at scale. Paymentology’s superior multi-cloud Platform offering both shared and dedicated processing instances, vast global presence and richer real-time data, set it apart as the leader in payments. Their payments experts bring deep, local market knowledge on the ground in 60 countries, across 14 time zones, guaranteeing 24/7 support. Paymentology is deeply committed to increasing financial inclusion worldwide, and to making a positive impact in the communities in which it operates.
About Mastercard (NYSE: MA) www.mastercard.com
Mastercard is a technology company in the global payments industry. Our mission is to connect and drive an inclusive digital economy that benefits everyone, everywhere, by making transactions safe, simple, smart, and accessible. Using protected data and networks, partnerships, and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses reach their highest potential. With connections across more than 210 countries and territories, we are building a sustainable world that opens possibilities that are priceless for everyone.
Communications Manager for Central America and the Caribbean at Mastercard