Paymentology And Mastercard Partner To Promote Northern Central American Financial Inclusion

Paymentology solutions

Increasing financial inclusion in Guatemala, Honduras, and El Salvador is a top priority for Paymentology, the world’s leading issuer-processor. Since 2021, Paymentology has been an active member of the Mastercard Engage partner network, during which time it has collaborated with Mastercard to develop innovative financial inclusion solutions and helped Mastercard’s customers rapidly roll out these new products at scale. Paymentology’s cooperation with the bank has grown, and the company will now use its sophisticated issuer processing platform to speed up the process of issuing cards and increase the number of people who have access to financial services.

Mastercard and Americas Market Intelligence

While the majority of Latin Americans obtained access to basic financial products between 2020 and 2023, a recent survey conducted by Mastercard and Americas Market Intelligence (AMI) found that 21% still rely solely on cash and are therefore excluded. To further emphasise the difficulty of entering the financial system, barely one in four adults in Guatemala, Honduras, and El Salvador have access to a debit or credit card.

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In order to help unbanked and underbanked individuals and business owners gain access to financial tools and solutions, Paymentology and Mastercard will collaborate closely with partner financial institutions, fintech businesses, and telecoms. These options range from mini business cards to digital and physical debit or prepaid Mastercard card programmes.

Benefits

In addition, customers and merchants will have access to reliable safety measures and the capacity to send and receive digital payments for a wide range of uses, such as government benefits, remittances (including P2P transfers), in-store purchases, online transactions, financing for small businesses, and more.

Over the next five years, Mastercard, a PCA founding member, will work to put 5 million people and 1 million micro, small, and medium enterprises (SMEs) online; this number includes 300,000 businesses owned by women. Mastercard’s dedication to ensuring that people all over the world can participate in and benefit from the technological revolution is reflected in this collaboration.