GCS International, a financial technology (fintech) firm based in the Dominican Republic, and Mastercard, a US-based payment technology firm, recently announced the implementation in Jamaica of their partnership “to develop and deliver digital payments solutions to underserved consumers across the Caribbean.” Using their work in the Dominican Republic as a model, the partners will offer financial institutions a white-label mobile wallet and Mastercard prepaid cards to distribute to their customers.
Brian Paniagua, GCS International’s CEO, said, “This strategic alliance with Mastercard is a natural evolution in the industry goal towards achieving the financial inclusion of more countries in the Caribbean…. We look forward to expanding this alliance in the near future to other countries in Central America as well.”
GCS International provides mobile payments, mobile wallets and other financial services in Guatemala and the Dominican Republic. Since its founding in 2009, it reports having facilitated 675 million transactions worth a total of USD 1.75 billion.
Headquartered in the US state of New York, Mastercard connects consumers, financial institutions, merchants and governments in approximately 210 countries and territories. As of October 2020, the firm reported net quarterly income of USD 1.5 billion on total assets of USD 32 billion.
By Sheen Gupta, Research Associate
Sources and Additional Resources
Mastercard press release
https://www.mastercard.com/news/latin-america/en/newsroom/press-releases/pr-en/2022/january/mastercard-and-gcs-international-strengthen-alliance-in-jamaica/
GCS International homepage
https://gcs-international.com
Mastercard homepage
https://www.mastercard.com
Mastercard financials
https://investor.mastercard.com/financials-and-sec-filings/annual-reports-and-proxy/default.aspx
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