At the onset of the COVID-19 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 US$1 million to the Fund and made it accessible to governments, state entities, NGOs 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 is done face-to-face and with cash, limiting the ability for the Caribbean to effectively participate in local or global ecommerce.

COVID-19 also turned face-to-face cash payments into a health and safety risk as it promotes movement and congregation, so what was always considered futuristic had to now become mainstream and be done quickly. 

Leaders across the region recognised that the pivot to digital payments was required to maintain livelihoods, due to the introduction of work-from-home and daily curfews, and that the rate at which this pivot needed to happen required leadership and innovation.

WiPay created its DPTF where regional governments and state entities could access WiPay’s digital payments technologies as well as access funds for the development of their digitisation projects.

“We believe that market leadership requires deep courage – from founders and the investors that back them,” said CEO & Founder of the WiPay Group, Aldwyn Wayne.  

This fund has been utilised in 10 payment digitisation projects across five countries. The latest project to access the fund will be a digital grant project by Floyd Green, member for parliament for South West St Elizabeth, Food for the Poor, WiPay Jamaica, Progressive 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 platform. To date, WiPay Jamaica has accessed US$160,000.

“I am very pleased to announce that WiPay Jamaica has been approved to access a further US$60,000 from WiPay Caribbean’s Digital Payments Transformation Fund,” said Kibwe McGann, WiPay Jamaica’s country manager.

“WiPay Jamaica will develop a solution to provide instant COVID-19 Relief Grants to assist persons in need. The programme will be managed by one of Jamaica’s largest NGOs, Food for the Poor, and will also be partnering with The Bounty Foundation, The Progressive Group and JMMB to distribute within our communities, islandwide using WiPay’s Digital Fiat technology and point-of-sale terminals.

“The total regional investment directly accessed for the Digital Payment Transformation Fund to date is approximately US$800,000.”

WiPay’s DPT Initiatives include

Trinidad and Tobago, May 2020: WiPay (Trinidad &Tobago) first utilised 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: US$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: US$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 per cent the cost of 200 Touchless Point of Sale terminals for micro and small businesses and subsidised their processing fees for one year in order to offset their business costs.

WiPay’s DPTF Investment: US$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. Prime Minister Andrew Holness and Floyd Green, minister of agriculture, were the key stakeholders in the project that was heralded as the perfect project to bridge the gap between the unbanked and digital payments in a real-world application.

 WiPay’s DPTF Investment: US$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: US$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: US$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: US$120,000 

“The total regional investment directly accessed for the Digital Payment Transformation Fund to date is approximately US$860,000 of which Jamaica has accessed US$160,000. I am pleased to announce that Jamaica has been approved to access a further US$60,000 via WiPay’s Digital Payments Transformation Fund in time for back-to-school,” said McGann.

“WiPay Jamaica will also be partnering with The Bounty Foundation, The Progressive Group and JMMB to distribute  a COVID-19 Relief Grants to assist neediest persons in our communities islandwide using WiPay’s Digital Fiat and QR Code technology.”