By: 18 August 2023
Paymentology and Mastercard boost financial inclusion in LATAM

Only one in four banked adults in Guatemala, Honduras and El Salvador possesses a debit or credit card

Paymentology has announced it will work with Mastercard to bolster financial inclusion in Guatemala, Honduras and El Salvador. 

The UK-headquartered company has worked with Mastercard, as part of its engage partner network, since 2021. The paytech works with the payment giant to build financial inclusion solutions for its customers. Now, it will offer its processing platform to issuers in the region. 

According to a recent Mastercard study, 21% of people in Latin America still rely exclusively on cash. And in the three countries mentioned, only one in four banked adults possesses a debit or credit card.  

Mastercard has committed to bringing five million people and one million micro, small and medium enterprises into the digital economy over five years. This includes 300,000 businesses run by women.  

Thiago Dias, senior vice president of fintechs, enablers, and crypto at Mastercard Latin America and the Caribbean, said: “Our partnership 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.”  

He added: “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.”  

Alejandro Del Rio, regional director for LATAM at Paymentology, said the paytech aims to establish a sustainable and affordable experience for its clients. 

He said: “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.” 

Image: Canva