Mastercard Survey: 91% of Jamaican SMEs using digital payments says it has led to business growth

• More than half (54%) of SMEs not yet accepting digital payments want to adopt them, but 69% are losing customers weekly 

• Strong adoption, but resilience gap remains — only 41% use fraud monitoring and 39% cybersecurity tools

• 99% of SMEs using digital payments rely on at least one additional service from their provider

Mastercard, the global technology company in the payments industry, presented its new research reflecting how Jamaican small and medium-sized enterprises (SMEs) that accept digital payments are seeing real results from going cashless. According to Mastercard’s latest regional study, “SMEs: The Digital Payments Adoption Landscape in Latin America and the Caribbean,” 91% of Jamaican SMEs that accept digital payments say it has led to significant growth. However, the study also shows that 54% of SMEs not yet accepting digital payments, want to adopt them, while 69% admit they are losing customers every week because they aren’t offering this option. The research also found that 99% of these businesses are accessing at least one additional service beyond core transactions, demonstrating how digital tools are enabling local entrepreneurs to grow, save time, and build smarter operations.

While the appetite for digital solutions is clear, there remains untapped potential in the use of tools that strengthen security and resilience. The study found that only 41% of these SMEs are using fraud monitoring services, and just 39% are implementing cybersecurity tools made available by their providers. Mastercard sees this as an important opportunity to help Jamaican businesses go further by integrating protective digital infrastructure alongside growth-focused tools.

“Digital payments are unlocking so much more than convenience for Jamaican businesses, they are becoming the foundation for how SMEs that accept digital payments operate, grow, and protect themselves in an increasingly digital economy,” said Dalton Fowles, Country Manager for Jamaica at Mastercard. “At Mastercard, we are deeply committed to supporting local entrepreneurs not just with the tools to transact, but with the security, services, and insights that help them thrive.”

The report also highlights the tangible business impact of digital adoption among SMEs that accept digital payments. 

• 88% report time and cost savings

• 81% believe they would no longer be in business if they had not adopted digital payments

• 75% rely on digital payments to pay their suppliers

• 67% work with international vendors, making security and speed critical When selecting a provider for supplier payments.
  

“As more Jamaican SMEs move toward regional and global markets, it is critical that they are supported by digital infrastructure that’s not only efficient, but secure and scalable,” Fowles added. “That’s why Mastercard continues to invest in local partnerships, technology, and research, so that every business, no matter its size, has the ability to grow with confidence in a digitally connected world.”

These SMEs also value trust and versatility in their digital payment providers. The most highly rated attribute is the ability to handle different payment types, cited by 90% of SMEs that accept digital payments. This is followed by:

• Provider trustworthiness (87%) 

• Access to secondary benefits and services (86%)

• The ability to grow with the business (86%)

• Competitive fees and costs (82%)

• Strong security features (82%)

• The ability to support cross-border payments (82%)

• Even the length of time a provider has been in business matters, with 80% rating it as very important or essential

Scope and methodology of research

The study was led by Mastercard, and fieldwork was conducted by independent research agency Many Minds Group. Between March 3rd, 2025, and April 14th, 2025, a quantitative online survey was conducted in 14 Latin American countries involving 150 small and medium sized enterprise (SME) owners and directors in Jamaica. The full list of countries surveyed is Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Guatemala, Jamaica, Mexico, Panama, Peru, Puerto Rico, and Trinidad and Tobago.