E-commerce firm WiPay promises to reduce cost of online transactions Loop Jamaica

The content originally appeared on: Jamaica News Loop News

Online payment company WiPay Caribbean is promising to significantly reduce the cost of electronic transactions in the region by eliminating the need for US-dollar payments to go through correspondent banks in the US.

At a function to mark the fifth anniversary of WiPay Jamaica, the company announced the establishment of the Volt network which it says will connect more than 15,000 websites and point-of-sale terminals in the Caribbean that process individual, government and corporation transactions.

“WiPay’s privately-owned network has created a unified settlement …This solves one of the greatest financial problems that exist in the Caribbean cross-border settlement”, stated a video presentation at the event at the AC Marriott Hotel in Kingston on Wednesday (October 19).

Noting that each Caribbean country has its currency that trades primarily with the US dollar, WiPay said by pegging a digital token to the US dollar, transactions from one country to another can maintain their expected value against the US currency.

“This digital token that exists on the Volt network will facilitate inter-island transactions without the need for correspondent banking”, the presentation said.

WiPay chairman and founder Aldwyn Wayne said he started the company with a focus on financial inclusion for all.

“The thing for us when we started was not to be like everyone else…because we are providing services for people who look just like me”, he added.

Wayne, who is from Trinidad and Tobago, noted that the WiPay app was developed almost solely by local talent from Jamaica.

In attendance at the glitzy affair were Minister without Portfolio in the Office of the Prime Minister Floyd Green; representatives from global fintech partners including Mastercard; recording superstar Shaggy and other players in the entertainment industry; as well as representatives from Corporate Jamaica and micro, small and medium enterprises.