Since 2019, the availability of mobile money systems has significantly improved in the Caribbean. This was re-emphasized by the GSMAβs State of the Industry report in 2022, which placed the region as the third in relation to the growth of mobile money services. Let’s explore some of these recent mobile money trends in the Caribbean entertainment and eCommerce sectors.
Inclusion of Digital Money on Online Apps
Improved access to online apps and game stores such as Google Play Store and Apple App Store is a common trend that has simplified payments in the Caribbean. Users typically link their debit or credit cards to their devices to pay for in-game items or to access full app versions.
Google Pay and Apple Pay are also among the most used digital wallets today by online apps. The security of these payment options is another factor that contributes to their popularity in the region. The integrity of these payment solutions is further boosted because theyβre integrated into sites that offer SSL-encryption technology.
For example, online casinos which accept bets and pay out winnings will often take international debit cards, e-wallets and even bitcoin as deposit or payout options. Hence, a player who wishes to explore any version of a game like blackjack can play online blackjack for real money by making a deposit with their preferred option. Such a player also has the option of playing the demo version first before paying, which can help in mastering the game of blackjack.
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Social Media Commerce and International Marketplaces
Global media and market brands such as X, Instagram, Amazon and eBay have become easy marketing means for Caribbean-based businesses. These services allow users to display services and goods, engage with potential customers, and pay with debit cards and other digital money options like Bitcoin.
While many of the marketing brands are internationally recognized, the region has seen the growth of some local e-commerce stores. These include NBM Retail in Barbados, and Caribshopper in Trinidad and Tobago. The Carribean e-commerce market is forecast to grow annually at a rate of 8.37%, with a projected worth of US$7.07bn by 2029
Increased Development of Mobile Money Payments
The Caribbean mobile money service trends have steadily grown from 2019 to 2022. In 2019, there were 27 mobile money services in Latin American and the Caribbean. The number grew to 29 in 2020, 32 in 2021 and 33 as at 2022.
Popular mobile money services introduced in the region include Zeemoney in Barbados, E-kyash in Belize, and Digicel and Haitipay in Haiti. Some of the first platforms to offer new ways for customers and businesses to pay are LynkBiz in Jamaica and Kanoo Pays in the Bahamas.
The Digital Future
The increased Mobile money trends in the Caribbean are good indicators for the future of digitization in the region. It improves accessibility to funds, makes things easier for users, and helps businesses reach more customers. The adoption of mobile money also indicates that the region has the potential for further economic growth and innovation.
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