Above: Ian Alleyne, founder and Director of Paywise. Photo by Mark Lyndersay.
PayWise Limited has received grant funding to finance the Trinidad & Tobago-based payment platform’s expansion to various Caribbean territories.
T&T’s only authorised payment service provider, PayWise is a recipient of the Direct Assistance Grant Scheme, an initiative of the Caribbean Export Development Agency in cooperation with the European Union. The funding is drawn on the 11th EDF Regional Private Sector Development Programme Direct Assistance Grant Scheme.
The company recently relaunched its alternative cash payment service with a new business model that features an agent network of small, medium and large businesses across Trinidad and Tobago.
PayWise is currently working to expand the local agent network but has also begun laying the foundation to satisfy the growing needs of PayWise merchants whose businesses are thriving due to the multiple payment options at their disposal.
According to PayWise Founder, Ian T. Alleyne, “Many of our merchants frequently receive order requests from customers in other parts of the region. While there are several shipping options, payment options are limited, time-consuming and costly.”
Through this expansion, the PayWise system will now operate in multiple countries, in multiple currencies, including Guyana, Barbados and Grenada.
Payment options will also be diversified. Currently, PayWise agents only accept cash and local debit cards, however the system will accept credit cards in the near future, facilitating online payments locally and regionally.
PayWise has always been a company focused on solving a prevailing problem within the local business community – the facilitation of payments from customers to businesses in a manner that is fast, secure and convenient. With over 65% of PayWise merchants being small businesses, the goal is to improve financial inclusion among low-income groups through low-cost access points.
The company has already set the wheels in motion for this next phase of development and looks forward to updating stakeholders on next steps very soon.
