Small businesses slow to embrace digital payments amid cost, fraud concerns

Despite evidence that digital payments can drive business growth, only eight per cent of small merchants in Jamaica use point-of-sale (POS) systems, with the country averaging 11 POS terminals per 1,000 inhabitants.This was revealed in a recent MasterCard study on the state of digitalisation and financial inclusion in Jamaica, which highlighted that although the island has a strong foundation for wider digital payments, it faces critical merchant acceptance barriers.

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