![\"Mastercard](\"https:\/\/www.bahamastradeinfo.gov.bs\/buy\/wp-content\/uploads\/sites\/2\/2019\/07\/mastercard_PNG16-300x182.png\")
The Bahamas was one of the first markets targeted for Mastercard\u2019s \u2018Bank in the Box\u2019 solution<\/h3>\nThe Bahamas was one of the first markets targeted for Mastercard\u2019s \u2018Bank in the Box\u2019 solution<\/h3>\nMastercard yesterday said it is hoping that a \u201cchange in mindset\u201d will lead to greater Bahamian take-up of its solution for micro and small businesses in cash-dominated industries.<\/p>\n
Juan Zavala Aleman, Mastercard\u2019s manager of account management, said The Bahamas was one of the first markets targeted for Mastercard\u2019s \u2018Bank in the Box\u2019 solution.<\/p>\n
\u201cIt\u2019s a 360 solution which enables micro merchants to accept payments,\u201d he said. \u201cWe give them a POS system that is plugged to your phone. The funds accepted on those transactions go directly to a prepaid card.<\/p>\n
\u201cThat prepaid card is issued by Fidelity in this case. They are the owners of the input system. We started in the Straw Market and also did it with some of the taxi drivers. It\u2019s slowly growing. It\u2019s a challenge because you have to change the mindset and educate on how to use it.\u201d<\/p>\n
Mr Aleman added: \u201cYou have to walk them through the process and take them step-by-step so they can see the value of the process. If you don\u2019t do that they are never going to change their mindset. They don\u2019t know what they\u2019re missing but you have to show them the real opportunity and how they can improve their business.<\/p>\n
\u201cIt is not just accepting the transactions, but how they can manage their cash, how many transactions they are doing.\u201d MasterCard executives yesterday said many micro and small businesses in the Caribbean do not accept electronic forms of payment despite these being faster and more secure.<\/p>\n
\u201cOur main common competitor is mainly cash. Consumer transactions are still reliant on cash. It generates a huge cost for the economies of the countries,\u201d said Marcus Carmo, MasterCard\u2019s communications director.<\/p>\n
Source: Tribune<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" The Bahamas was one of the first markets targeted for Mastercard\u2019s \u2018Bank in the Box\u2019 solution Mastercard yesterday said it is hoping that a \u201cchange in mindset\u201d will lead to greater Bahamian take-up of its solution for micro and small businesses in cash-dominated industries. Juan Zavala Aleman, Mastercard\u2019s manager of account management, said The Bahamas […]<\/p>\n","protected":false},"author":16,"featured_media":80963,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-80962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\n