Although the Caribbean region has made considerable strides in ensuring access to ICTs, e-commerce has remained woefully underdeveloped, which in turn has hindered tech entrepreneurship and innovation. The payment gateway, WiPay, is being seen as offering a much-welcomed e-commerce solution. In this episode, we chat with Aldwyn Wayne, WiPay Founder and CEO, on how WiPay has been able to achieve what the formal banking system in the region has not been able to do.
This episode is also available in Apple iTunes and on Stitcher!
As much as Caribbean policymakers have been advocating for greater ICT-based innovation and wealth creation across the region, the realisation to date has been limited, at best. To a considerable degree, the focus of policymakers, regulators and the like, has been on improving access to and the availability of telecoms and ICT services – to ensure ubiquitous coverage and take-up. However, with all of that effort, ICT-stimulated innovation and wealth creation has been fleeting. Though across the region, there would be many reasons why we have not been able to fully leverage technology, some of which are unique to the individual society, a common reason also persists: the absence of electronic (e-)commerce facilities geared towards micro-, small- and medium enterprises (MSMEs).
Consistent with what we have mentioned in previous articles on the subject, securing an online merchant account at a Caribbean bank can be time-consuming and expensive. There are lots of hoops to jump through, and typically, there ought to be a well-documented history of the business, supported by financial statements. Hence, for start-ups, MSMEs, and digital businesses, in particular – where one has neither the history or the resources to dedicate to complying with the bank’s numerous requirements – trying to establish an online merchant account is often not worth the time, money and effort
WiPay is an online payment gateway that was launched in Trinidad and Tobago about two years ago, and is beginning to roll out its operations across the Caribbean. It is being touted as a solution to many of the online payment problems Caribbean businesses have been experiencing, by achieving what the formal banking system in the region has not been able to do
In this episode, we chat with Aldwyn Wayne, the Founder and Chief Executive Officer of WiPay. As a Caribbean entrepreneur, with a few successful and still ongoing businesses under his belt, WiPay was born out of Aldwyn’s own frustration with the state of online payments in Trinidad and Tobago, where he is based.
In trying to find a solution to his problem, WiPay seems to offer a straightforward e-commerce facility that a broad range of entities – from digital start-ups to complex public sector bodies, such as Trinidad and Tobago Judiciary – can use.
In our conversation with Aldwyn, we sought to get a better understanding of how WiPay works, and why Aldwyn see the company as a software company, and not just a payment gateway/platform. We also wanted to get to know the man behind the company. Hence, some of the specific questions we posed are listed below:
- What is WiPay, and how does it work?
- What drove Aldwyn to set up WiPay in the first place?
- How secure is WiPay?
- Is WiPay considered a financial institution, similar to a bank? Is it subject to anti-money laundering and know your customer requirements?
- Why did WiPay win the contract, over larger and more established bidders, to support the Trinidad and Tobago Judiciary?
- In which other Caribbean countries does Aldwyn intend to roll out WiPay?
- Is WiPay Aldwyn’s first serious entrepreneurship venture? What is Aldwyn’s back story?
- How would Aldwyn describe himself as a manager, and what does he consider to be his greatest strength?
- What has been the biggest lesson Aldwyn has had to learn in running his own business?
- What is the best piece of advice Aldwyn has received with respect to WiPay and/or leading the company?
- What is next for Wipay, and for Aldwyn Wayne?
We would love to hear your thoughts!
Do leave us a comment either here beneath this article, or on our Facebook or LinkedIn pages, or via Twitter, @ICTPulse
Select links
Below are links to some of the organisations and resources that either were mentioned during the episode, or otherwise, might be useful:
- Aldwyn Wayne
- WiPay
- Loop Trinidad and Tobago article, WiPay to revolutionize the way we pay
- Loop Trinidad and Tobago article, WiPay launches online payment solution in Guyana
- Trinidad and Tobago Newsday article, Behind the scenes in e-payments TT
- Trinidad and Tobago Newsday article, WiPay helps TT catchup in digital revolution
- Trinidad and Tobago Newsday article, WiPay is top new tech firm
- Telecommunications Services of Trinidad & Tobago Ltd updates, WiPay Removes Financial Barriers for Online Payment in the C’bean
- Loop Trinidad and Tobago article, Payments into Court Bill passed in Senate
- Loop Trinidad and Tobago article, Wipay partners with Weeve
Image credits: StockSnap (Pixabay); Facebook
Music credit: Ray Holman
