Although just five years old, Caribbean payment service provider, WiPay, has expanded its operations considerably across the Caribbean region, and into the US and Africa. In our third conversation with WiPay CEO, Aldwyn Wayne, he discusses some of the recent developments in the WiPay ecosystem, along with: how the newly launched Volt network works; why is WiPay establishing its own bank; what he sees as the opportunity for Caribbean businesses in Africa; and his thoughts on how the region’s fintech space has been evolving.

 

This episode is also available on SoundCloud, Apple iTunes, Google Play Music, Spotify, Amazon Music and Stitcher!

With all of the craziness that is happening in some areas of financial technology (fintech) these days, it is easy to lose sight of the fact that the basics, such as financial inclusion and being able to engage in electronic transactions, are still beyond the circumstances of a very large portion of Caribbean society. There are needs still to be satisfied with innovative and sustainable solutions.

Having said this, the solutions do not have to be sexy. Instead, it is crucial that they work well within the construct within which they need to operate, which in some instances could be the current banking and financial services system. This is where WiPay comes in.

In this podcast episode, we continue our deep dive into fintech in the Caribbean region by getting an update on WiPay, the payment service provider that was officially launched in 2017 and has been in the news regularly over the past few months announcing new deals and products that are being released, including

  • the launch of a neobank,
  • the issuance of a tokenised credit card in partnership with Mastercard, and
  • WiPay establishing a presence in Africa.

 

Introducing our guest

Aldwyn Wayne

Aldwyn Wayne is the Founder and Chief Executive Officer of WiPay, which was first launched in Trinidad and Tobago, and now has a presence in about 10 Caribbean countries, including Jamaica, Barbados, Saint Lucia, Guyana, the Cayman Islands, with other Caribbean countries to come on stream, and in Ghana, According to the company’s website, WiPay was created “….as a direct result of a persistent problem. The Caribbean faced challenges with digital payments and the lack of ‘financial inclusion’…” and has developed “…a uniquely ‘inclusive’ platform that is secure, flexible and simple to use.”

By his own admission, Aldwyn was born an entrepreneur, having started his first business when he was six years old, However, since completing his first degree in Computer Science, he founded and managed at least two businesses before starting WiPay. He has been on the Podcast on previous occasions to discuss WiPay and its expansion at the time. Before this session, our most recent conversation was in September 2019 just after the company launched operations in Jamaica.

 

Insights into our conversation

The growth of WiPay over the past five years has been impressive, to say the least. Over the years, the company has been able to forge several strategic partnerships, whilst also navigating the minefield that is the traditional banking system here in the Caribbean region. Moreover, it has become a bridge between vendors and customers by leveraging its technology to offer different payment options to meet consumers – and businesses –  where they are.

However, with all of the new ventures that are being launched by WiPay and/or Aldwyn, it can be a challenge to keep them all straight and understand what they do and their anticipated impact. So having a conversation with Aldwyn is always useful to put all of the developments into perspective. Below are some of the questions posed during our conversation.

  1. It’s been over 3 years since our last conversation, what has been happening with WiPay?
  2. A few weeks ago, WiPay announced the establishment of the Volt network. How does it work?
  3. What kind of reduction in online transactions is likely with using the Volt network, versus traditional banks?
  4. You have also announced the launch of Colour Bank, which is a neobank. What does neobank mean, and why is WiPay establishing its own bank?
  5. Regarding Colour Bank, what services will it offer and what might be the requirements to open an account?
  6. Mastercard has partnered with WiPay to launch a tokenised credit card. Why is having access to a tokenised credit card beneficial?
  7. Last month, WiPay opened an office in Ghana, congrats. Why was it important to establish a footprint there, and what do you see as the opportunity for other Caribbean businesses on the Continent?
  8. In reviewing WiPay’s journey so far, what would you say have been the greatest triumphs, and challenges?
  9. How has your role changed at WiPay has evolved?
  10. What are your thoughts on how the region’s fintech space has been evolving?
  11. Where do you see the opportunities in fintech in the region?

 

We would love to hear from you!

Do leave us a comment either here beneath this article, or on our Facebook or LinkedIn pages, or via Twitter, @ICTPulse.

Also, if you or a member of your network is interested in joining us for an episode, do get in touch.

Let’s make it happen!

 

Below are links to some of the organisations and resources that either were mentioned during the episode or otherwise, might be useful:

 

 

Image credits:  A Wayne; WiPay;  WiPay;  Pixabay (Pexels); WiPay (Facebook)

Music credit: The Last Word (Oui Ma Chérie), by Andy Narrell

Podcast editing support:  Mayra Bonilla Lopez