First Atlantic Commerce, the Bermudian-headquartered online payment gateway and fraud management solutions provider, has signed a memorandum of understanding with Mastercard to advance financial inclusion and safe digital payments across Central America and the Caribbean.

FAC said the collaboration aimed to take advantage of Mastercard's network, expertise, and technology and FAC's payment processing and risk management solutions to create a simple, safe, intuitive and frictionless payment experience for all users.

“Partnering with one of the industry’s most innovative technology companies opens up incredible opportunities to drive the Caribbean and Central America’s digital economy and realise the region’s bright future in digital transformation,” said Christopher Burns, the chief executive of First Atlantic Commerce.

“We are inspired by the possibilities of this partnership and excited to work with Mastercard to advance financial inclusion across our markets.”

FAC said the partnership would also promote the implementation of innovative digital acceptance solutions such as Tap on Phone and Click to Pay, enabling businesses and their customers to make and receive payments in a faster and more secure way.

Similarly, the company said, they would foster the launch and usage of Mastercard tokenisation services, which protect each transaction, improve customer experience, and strengthen the users’ confidence in digital payment methods.

Mayra Vivacqua, cluster lead for Mastercard Caribbean, said: "We are thrilled to partner with FAC to drive the region’s digital transformation and offer our customers across various sectors, including SMEs, government and commercial enterprises, a safer, easier and more convenient way of making transactions.

“Our goal is to bring about an inclusive and innovative digital economy that works for everyone, everywhere."

Germán Roson, cluster lead for Central America and the Dominican Republic at Mastercard, added: "We at Mastercard share a common goal with FAC — to empower unbanked and underserved populations through innovative technological solutions.

“By connecting them to the digital economy, we aim to provide them with opportunities to improve their living standards and reach their fullest potential."