Tag: Islands

Digital payments reach Falkland Islands as Square and MasterCard connect – Payment

Julie Halliday at Studio 52 gets to grips with Square (Image: Square)

Julie Halliday at Studio 52 gets to grips with Square (Image: Square)

Small business and ecommerce entrepreneurs on the Falkland Islands are set to be able to take digital payments following an agreement between Square, Mastercard and the Falkland Islands Government.

 

The Falkland Islands lie 8,000 miles from London in a remote and beautiful location where penguins outnumber people by more than 100:1. To date, many of the Islands’ businesses have been cash-only. Banking and compliance issues made it difficult, and sometimes impossible for small businesses to sign up for merchant accounts to accept cards – and to get those funds settled into their bank account.

 

On top of that, card payment machines were difficult to install and maintain in such a remote location.

 

With only one cash machine and bank branch on the Islands, residents and the tens of thousands of annual tourists alike were feeling the burden of

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Square and Mastercard bring card payments to the Falkland Islands

Square and Mastercard are partnering with the Falkland Islands government to deliver expanded possibility of card payments as part of their ‘Connecting the Falklands’ initiative Square and Mastercard bring card payments to the Falkland Islands image

A cash-only economy has long proven a challenge for many businesses on the island.

Launching today during London Tech Week, Square and Mastercard will work with the Falkland Islands government to help small and medium-sized businesses on the islands to overcome the long-standing challenge of accepting card and digital payments.

The ‘Connecting the Falklands’ scheme came about when Mastercard connected the Falklands government to card payments provider Square.

From here, the three bodies have looked to help sellers to access the bank accounts needed for payment settlements, as well as onboarding them onto Square’s ecosystem with mobile Square Readers. These allow them to take card and digital payments, as well as integrate Mastercard technology.

In addition, Square hasn’t held sellers to monthly or long-term subscriptions,

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