“Sagicor
Bank is committed to always finding new and innovative ways to improve our
clients' lives and with the launch of SWYPE, not only are we having a direct
impact on the growth and development of the SME sector, we are also helping to
build the economy”
Sagicor Bank CEO
Chorvelle Johnson commenting on the launch of the SWYPE
Jamaica
will not be the same again as Mobile money now has a more pragmatic competitor.
I’m
of course referring to the launch of SWYPE on Monday June 18th 2018 by Sagicor
Bank as reported in the article “Sagicor
Bank Launches Mobile Point-Of-Sale Machine, SWYPE”, Published Monday June
18, 2018, The Jamaica Gleaner.
The
SWYPE is
Sagicor Bank's MPOS (mobile point-of-sale machine) as described in their
handy SWYPE
User Guide located on their dedicated SYWPE Webpage.
More
importantly, it’s a compact portable card reader that works with Android phones
and tablets, allowing the merchant to accept debit and credit card payments.
Here
is a nice video that explains it benefits nicely.
This
is very similar to the Square point-of-sale machine I'd described back in my blog article
entitled “VISA
and Jack Dorsey's Square - Leena's TechCrunch of SME's Mad Money”
So
how does this empower Mobile Money in Jamaica?
Sagicor Banks' SWYPE -
How to do Debit and Credit Card Transactions
Jamaica
is in need of Electronic Cashless Payment options.
Cashless
trade is on the increase, according to stats from the BOJ (Bank of Jamaica) as
noted in the article “Sagicor
Bank Launches SWYPE For Mobile Payments”, Published Sunday July 15, 2018 by
Avia Collinder, The
Jamaica Gleaner.
The
BOJ reported in their 2017 annual report that:
1. 14
million was the volume of POS (point of sales) transactions processed on POS
terminals.
2. JA$78.6
billion was the value of these transactions
This
as not only are Electronic and Cashless Transactions more secure, but they can
help to fight corruption and make the collection taxes more efficient as argued
in my blog
article entitled “How
Electronic Transactions in Jamaica can eliminate Hidden Economy via Universal
Consumption Taxation”.
The
machine accepts MasterCard, Visa and Multilink cards. It connects via Bluetooth
with any Android smartphone or tablet and transactions are handle via the free mcsPAY
App available for download in the Google Play Store.
Then
you just follow the instructions as laid out in in their handy SWYPE
User Guide located on their dedicated SYWPE Webpage.
It you prefer, you can watch the video below and learn more.
Clearly
this will initially accept Sagicor Bank Debit and Credit Cards, but hopefully,
they’ll expand that to any Debit or Credit Card on the Multi-Link system. This
is definitely going to be a hit with both customers and business owners as
they're benefit from the ease and convenience of completing a sales transaction
without cash.
So
who exactly will benefit from Sagicor Bank's MPOS?
Sagicor Banks' SWYPE
Benefits - MSME's convenience for Customers
Taxi
men and Bus conductors might resort to using this device, especially if they
have to plan large excursions such as School trips to historical sites as
explained in my MICO Wars
blog article entitled “Our
Story Tours – Jamaican Historical Tours for Schools and Tourist Groups”.
With
the security and convenience of cashless becoming a global trend, Sagicor Bank
had to be a part of the action as Sagicor Bank CEO Chorvelle Johnson points
out, quote: “As we become even more modernised and technological advancements
improve, Sagicor Bank remains on top of its game with respect to providing
products and services of the highest quality for our clients”.
It'll
be of greatest benefit to MSME (Micro, Small and Medium Enterprises) as they
can now handle Credit and Debit Card Transactions instead of just Cash
transactions as pointed out by Chorvelle Johnson, quote: “For example, a large
distribution company with sales agents or a food stall operator could use this
device to increase their earning potential by accepting card payments.
Individuals can also apply for Sagicor Bank’s SWYPE;
however, specific terms and conditions apply”.
Merchants
subscribing to use the device will pay a fee per transaction, as well as a
monthly rental fee, which is automatically deducted from the merchant's account
at the beginning of every month.
Vendors
toting SWYPE
may not be happening anytime soon, as its still way easier to use QUISK or GK MPay
as noted in my Geezam blog article entitled “Quisk heralds
e-commerce Micro-Transactions for Jamaican Entrepreneurs”.
So
what are the advantages of SWYPE over Mobile Money?
The advantage of SWYPE –
Established Credit and Debit Card usage in Jamaica
SWYPE does
have a leg up on QUISK or GK MPay; the customer merely has to use their Credit
or Debit Card.
Credit
and Debit Card usage, albeit small, is already well established in the banking
world and among their many customers who use this convenient form of cash. It
also a lot easier to meet the customer half-way, being as it is less cumbersome
and potentially more affordable and easier to set up than a QUISK or GK MPay
account.
It
however, lacks the security of blockchain, as your Debit and Credit Card can
still be stolen, one they have the tech to intercept Bluetooth Transmissions and
thereby capture your Debit or Credit Card.
Still,
this is mutually beneficial to MSME such as Taximen and potentially Vendors,
why may decide the learning curve is worth the risk in order to increase their
sales.
Here's
the link for more info on Sagicor Bank's SWYPE:
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