Questions have now been raised regarding the possibility of the Digicel Group’s entrance in the mobile money and digital payment services following its latest acquisition of majority interest in Paymaster.

This move which was announced last Friday follows the move by the group to acquire controlling interest in Prism Holdings earlier this month. Prism Holdings is a privately held business-to-business company operating in 22 countries with regional headquarters in Barbados, and offices in the Bahamas, Jamaica and Trinidad & Tobago.

According to Digicel Group CEO, Colm Delves, the acquisitions form part of Digicel’s attempt to “expand our range of products and services consistent with the convergence of communications, e-Commerce and financial services.”

The acquisitions also coincide with statements made by Digicel Chairman Denis O’Brien in an exclusive interview with Businessuite Magazine, that Digicel has several high level plans in place for 2016. He said these plans would see Digicel improving its current standing with customers while expanding its current product and service offerings.

Digicel Chairman, Denis O’Brien

The concepts of Mobile Money and digital payment services stem from the belief that the financial needs of the Caribbean population are as diverse as the islands. It is a belief that customers find it much easier to have all there financial needs satisfied on the digital landscape.

According to GSM (Groupe Spéciale Mobile) Association, eCommerce revenues in Latin America will more than double over the next five years. The 2015 report highlighted that the payments industry in Latin America is growing at an unprecedented rate with innovations are re-shaping the structure of traditional bodies on an almost monthly basis.

GSM says a digital revolution in the financial sector and banking disruption is happening here and now with 37 live mobile money services across the 17 markets across the Latin American and Caribbean area, and 18 further planned services. It says the region also saw the fastest growth in mobile money adoption in 2014 which indicates that the market is active and the population is hungry for adopting innovation.BM