Mastercard Pacific’s recent series of forums across Fiji have raised awareness about the adoption of digital payments and their potential benefits for local merchants. These dialogues contribute to Mastercard’s dedication to accelerating e-commerce development across the region.
During the Suva forum, Craig Kirkland, Head of Mastercard Pacific, highlighted the rapid growth of digital payments in Fiji, which is growing five times faster than in Australia and New Zealand, and 16 times faster across the Pacific as a whole. Despite this growth, the payment landscape in the Pacific remains dominated by cash, with over 90% of payments being cash-based and just under 10% by card. Kirkland emphasized the hidden costs of cash transactions, including handling costs, additional overheads, and theft incidents which underscore the necessity to raise awareness and promote digitisation.
The forums, held separately in Nadi, Coral Coast and Suva from 15 to 17 July, stressed the importance of digital payment acceptance for both consumers and businesses, noting that card payments offer consumer protection through chargebacks and require businesses to prove the legitimacy of transactions. In addition, the forum addressed key areas of improvement, such as confusing checkout experiences and excessive surcharging. The forum in Suva had over 60 participants, including Fiji government officials, local fintech providers, commercial banks, and Reserve Bank of Fiji officials.
The Merchant Forums are among several activities Mastercard is delivering to the Pacific. Additionally, Mastercard is involved in Payment Ecosystem Design & Development (PEDD), SoftPOS implementation, point of sale marketing, and tourism insights.
Mastercard’s activities align with the overarching goals of the Pacific E-commerce Strategy and Roadmap, which aims to improve digital infrastructure, create a conducive environment for e-commerce, and ensure the sustainability of digital initiatives. Specific strategic objectives include:
- Enhancing the digital payment ecosystem: (Measure 5.1.6) Mastercard’s focus on improving payment acceptance aligns with the roadmap’s aim to create a robust digital payment landscape that minimizes reliance on cash and enhances transaction security.
- Building capacity and knowledge (Measure 6.1.4): Through educational programs and forums, Mastercard contributes to the roadmap’s objective of fostering skills and knowledge among local businesses, ensuring they can engage effectively in e-commerce.
- Encouraging collaboration among stakeholders (Measure 1.1.3): The forums promote networking and knowledge-sharing among merchants, aligning with the strategy’s emphasis on partnerships to drive e-commerce growth.