By Aisling Finn on Wednesday 9 September 2020
Businesses on the Islands have already described the move as a “game-changer.”
Payment processing firm Square has partnered with Mastercard and the Falkland Island’s government to bring debit and credit card payments to the islands.
Mastercard introduced the Falklands’ government to Square to help the Island’s small businesses join the cashless revolution, installing Square’s terminals in businesses across the Islands.
Jack Dorsey, CEO and founder of Square and Twitter, said: “Running a business is always hard, and these business owners have the added challenge of being in one of the most remote places on earth. Connecting the Falklands is a big step in creating a more inclusive global economy.”
With only one bank branch and cash machine, most payments were made by cash as banking and compliance issues make it difficult for smaller businesses to sign up to accept card payments.
Small business owners would often have to accept foreign currencies to avoid losing a sale, but now with the introduction of Square’s payment terminals, SMEs can accept both debit and credit cards.
Tim Waggott, financial secretary for the Falkland Islands Government, said: “We have been a cash-heavy society for many years, but with increasing visitor numbers, we knew we needed to help our local businesses to make the shift to card payments.”
“This is a huge step forward which will ensure that our industry is well-positioned to meet future demand and that Falkland Islands businesses are more financially empowered to expand.”
As well as now being used in the Falklands, Square is available in the rest of the UK, the US, Canada, Japan and Australia.