WiPay

About WiPay

WiPay operates as a pivotal financial technology company, addressing the persistent challenge of financial inclusion across the Caribbean. Founded in 2016 by Aldwyn Wayne, a graduate of Georgia Institute of Technology, the company was born out of the necessity for accessible online payment solutions in a region where they were virtually non-existent for the average person and small businesses. Mr. Wayne, a native of Trinidad and Tobago with a background in computer science, identified the limitations of existing platforms, such as PayPal, which required users to have U.S. bank accounts, effectively excluding a large portion of the Caribbean population.

The company functions as a payment facilitator (PayFac), offering a platform that enables individuals, businesses, and governments to make and accept payments online in their local currencies. Its business model targets both the 'banked' and the 'unbanked' populations, integrating with legacy systems to provide a bridge to digital finance. Revenue is generated through transaction fees, with a pricing structure that is accessible to small businesses, often involving no monthly fees, only a per-transaction charge. WiPay serves a broad client base, from SMEs and governments to individuals, providing solutions that facilitate everything from e-commerce to government disbursements and court-ordered payments.

WiPay's product suite is comprehensive, featuring a 'Bank-in-a-Box' white-label solution for financial institutions, point-of-sale (POS) terminals, and QR code payments. The platform supports online invoicing, peer-to-peer payments, and bulk payments. A significant milestone was the partnership with Mastercard in 2019, which solidified its position as a licensed PayFac on both Mastercard and Visa networks in the region. This collaboration allows WiPay to leverage Mastercard's solutions to empower SMEs and issue prepaid cards. The company has expanded its operations to 12 countries, including Jamaica, Guyana, and has extended its reach to the USA, Colombia, and Ghana. In 2024, to manage its growing portfolio of services which now includes remittances, micro-loans, and travel, The WiPay Group was incorporated.