Despite current and projected continued global growth in electronic and mobile commerce, as a region with above average mobile penetration (approximately 128%) as well as world-class fibre and cellular data networks, the Caribbean has failed to capitalize on, and remains woefully low on electronic or mobile commerce activity. In fact, with banked populations over 70% and contrasting credit card penetration rates estimated at under 20%, the region remains largely a cash-based economy, with very little by way of electronic or mobile financial transaction/payment solutions and products available to consumers.
Consider if you will that although still considered a developing region, the islands of the Caribbean, with a few exceptions, boast human development and other key Indices that border on developed nation status. With consumer patterns and lifestyles that mirror cosmopolitan markets, the Caribbean is a flux economy with un-served needs and immense potential for competitively revolutionizing commerce. Its almost unimaginable that most of the over 40 Million consumers of a region known for its music, culture and festivals, are challenged to purchase an airline ticket online, sell or buy Soca or Reggae music online, pay for the online submission of a US VISA application or even download a US $.099 paid app to their US $500.00 mobile phone.