A recent study by global payments leader Mastercard reveals that small and medium-sized enterprises (SMEs) in Trinidad and Tobago are increasingly reliant on digital payment solutions to drive efficiency, growth, and long-term business resilience. According to the survey, 92% of SMEs that accept digital payments report saving both time and money, while 93% consider these tools essential for their overall success.
The research, part of Mastercard’s broader “Digital Payments Adoption Landscape in Latin America and the Caribbean” initiative, surveyed 150 SME owners and directors in Trinidad and Tobago. It highlights the central role digital payments now play in business sustainability, showing that companies using these solutions benefit from enhanced security, easier compliance, better data insights, and improved access to credit.
Dalton Fowles, Country Manager for Trinidad and Tobago at Mastercard, said the findings underscore how digital adoption is transforming the SME sector. “SMEs are the beating heart of Trinidad and Tobago’s economy,” he said. “Their ability to scale, innovate, and stay competitive increasingly depends on how effectively they leverage secure, seamless digital payment solutions.”
The study also highlights that digital payments have evolved beyond being just a convenience for businesses. Among those adopting these systems, 91% believe that accepting digital payments is essential for scaling operations, 90% say it improves data analytics, provides access to new services, and enhances security, 88% view it as critical for unlocking access to credit, and 85% cite compliance, sales growth, and simplified bookkeeping as significant advantages.
Conversely, SMEs that have yet to embrace digital payments face tangible disadvantages. The study found that 71% of non-adopters report losing customers at least once a week due to the inability to offer digital payment options, and 72% rely on international suppliers, highlighting the growing necessity of online payment systems for global business participation.
Beyond core transaction capabilities, the research indicates that SMEs are increasingly utilising complementary services offered by payment providers. For instance, 41% use cybersecurity services, 41% seek guidance from digital payment experts, 37% employ fraud monitoring, and 33% access credit through their digital platforms.
These findings suggest SMEs are not just processing payments, they are restructuring their business models around efficiency, safety, and growth opportunities.
The survey also explored what SMEs value most in a payments provider. Reliability and versatility topped the list, with 92% citing multi-payment support as critical, 91% prioritising market experience, 89% emphasising competitive fees, and 88% highlighting trustworthiness and scalability.
Mastercard, which positions itself as a trusted partner for businesses in the digital economy, said the insights will inform its ongoing strategy to empower SMEs with innovative solutions that extend beyond basic payment processing.
Fowles added, “By adopting digital payments, SMEs are building resilience, strengthening customer experiences, improving supplier relationships, and enhancing access to credit. This is central to creating a stronger, more connected SME ecosystem.”
The research was conducted by the independent agency Many Minds Group between March and April 2025. Fieldwork covered 14 countries across Latin America, with the Trinidad and Tobago sample representing 150 small and medium business owners and directors.
As digitalisation continues to reshape commerce across emerging markets, studies like these emphasise that SMEs who integrate digital payments into their operations are better positioned for growth, sustainability, and competitiveness in today’s fast-evolving global economy.
