Mastercard’s study found that 92% of SMEs that accept digital payments save time and money

• 93% of SMEs accepting digital payments see them as essential or very important for their business

• 84% of SME owners and directors that accept digital payments say they wouldn’t stay in business if they couldn't accept them.

• 75% of these SMEs rely on digital payments to pay their suppliers

Mastercard, the global technology company in the payments industry, has released its latest research report, SMEs: The Digital Payments Adoption Landscape in Latin America and the Caribbean.  The study reveals how small and medium-sized enterprises (SMEs) are leveraging digital payments to grow, scale, and strengthen their businesses in an increasingly digital economy. In Trinidad and Tobago, where 150 SME owners and directors were surveyed, the findings show that 93% of SMEs that already accept digital payments consider them essential or very important to their success, while 92% say they save time and money by using them.

As a trusted leader in digital payments, Mastercard is at the forefront of driving this transformation—empowering local entrepreneurs with secure, seamless, and scalable solutions that go beyond transactions to fuel business growth and long-term resilience. The study shows that  SMEs also view digital payments as key to unlocking broader business advantages, including better data insights, enhanced security, easier compliance, and improved access to credit—factors that strengthen competitiveness and long-term sustainability.

• 91% view accepting digital payments as essential for scaling the business
• 90% say they are key to enabling better data analytics, offering new services, and making the business safer
• 88% see them as vital to opening access to credit
• 85% consider them important for compliance, increasing sales, and simplifying bookkeeping

The research underscores how digitalization has become central to business sustainability. Among SMEs that accept digital payments, 84% believe they would not remain in business without them, and 75% rely on digital channels to pay their suppliers. By contrast, SMEs that have yet to adopt digital solutions face tangible setbacks—71% report losing customers at least once a week due to their inability to offer digital payment options. With 72% of SMEs engaging with international suppliers, digital payments are no longer a convenience but a critical lifeline for business continuity and competitiveness.

“SMEs are the beating heart of Trinidad and Tobago’s economy, and their success depends on how well they embrace digital transformation,” said Dalton Fowles, Country Manager for Trinidad and Tobago at Mastercard. “At Mastercard, we are deeply committed to empowering SMEs with the technology, tools, and partnerships they need to unlock growth, drive innovation, and strengthen resilience in today’s fast-evolving digital economy.”

The study also reveals what SMEs value most in a payments provider. Among businesses that already accept digital payments, 92% cite the ability to handle multiple payment types as essential, followed by 91% who value experience and longevity in the market, 89% who prioritize competitive fees and costs, and 88% who emphasize trustworthiness and scalability. These priorities reflect a strong demand for reliability and partnership as SMEs expand their digital capabilities.

Beyond core payment processing, SMEs are increasingly tapping into complementary services that enhance their operations and security. Among those surveyed, 41% use extra cybersecurity services, 41% consult digital payment experts, 37% leverage fraud monitoring solutions, and 33% access credit through their providers. This shows that as SMEs deepen their digital adoption, they’re not only enabling transactions, they’re reshaping their business models around efficiency, safety, and access to growth opportunities.

“As SMEs adopt and trust digital payments, they’re doing more than accepting cards, they’re building resilience,” Fowles added. “From improving customer experiences and strengthening supplier relationships to increasing access to credit, digital payments are helping create a stronger, more connected SME ecosystem in Trinidad and Tobago.”

Mastercard remains committed to supporting local entrepreneurs with secure, seamless, and scalable payment solutions — ensuring that every SME, regardless of size, can grow and thrive in a digital-first economy.

Scope and methodology of research

The study was led by Mastercard, and fieldwork was conducted by independent research agency Many Minds Group. Between March 3rd, 2025 and April 14th, 2025, a quantitative online survey was conducted in 14 Latin American countries involving 150 small and medium entrepreneurs in Trinidad and Tobago. The full list of countries surveyed is Argentina, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Guatemala, Jamaica, Mexico, Panama, Peru, Puerto Rico, and Trinidad and Tobago.