A study conducted by MasterCard indicates that while there are 425,000 small businesses in Jamaica, only 14,000 are registered.
The study also revealed that there are 418,000 sole entrepreneurs in the country.
It noted that the ones who have embraced digital payment systems have seen significant improvements in their revenues and cash flows.
The study, which was conducted between March and April, also found that 91% of SMEs which adopted digital payment systems reported a significant increase in their businesses.
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