Cash still critical despite digital growth

 A groundbreaking new national survey has revealed that while digital payment methods are steadily gaining traction in Jamaica, cash remains deeply embedded in the country’s financial behaviour – serving as both a practical tool and a trusted safety net for everyday transactions.

 Commissioned by BRANCCH Consulting & Outsourcing Limited, the Payment Preferences in Jamaica Report is one of the first comprehensive studies of its kind to examine how Jamaicans interact with cash and digital payment methods in a modern, evolving financial landscape. Drawing on a nationally representative sample of over 600 respondents across urban and rural communities, the study provides critical insights into payment habits, preferences, barriers, and emerging trends.

Among the key findings, cash continues to dominate everyday transactions, accounting for more than half of all payments and remaining the most preferred method for daily spending. At the same time, digital payments – particularly debit cards and bank transfers – are increasingly used, especially for mid- to high-value transactions. However, adoption remains uneven, with barriers such as limited trust, inconsistent infrastructure, and concerns around fees and reliability slowing the transition to a more digital ecosystem.

The report also highlights a significant gap between access and usage. While over 80% of Jamaicans have access to traditional banking tools and 72% have internet access, only 56% have access to mobile banking or payment apps, underscoring a broader issue of digital readiness rather than availability.

“Jamaica is not simply moving from cash to digital – we are operating in a hybrid payment environment where both systems must work efficiently,” said Marcus Brodber, Chief Executive Officer of BRANCCH. “What the data shows clearly is that cash remains essential – not just out of habit, but because it continues to offer reliability, control, and accessibility in ways that digital systems have not yet fully matched.”

The study further underscores the cultural and social dimensions of payments in Jamaica, with strong reliance on peer-to-peer transactions and informal financial support networks. Eighty percent of respondents reported sending or receiving money from family members within the last 30 days, reinforcing the role of trust and interpersonal relationships in shaping financial behaviour.

Notably, the report points to opportunities for growth and innovation within the payments ecosystem. While digital tools are widely available, their adoption is hindered by inconsistent point-of-sale reliability, limited awareness of benefits, and gaps in user confidence – particularly among older demographics and in rural communities.

“Reliable, local data is critical to shaping the future of payments in Jamaica,” Brodber added. “If we are serious about driving efficiency, financial inclusion, and innovation, then decisions must be grounded in how Jamaicans actually behave – not how we assume they behave. This report is a starting point for more informed dialogue, better solutions, and meaningful progress across the payments landscape.”

Founded in 2023, BRANCCH Consulting & Outsourcing Limited is an emerging leader in secure, technology-driven cash management solutions in Jamaica. In partnership with Atlas Group Incorporated Limited, the company delivers end-to-end cash management services including Cash-in-Transit, ABM Management, Treasury Management, and Deposit Processing. By combining advanced technology with physical infrastructure, BRANCCH provides real-time visibility into cash operations – positioning itself as one of only two providers in Jamaica offering a fully integrated, islandwide solution.

As part of its continued innovation, BRANCCH is also preparing to introduce new solutions, including ABMs-as-a-Service and smart deposit technologies, designed to improve efficiency, transparency, and accessibility across Jamaica’s cash ecosystem.

The Payment Preferences in Jamaica Report forms part of BRANCCH’s broader commitment to advancing national dialogue on payments and supporting data-driven decision-making among financial institutions, businesses, and policymakers.