The Community & Workers of Jamaica Co-operative Credit Union Limited (C&WJCCU) and technology partner, WiPay, will be collaborating in an attempt to provide Jamaicans with a digital wallet which is an alternative solution to cash.
The CBDC is an electronic digital form of central bank-issued currency, a legal tender that will be distributed by not only commercial banks but by other deposit-taking institutions and authorised payment service providers (PSP) authorised by the Bank of Jamaica.
If approved by the BOJ, C&WJCCU will offer this digital wallet sometime in the new year to help transform the way individuals and businesses conduct transactions here in Jamaica.
“For some time now, we have been examining ways in which we can offer more technological solutions to our members which will not only make it easier for them to conduct transactions, but also provide them with more opportunities for financial inclusion.”
Carlton Barclay, C&WJCCU chief executive officer
Carlton Barclay, C&WJCCU chief executive officer, said the credit union has been exploring its entry into the digital innovation space and recently responded to the Bank of Jamaica’s call to several financial institutions to participate in their Central Bank Digital Currency (CBDC) pilot programme.
“For some time now, we have been examining ways in which we can offer more technological solutions to our members which will not only make it easier for them to conduct transactions, but also provide them with more opportunities for financial inclusion,” Barclay said.
“This is the reason why we responded to the Central Bank’s call to participate in their CBDC programme and as we await their approval, our partnership with WiPay will help us to be a provider of faster services and also give our members more convenient payment methods,” he added.
Austin Brown, president of the C&WJCCU, said: “We are proud of this collaborative input that will help meet the future payment needs of our members and customers in Jamaica. The new year will give many customers, especially those persons who currently do not have a bank account, access to CBDC in a much easier and simpler way.”
Joyce West-Johnson, chief operating officer, C&WJCCU, revealed that the digital service if approved by the BOJ, will provide a cost-effective and convenient way for members to carry out their transactions. The credit union will then be able to provide members with cutting-edge technology that will benefit them. When the CBDC is rolled out, for instance, our members will have access to a digital wallet to primarily conduct transactions interest-free and
at no cost to make payments on any electronic device anytime, anywhere.
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