Hundreds of small businesses sign on

The Bank of Jamaica (BOJ) is reporting that its digital currency, JAM-DEX, is gaining much traction in the market space, as hundreds of small-business operators have been on boarded.

Dr Novelette Panton, BOJ divisional chief for financial markets infrastructure, reports that as at February 18, some 90 small merchants and 4,500 micro merchants have been registered with the digital wallet, Lynk and is now a part of the JAM-DEX network.

Panton explained that last December, JAM-DEX facilitated the first Government payment, using the system for 72 persons and 70 merchants with transactions valued over $600,000. Speaking at a virtual forum organised by the Ministry of Justice for justices of the peace last Thursday (March 23), Panton remarked that, “JAM-DEX is alive, and is being used”.

She advised that barbers, hairdressers, fruit vendors, coconut vendors, persons in entertainment, carwash operators, taxi drivers and other persons are using the system, as it facilitates instant processing of transactions, online and offline.

Versatility of JAM-DEX

“JAM-DEX is different from a regular bank account and is easier and simpler to obtain. Customers will be able to top up their wallet with JAM-DEX through all authorised agents, or smart ABMs (Automated Banking Machines), and do business using phone to phone with merchants, friends and families,” Panton told the audience.

She explained that the system allows for the transfer of funds from regular bank accounts to digital wallets, and it cannot be accessed by unauthorised persons, even if the account holder loses his or her telephone, as a password or code must be used to “have access to your money”.

Panton underscored that the National Identification System legislation will play a major role in facilitating financial inclusion through the Central Bank Digital project, by enabling Jamaicans to access “simple and secure” financial products.

Currently, the National Commercial Bank offers JAM-DEX through LYNK, its digital wallet. Other wallet providers are expected to come on board for the distribution of JAM-DEX later this year. JAM-DEX provides a safe, efficient and convenient way to pay for goods and services.