The JN digital wallet application, JN Pay, will commence distribution of the Bank of Jamaica’s digital currency, JAM-DEX, during 2023.
JN Bank, which was recently announced by the Bank of Jamaica (BOJ) as the second wallet provider, will receive digital currency valued at $1 million.
This latest development will incorporate more unbanked and underbanked Jamaicans into the formal banking system, and reduce the cost of providing banking services. It will provide a pathway for approximately 17 per cent of the Jamaican population which are currently not involved in the formal financial system, according to the findings of a study conducted by the Caribbean Policy Research Institute (CaPRI) in early 2022.
Leesa Kow, Managing Director of JN Bank, anticipates that JAM-DEX will become the future of spending in Jamaica.
She stated that JN Pay will provide Jamaicans with a quick, easy and safe mobile platform to transact business using digital currency.
“One of the best things about the JN Pay Wallet is that it offers simplified Know Your Customer requirements. Persons will only need their Tax Registration Number (TRN) and their ID to sign up. Plus, all JAM-DEX transactions are free of charge,” she informed.
JN Bank has been working with MC Systems Limited to establish the JN Pay platform to improve access to micro loans and merchant payment systems.
“Our expectation is that individuals, businesses, and the economy will benefit”, stated Ms Kow. “In addition, with the planned introduction of the government’s National Identification System (NIDS) and the JN centralised on-boarding platform, ONE JN Passport, we anticipate that our JN customers will be able to access financial services more readily.”
“We congratulate the BOJ for its foresight to introduce this payment option to Jamaicans and look forward to working with the Central Bank to make this successful”, she added.
