The government is moving towards a digital payment structure where citizens can choose if they wish to participate. Increased focus will be given to the national digital payment infrastructure, however there is no intention to remove cash from the system or create a cashless mandate.
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Govt Moving Towards Digital Payments, Not Cashless Society
As part of moves to modernize business in Jamaica, the government is moving towards a digital payment structure, in which increased focus will be given to a national digital payment infrastructure. However, citizens will be able to choose if they wish to participate.
The Government has said the move toward a digital platform is being done to make the lives of citizens easier and that digital transformation is not an exchange of convenience for fewer rights and freedoms.
The Government has also indicated an intention to implement strong safeguards to ensure that personal data and information is properly secured and used for the purposes for which citizens have provided it.
There have also been indications that there will be programmes for citizens who are not digital natives and will require assistance. The country’s network of post offices will be used as digital service centres to provide hands-on support for those citizens who need it.
Use of the Central Bank’s digital currency, the Jamaica Digital Exchange (JAM-DEX), will not be mandatory. Launched in 2022, JAM-DEX is the digital version of the country's currency, and is legal tender issued by the Bank of Jamaica (BOJ) on a one-to-one basis with banknotes and coins.
It is stored in a digital wallet, which is an app on a mobile device such as a phone that makes it easy for users to send, receive and spend their money.
JAM-DEX facilitates greater financial inclusion for many Jamaicans who are currently excluded from the financial system. It also provides a safe, convenient and secure means of making payments and transfers.
