BOJ Says Jamaica Only Has Only Three Electronic Payment Providers

The Bank of Jamaica which is the central bank of the island is warning the public against unauthorised providers of electronic retail payment services.

Electronic retail payment services are relating to the usage of an electronic retail payment instrument, such as a prepaid card or mobile wallet.

With that, BOJ says the entities currently authorised to provide the retail payment service are Sagicor Bank (My Cash), National Commercial Bank (Quisk), and Alliance Financial Services Limited (EPay).

BOJ, therefore, urges the public to refrain from conducting business with unauthorised entities and that transactions of this nature, in the absence of regulatory oversight, could negatively impact the safety and integrity of the national payment system.

 

Shannon-Dale Reid

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