The Bank of Jamaica,BOJ, is reporting that hundreds of small-business operators have registered with its digital currency, ‘JAM-DEX’, while a pilot project involving Government payment was successfully done.
According to Divisional Chief for Financial Markets Infrastructure at the Central Bank, Dr. Novelette Panton, as at February 18, 90 small merchants and 4,500 micro merchants were with the digital wallet, Lynk.
Speaking recently at a virtual forum organised by the Ministry of Justice, for Justices of the Peace, Dr. Panton said that in December, JAM-DEX facilitated the first Government payment, using the system, for 72 persons and 70 merchants, with transactions valued over $600,000
She says JAM-DEX is alive, and is being used.
Dr. Panton added that barbers and 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.