Will Jamaica Go Cashless?

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Will Jamaica Go Cashless? | Image Source: businessuiteonline.com

by Venesha Johnson | Associate Writer

Recently, Jamaica has been making strides towards a cashless society, aiming to leverage the benefits of digital transactions. Encyclopaedia Britannia defines a cashless society as one in which no financial transaction accepts currency in actual banknotes or coins.

Rather, money is transferred digitally between individuals and companies using online and mobile payment systems, credit or debit cards, electronic money transfers, cryptocurrencies, and electronic money transfers."

The launch of MyCash, a digital wallet by Paymaster, Jam-dex and Lynk signifies significant steps in this direction. The digital payments market in Jamaica is experiencing a surge, attributed in part to the impact of the COVID-19 pandemic.

Factors Driving the Shift

Reducing Crime: Embracing a cashless system could potentially reduce crime by minimising opportunities for theft and robbery associated with cash transactions.

Financial Inclusion: A cashless society might enhance financial inclusion, providing more accessibility to financial services for a broader population.

Economic Measurement: The transition to digital payments could facilitate better measurement of economic activities, offering a clearer picture of financial trends.

The Government's Stance

Despite these advancements, Prime Minister Andrew Holness clarified that there is no mandate to remove cash from the system or force a complete transition to a cashless economy.

The government's cautious approach suggests recognising the need to balance innovation with the practical considerations of the Jamaican population.

Speaking on May 31 at the Inter-American Development Bank (IDB) digital transformation forum held at the AC Hotel in Kingston, Holness stated that people will have the option of choosing to engage or not to engage in the ongoing digital transformation.

While there are worries about digital currencies, he continued, investments are still being made in both the technology and the currencies themselves.

He also brought up the fact that some of the problems associated with digital currencies equally affect the physical currency. Furthermore, the Prime Minister stated that the national digital payment infrastructure will receive more attention as the National ID is implemented.

He used the occasion to reassure everyone that neither digital currency nor a digital ID will be required. There won't be any pressure to use them. To make citizens' lives easier, various measures are being implemented.

Challenges and Considerations

While the benefits of a cashless society are apparent, challenges remain. Some Jamaicans may be hesitant to embrace digital transactions due to technology literacy and cybersecurity concerns. Moreover, the informal economy, often cash-based, poses a challenge to a rapid transition.

Our Current Digital Wallets

MyCash

MyCash is a digital wallet from Paymaster that lets users save IDs, cards, and coupons conveniently in one location for improved money management. Additionally, it makes contactless checkout easier and enhances consumers' financial security by lowering theft and minimizing the need for cash or card payments. With an application on a mobile device with an Internet connection, people can safely and effectively manage their finances from anywhere while protecting their personal data. You may get the app from the Google Play Store and the Apple Store.

Lynk

In Jamaica, Lynk is a mobile wallet that facilitates sending, receiving, and requesting money. With the use of this software, people can send and receive money without exchanging financial details.

JAM-DEX- Our Digital Currency

The Lynk app, a digital wallet, is the only platform where Jamaicans may now use the central bank digital currency (CBDC), JAM-DEX, which was introduced on July 11. It is the nation's digital money, issued one-to-one with coins and banknotes by BOJ, and is considered legal tender.

Will Jamaica go Cashless?

Well, maybe someday in the future, but certainly no time soon. According to Mastercard research from 2016, "cash is used in almost 80% of transactions conducted in Jamaica."

The Business Observer reviewed the Bank of Jamaica's (BOJ) 2022 annual report to evaluate Jamaica's progress made since then using the previously mentioned digital payment methods.

It was discovered that there were 4.9 million debit cards in use in 202, a 10.7% increase over the anticipated 2.8 million Jamaicans. The number of credit cards in use, at 385 655, was considerably fewer even though it rose by 7.3% from the 2021 estimate. According to these numbers, we are nowhere close to being ready to transition to a cashless society.

Jamaica is certainly moving towards a cashless future, driven by technological advancements and the potential socio-economic benefits. However, a complete transition is not imminent, as the government acknowledges the importance of considering the readiness and preferences of its citizens.

The journey towards a cashless society in Jamaica is a dynamic process, shaped by a delicate balance between innovation and practicality.

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References & Sources For Will Jamaica Go Cashless?

1. Bartley, R. (no date) Jamaica moves closer to a cashless society with MyCash Digital Wallet, Jamaica Information Service. Available at: https://jis.gov.jm/jamaica-moves-closer-to-cashless-society-with-mycash-digital-wallet/ (Accessed: 08 December 2023).
2. CODIE-ANN BARRETT Senior business reporter barrettc@jamaicaobserver.com (2023) Are you ready to go cashless? Jamaica Observer. Available at: https://www.jamaicaobserver.com/business/are-you-ready-to-go-cashless/ (Accessed: 08 December 2023).
3. Now you can read the Jamaica Observer ePaper anytime (2023) No cashless mandate for Jamaicans, says Holness, Jamaica Observer. Available at: https://www.jamaicaobserver.com/latest-news/no-cashless-mandate-for-jamaicans-says-holness/ (Accessed: 08 December 2023).
4. What is Lynk Jamaica: Jamaica’s new Mobile Wallet (no date) My. Available at: https://www.my-island-jamaica.com/what_is_lynk_jamaica.html (Accessed: 08 December 2023).

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