In order to facilitate the structured introduction of additional electronic retail payment systems and by extension enhancing financial inclusion, the Bank on 1 February 2013, published on its website, the Guidelines for Electronic Retail Payment Services (Guidelines). The Guidelines encompass the operating parameters that banks and non-bank retail payment service providers are required to satisfy in order to secure authorization to offer electronic retail payment services in Jamaica. By ensuring compliance with the Guidelines the Bank intends to ensure that activities in the retail payment subsector meet the highest levels of safety and efficiency.
The Guidelines provide for two (2) options under which authorization may be granted by the Bank, in order to ensure the application of a consistent regulatory framework that will guide banks and non-banks in the development and delivery of electronic retail payment services.
Official acceptance of applications for authorization commenced 2 April 2013. The following table provides the current listing issuers that have been granted authorization by Bank of Jamaica to engage in electronic retail payment services, the product name and authorized services:
|Issuer||Product Name||Authorized Services|
|Alliance Payment Services Limited||ePay||
|GraceKennedy Payment Services Limited||GK MPay Mobile Wallet||
|Jamaica Co-operative Credit Union League||CONEC Mobile Wallet||
|National Commercial Bank||NCB Quisk Mobile Money||
|Click for Locations of Authorized Agents of Electronic Retail Payment Service Providers|
©2010 The Bank of Jamaica. All rights reserved