JN Bank to roll out JN Pay mobile wallet by March
Published:Friday | January 13, 2023 | 12:09 AM
By March, JN Bank will begin beta testing of its digital wallet, JN Pay, starting internally with staff of Jamaica National Group, and then later to the general public.
JN Bank in December was approved as a distributor of JAM-DEX, and was issued with $1 million worth of the digital currency. The first was National Commercial Bank Jamaica, through its Lynk wallet.
The Bank of Jamaica’s latest disclosure of its reserves show that there is now $257 million of JAM-DEX in issue.
Chief of Digital Transformation and Special Projects at JN Bank, Ricardo Dystant, says subscribers to JN Pay only need their Tax Registration Number, or TRN, and a national ID to enrol.
“Plus, there is no charge for JAM-DEX transactions,” Dystant said.
JAM-DEX, or the Jamaican Digital Exchange, was rolled out in 2021 after a pilot test in which only Lynk participated.
NCB has been aggressively marketing its wallet since its début, and has seen growth in its subscription as a result.
“Persons will be able to move funds irrespective of which wallet provider they choose. We believe that the more wallets that become available will provide increased financial inclusion for Jamaicans, and this in turn will benefit the country in the long run, as we seek to build out a digital economy,” Dystant said.
JN Bank ranks number three by assets among commercial banks, while NCB holds the top slot.
JN Pay is being developed by tech company MC Management Control Systems, which is also a member of the JN Group.
The BOJ says the distribution of JAM-DEX through the JN wallet, to make and receive payments, is scheduled to commence this year.