Payments/JM
Jamaica
ISO JM · 3 schemes
Summary
- JAM-DEX CBDC with QR (2022)
- Dynamic QR testing complete (Sept 2024)
- 282,274 wallet users (end 2024)
- Lynk sole wallet provider
- 10,000 PoS upgrade commitment
Banking landscape
Central Bank
- Name: Bank of Jamaica (BoJ)
- Website: https://boj.org.jm/
- Role: Monetary policy, JAM-DEX operation
Major Banks (2024)
| Rank | Bank Name | Type | Digital Platform |
|---|---|---|---|
| 1 | National Commercial Bank | Local | NCB App |
| 2 | Scotiabank Jamaica | International | Scotia App |
| 3 | First Caribbean | Regional | CIBC FirstCaribbean |
| 4 | Sagicor Bank | Local | Sagicor App |
| 5 | JN Bank | Local | JN App |
Market Structure
- JAM-DEX: Central bank digital currency
- Lynk: Sole wallet provider (2024)
- 2,379 merchants: Signed on (Sept 2024)
- $276M minted: Since 2022
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| JAM-DEX | Bank of Jamaica | CBDC | Active |
| ACH Jamaica | Banks | Clearing | Active |
| RTGS | BoJ | High-value | Active |
| Card networks | Visa/MC | Cards | Active |
JAM-DEX CBDC
- Launched 2022
- Digital Jamaica Dollar
- QR code payments
- Wallet ID transfers
- Government payment integration
Government Use Cases
- Fitness fees at TAJ
- Property taxes
- Traffic tickets
- Seasonal work payments
QR code standards
JAM-DEX QR
| Attribute | Value |
|---|---|
| Operator | Bank of Jamaica |
| Type | CBDC |
| Testing | Dynamic QR (Sept 2024) |
| PoS upgrade | 10,000 machines |
JAM-DEX QR Features
- Personal QR code
- Merchant QR scanning
- Wallet ID alternative
- Send/receive money
- Government payments
Dynamic QR Testing (Sept 2024)
- Successfully completed
- Single PoS integration
- Merchant preference addressed
- Same device for card/CBDC
- Customer experience focus
PoS Upgrade Initiative
- 50,000 PoS machines in Jamaica
- BoJ funding 10,000 upgrades
- Modern machines priority
- Technology provider engaged
- JAM-DEX QR support
Mobile payment apps
| App | Provider | QR | Features |
|---|---|---|---|
| Lynk | NCB | Yes | JAM-DEX wallet |
| Bank Apps | Various | Limited | Banking |
Lynk Wallet
- Sole JAM-DEX provider (2024)
- QR code generation
- Wallet ID system
- Send/receive funds
- Merchant payments
Adoption Challenges
- Limited wallet providers
- PoS integration gap
- 2,379 merchants only
- $276M minted (static since 2022)
- Physical currency: $286.1B
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| JAM-DEX QR | CBDC QR | BoJ | 282K users | jam-dex-qr |
| Dynamic QR | PoS QR | Unified | Testing | — |
| Lynk | Wallet | App | Sole | — |
Sources
- Bank of Jamaica - CBDC
- Bank of Jamaica - CBDC FAQs
- Jamaica Observer - JAM-DEX Gains
- Jamaica Observer - BoJ Going All Out
- Ledger Insights - PoS Upgrades
- CBDC Tracker - JAM-DEX
Full country report
Schemes
Standards
Primary · 1
Mentioned · 1