Bank of Jamaica: Digital Currency Expansion To Ease ATM Challenges

JAMAICA – Bank of Jamaica Governor Richard Byles says the full rollout of Jamaica’s s digital currency Jam-Dex could ease the long lines and cash shortages people face at ATM’s.

Jam-Dex has been around since 2021, and phased out to the public in 2022 but usage remains limited.

Byles says the breakthrough will come when more point-of-sale machines accept Jam-Dex, allowing customers to spend directly from their digital wallets without reverting to cash or cards.

BOJ Deputy Governor Natalie Haynes says transactions have increased 30 percent this year, crediting greater public events and merchant participation.

She also notes that more POS conversions and additional digital wallet providers are coming to boost usage even further.