The Bank of Jamaica has given JN Bank Limited the green light to operate as a wallet provider which will now allow JN to distribute JAM-DEX. JAM-DEX is the digital currency that the BOJ has been promoting over the last two years that finally went into operation last year.
It’s not yet taken on local adoption but this will come with time as new technologies often start out slow until it hits critical mass.
This now puts JN Bank in a special group of early adopters from an institutional perspective. JN bank is now in the final stages of its digital wallet application, if and when this passes it will allow JN Bank to expose this technology to the public so that customers can make and receive payments.
It’s very positive news for JN Bank and overall, for the banking industry which has always been archaic and slow in the adaptation of certain technology stacks.
Even though digital wallets are good, the technology stack locally to integrate into global networks of certain payment systems as a merchant is mediocre at best. Let’s see how this plays out over time.
