BOJ Anticipates Digital Currency Expansion Will Ease ATM Challenges

  • Speaking at the Bank of Jamaica’s (BOJ’s) quarterly press conference, Governor Richard Byles said the full rollout of Jamaica’s central bank digital currency (CBDC), branded JAM-DEX, will alleviate many of the problems people experience at automated teller machines (ATMs). He explained that JAM-DEX offers a safe, efficient, and convenient way to pay for goods and services without the need for cash.
  • JAM-DEX was first introduced in 2021 and rolled out to the Jamaican public on a phased basis in 2022. However, it is still not widely utilised as a form of payment across the country.
  • Governor Byles noted that retrofitting point-of-sale (POS) machines at consumer-facing establishments to accept the CBDC will facilitate a broader rollout. “The breakthrough with JAM-DEX will happen when we get the POS machines converted… that’s when we will see a much more rapid spread of use. If… you have a wallet full of JAM-DEX, unless you can spend it at places that use a POS machine, you have to resort to cash or you have to use your credit and debit card,” he said.
  • He added, “So it’s critical, and the commercial banks know the POS conversion is what is holding up the effective and massive rollout of JAM-DEX. A lot of the problems that people are experiencing at ATMs to get cash can be addressed over the years when we get JAM-DEX rolled out.”
  • Meanwhile, BOJ Deputy Governor, Financial Markets and Payments Systems, Natalie Haynes, reported a 30% increase in the volume of JAM-DEX type peer-to-peer (P2P) transactions since the start of 2025.
  • Haynes further noted that retrofitting point-of-sale (POS) machines, together with onboarding additional digital wallet providers, is essential to advancing the rollout of JAM-DEX. “We are still working on getting the point-of-sale machines for the larger merchants retrofitted… we are doing that in collaboration with the banks … Also, we are] waiting on other wallet providers to be onboarded. Two are onboarded and are distributing JAM-DEX, and we expect two more before year end,” she informed.

(Source: JIS)