In order to facilitate the structured introduction of additional Payment Service Providers and payment products, the Bank is committed to the development of an enabling legislative framework that will, create an enabling environment to drive innovation in payment services while reducing risk and protecting consumers as well as promote financial inclusion.
The Guidelines for Electronic Retail Payment Services (ERPS 2), previously issued in 2019 to foster the design, development and implementation of electronic retail payment systems, were subsequently withdrawn in March 2020 and replaced with the Bank of Jamaica Fintech Regulatory Sandbox Guidelines. This creates an enabling environment in which Regulated Entities and Fintech companies in partnership with Deposit-Taking Institutions (DTIs) can test innovative financial products and services in a controlled environment. This will inform the framing of the new regulations or amendments to existing legislation.
Authorised Payment Service Providers
The existing authorized Payment Service Provider is National Commercial Bank Jamaica Limited. The following table details the issuer’s product name and authorised services:
| Payment Service Providers | Product Name | Authorised Services |
|---|---|---|
| National Commercial Bank | NCB Quisk Mobile Money | • Cash-in; • Cash-Out; • Person to Person funds transfer; • Payment for good and services at POS; • Bill Payment; • View transactions via online web portal; and • Account balance inquiry via SMS. |
