The Central Bank is reporting an increased interest in the utilization of its digital currency, JAM-DEX.

JAM-DEX, short for Jamaica Digital Exchange, was launched by the Bank of Jamaica (BOJ) in May 2022.

It is a digital version of the Jamaican Dollar and is touted as a safe, efficient and convenient way to pay for goods and services. 

However, there have been challenges to its widespread adoption, including a difficulty with onboarding businesses.

Providing an update at a BOJ Press Conference yesterday, Deputy Governor of Financial Markets and Payments Systems, Natalie Haynes, said peer-to-peer transactions have increased as at June this year. 

She also reported a 30 per cent growth in the value of transactions conducted.

She partly attributed this positive movement to the bank’s push to incorporate JAM-DEX with large events, such as “Reggae Sumfest”.

Existing point-of-sale (POS) systems need to be upgraded to accept the JAM-DEX Qr code, which several merchants are reluctant to do, without seamless integration into their current infrastructure.

However, Ms. Haynes said the BOJ is working with technology providers and financial institutions to implement the upgrades.

Meanwhile, BOJ’s Governor, Richard Byles stressed that several issues faced by citizens at Automated Teller Machines (ATMs) can be addressed by JAM-DEX.