Jamaica Mulls CBDC Promotion; Fund PoS Equipment Upgrade
Jamaica’s Bank of Jamaica Governor Richard Byles is funding PoS upgrades to support the JAM-DEX QR codes, despite slow merchant onboarding due to the need for retailers to upgrade their Point of Sale (PoS) equipment.
With around 50,000 PoS machines, Jamaica plans to upgrade 10,000 to support the QR codes through a joint venture with the Department of Trade.
The digital marketplace for e-commerce was created last year, allowing JAM-DEX use. Currently, Jamaica has 260,000 wallet holders, but the CBDC will not be promoted until the PoS issue is resolved.
(With inputs from Shikha Singh)
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