JN Bank is set to launch its digital wallet in the first quarter of this year, having been recently announced by the Bank of Jamaica as the second wallet provider in the country to use its Jam-Dex digital currency.
The wallet, to be called JN Pay, will first be distributed among JN staff before being rolled out fully to the general public. The bank said it will receive digital currency valued at $1 million to faciliate the roll-out.
“One of the best things about the JN Pay wallet is that it offers simplified ‘know your customer’ requirements; persons will only need their Tax Registration Number (TRN) and their ID to sign up. Plus, all Jam-Dex transactions are free of charge,” Leesa Kow, managing director of JN Bank, said in a release.
JN Bank has been working with MC Systems Limited to establish the JN Pay platform to improve access to micro loans and merchant payment systems.
“Our expectation is that individuals, businesses, and the economy will benefit,” Kow added.
“In addition, with the planned introduction of the Government’s National Identification System (NIDS) and the JN-centralised onboarding platform, ONE JN Passport, we anticipate that our JN customers will be able to access financial services more readily.”
NCB Financial Group through its TFOB subsidiary has been the first to roll out the digital currency through its Lynk network.
