Jamaica is steadily moving closer to becoming a cashless society with the recent official launch of MyCash, a digital wallet by Paymaster.
Speaking at the event on March 28, at the AC Marriot Hotel in Kingston, Minister of Science, Energy and Technology (MSET), Hon. Daryl Vaz, hailed the newly confirmed FinTech organisation for providing another option for accessing digital financial services.
“All Jamaicans need and deserve access to digital financial services to do business, make their everyday lives easier, and contribute to the local economy. Congratulations to Paymaster and Digicel on this milestone,” the Minister said.
MyCash received the all-clear signal from the Bank of Jamaica (BOJ) recently, after completing a mandatory pilot period in the BOJ’s FinTech Regulatory Sandbox.
Like other digital wallets, MyCash allows for better financial management by enabling users to keep coupons, cards, and IDs easily accessible in one place. It also facilitates contactless checkout and improves citizens’ economic security by minimising theft and reducing the need to travel with cards or cash.
Individuals can manage their money securely and efficiently anywhere using the application on a mobile device with Internet connection, and it secures the user’s information.
Minister Vaz describes the technology as “a world-class product that meets local and international standards”.
He reiterated that MSET is reviewing the Cybercrimes Act and continues to progress towards the full implementation of the Data Protection Act, 2020, to protect users of technology such as this.
The application is available for download on the Apple and Google Play Stores.