The Bank of Jamaica is reportedly exploring regulatory framework for electronic payment service providers and is looking for industry proposals by January 15 2021.
There were around 134 million electronic retail payment transactions completed in 2019 recorded by the Bank of Jamaica, totalling more than $4bn, according to a report from The Paypers.
With the pandemic helping to increase the adoption of electronic payments, the Bank of Jamaica is brining regulations in to better safeguard consumers.
The Bank of Jamaica began working on changes to the framework in 2019, with it noting the supervision and enforcement not being enough for the market.
Changes will also bring the country’s laws on payment services in line with international requirements for combatting money laundering and terrorism financing, it said.