JN Bank has been finalising its digital wallet application, which is at an advanced stage, for provision to the public. The distribution of JAM-DEX through the JN Pay Wallet to make and receive payments is scheduled to commence this year.
The Bank of Jamaica (BOJ) recently announced JN Bank as a wallet provider to distribute JAM-DEX. This makes JN Bank the second deposit taking institution to receive digital currency to the value of $1 million worth of JAM-DEX from the Central Bank.
JN Pay Wallet will provide consumers with a quick, easy and safe mobile platform to transact business using digital currency powered by the BOJ. Members can deposit and transfer funds, pay bills and convert funds seamlessly between traditional bank accounts and their CBDC wallet.
Users will not be required to be existing JN Bank members. However, existing JN account holders can use their bank accounts to cash in and out of their wallets.
Through JN Pay Wallet, JN Bank will also provide simplified Know Your Customer (KYC) requirements for customers classified as both banked and unbanked. Customers will only need their Tax Registration Number (TRN) and a national ID to enroll, unlike a traditional bank account. Plus, there is no charge for JAM-DEX transactions.
JN Pay Wallet will also offer interoperability with other systems, meaning JN customers will be able to transfer and receive JAM-DEX funds from any BOJ approved wallet provider. Members will have 24-hour access points via JN Bank’s network of branches and ATMs to top up CBDC accounts to transact business.
JN Pay Wallet will be available on IOS and Android devices, and will facilitate:
- ATM and AFI top-ups
- Online transactions
- Use of QR code technology
- Cash in and cash out via CBDC wallets
- Two factor authentication: password, SMS or email or Google authorisation
