BOJ Advises Public About the Usage of Unauthorized Electronic Retail Payment Service Providers

• The Bank of Jamaica in a press release on Tuesday indicated that it is aware of electronic retail payment services being offered to the public by unauthorized providers. Electronic retail payment services are those relating to the use of an electronic retail payment instrument, such as a prepaid card or mobile wallet.
• The Central Bank and regulator of the payments services in Jamaica advised that to date, it has authorized only three (3) Payment Service Providers, to offer electronic retail payment services to the public. The entities currently authorized to provide the services are: Sagicor Bank (My Cash), National Commercial Bank (Quisk), and Alliance Financial Services Limited (EPay)
• Persons are advised not to conduct business with unauthorized entities seeking to offer these services, as these entities are not authorized by the Central Bank. In addition, transactions of this nature, in the absence of regulatory oversight, could negatively impact the safety and integrity of the National Payment System.

(Source: JIS)