The Bank of Jamaica (BOJ) says adoption of its digital currency, JAM-DEX, remains limited, with just 2,379 merchants currently accepting the payment option.
As a result, BOJ Governor Richard Byles says the entire Bank of Jamaica staff will be aggressively pushing for point-of-sale machines across commercial banks to be converted to accept JAM-DEX.
He says this is necessary to allow for wider marketing and to encourage more Jamaicans to use the digital currency instead of cash.
Governor Byles also noted that the total value of JAM-DEX in circulation increased by just $1.6 million to $260 million at the end of November.
Deputy Governor with responsibility for financial markets and payment systems, Natalie Haynes, says the modest increase was mainly due to the entry of a new participant into the digital payments space.
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