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Kevin Chin-Shue, head of MyCash and Paymaster Jamaica
Telecommunications provider Digicel launched its MyCash mobile wallet on Tuesday.
The application is now being powered by Paymaster.
Technology Minister Daryl Vaz has lauded the move as timely.
He said the technology will improve citizens' economic security by minimising theft and reducing the need to travel with cards or cash.
Kevin Chin-Shue, head of MyCash and Paymaster Jamaica, said the new MyCash has moved away from some of the original structures and is now a fully digital offering.
The wallet will avoid physical cash by using an app to transfer funds from one account to another. A few features are pending local regulatory approval.
MyCash by Paymaster will also allow digital payments via non-smart devices with the use of a code.
In addition to a mobile number from any network, a TRN and ID are need to use the digital wallet.
MyCash says with its Mastercard partnership, it plans to rollout a physical and digital card.
A merchant platform is also to come.
The wallet is however not yet JAM-DEX enabled.
MyCash was first launched in 2018 as a prepaid card by Digicel, in partnership with Sagicor.
However, the Digical/Sagicor MyCash partnership ceased a number of months ago.
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