Only 3 authorised electronic retail payment service providers

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Bank of Jamaica (BOJ) is reminding the public that it has only authorised three payment service providers to offer electronic retail payment services to the local market.

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 entities currently authorised 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 unauthorised entities seeking to offer these services, as these entities are not authorised by the central bank,” the regulator said on Tuesday.

It added: “Transactions of this nature, in the absence of regulatory oversight, could negatively impact the safety and integrity of the National Payment System.