Paymaster Jamaica launched its new digital wallet MyCash yesterday (March 28), promising to make electronic transactions possible for all Jamaicans using their handsets, even ‘banger’ phones, on any network.
Science and Technology Minister Daryl Vaz said the introduction of the new payment option could not be more timely, with the announcement that the largest commercial bank is seeking to downsize its ABM locations and with the government on a thrust to advance a cashless society.
“The benefits of a digital wallet are obvious… It facilitates contactless checkout and improves citizens’ economic security by minimizing theft and reducing the need to travel with cards or cash. We all know what is happening nowadays with cash, so this is absolutely very timely”, Minister Vaz said.
The launch of the digital payment option comes in the wake of two multi-million dollar robberies of armoured trucks in Portmore and several other incidents which have forced the banks, security companies and the police to revisit security measures for the delivery of cash to ATMs islandwide.
To use MyCash by Paymaster, smartphone users must download the app, but users of non-smartphones, commonly called bangers, can dial *172# to sign up.
MyCash users must use their Tax Registration Number (TRN) and a valid ID to sign up. The app can be used to make or receive payments and to top up the digital wallet.
Speaking at the launch of MyCash at the AC Hotel in Kingston, Kevin Chin Shue, managing director of Paymaster, noted that MyCash had received the necessary approval from the Bank of Jamaica.
“You can send phones from your wallet to other wallet holders; you can make bill payments, and you can top up your phone all at the click of a button”, he said.
He said MyCash was safe “with SMS and in-app verification numbers in an encrypted and very secure environment”.
Chin Shue noted that digital and physical pre-paid cards were among the services coming soon.
Paymaster Jamaica is a subsidiary of Digicel.
