JN Bank members will be able to deposit and transfer funds, pay bills and convert funds seamlessly between regular accounts and Central Bank Digital Currency (CBDC) wallets when the full roll-out of its digital wallet takes place later this year.
JN Bank became the second deposit-taking institution to be onboarded as a wallet provider for the central bank’s digital currency, JAM-DEX
The bank received digital currency valued at $1 million from the central bank.
“We will aim to provide financial benefits and inclusion for those who are classified as banked or unbanked with minimal Know Your Customer (KYC) requirements,” JN Bank told Loop News via written responses.
Speaking to the capabilities of the digital wallet, it said the bank will offer 24-hour access points via its network of branches and ATMs to top up CBDC wallets to transact business and will also offer “value-added financial and payment services.”
JN’s pay wallet will be available on IOS and Android devices and will facilitate ATM and AFI top-ups, online transactions, use of QR code technology as well as two-factor authentication – password, SMS or email or Google authorization, the bank said.
In a media release earlier this week, the Bank of Jamaica (BOJ) noted that JN’s wallet is at an advanced stage of development.
In providing greater clarity on the timelines for rollout and public access, JN Bank said the JN Pay Wallet will first be launched to staff members within the first quarter of the year and then later to the wider public.
It did not specify how soon the wider public would have access but said users would not be required to be existing JN Bank members.
“However, existing JN account holders can use their bank accounts to cash in and out of their wallets.”
“The application is advanced as we are currently reviewing it in preparation to launch to staff. The review process is important to ensure the application is safe and users get the expected results,” the bank said.
By Tameka Gordon