Jamaica launches MyCash digital wallet
With the recent official launch of MyCash, a digital wallet by Paymaster, Jamaica is moving steadily closer to becoming a cashless society.
The Minister of Science, Energy, and Technology, Daryl Vaz, praised the newly confirmed FinTech organization for expanding access to digital financial services.
“All Jamaicans must have access to digital financial services in order to conduct business, simplify their daily lives, and contribute to the local economy. “I’d like to congratulate Paymaster and Digicel on reaching this milestone,” he said.
MyCash was recently given the green light by the Bank of Jamaica (BOJ) after completing a required pilot period in the BOJ’s FinTech Regulatory Sandbox.
Similar to other digital wallets, MyCash enables better financial management by storing coupons, cards, and IDs in a single location.
It also facilitates contactless checkout and enhances the economic security of citizens by reducing theft and the need to carry cards or cash when traveling.
Using the application on a mobile device with an Internet connection, individuals can manage their finances securely and efficiently from anywhere, and the application protects the user’s data.
The technology, according to Minister Vaz, is “a world-class product that meets local and international standards.”
He reaffirmed that his ministry is reviewing the Cybercrimes Act and remains committed to the full implementation of the Data Protection Act, 2020, in order to protect users of such technology.
The application is downloadable from the Apple App Store and the Google Play Store.
