Jamaica’s largest bank pushes digital payments initiatives

The National Commercial Bank Jamaica Limited (NCBJ) is forging ahead with plans to improve the state of digital payments for the Caribbean nation.

According to a report by the Jamaica Observer, the NCBJ, Jamaica’s largest commercial bank, has unfurled a raft of initiatives to improve digital payments adoption. The bank shared the plans at an investors’ briefing, underscoring the need to reduce cash usage in the island nation.

The bank says it is building its digital payment solution to bolster its existing network. While details around the payment network remain under wraps, there is rising speculation that the bank will lean on blockchain.

Outside the incoming payment network, the NCBJ confirmed a collaboration with the state-backed infrastructure company TransJamaican Highway Limited (TJH). Under the collaboration, the NCBJ will support TJH in processing digital toll gate payments on Jamaican highways.

Before the collaboration, commuters paid toll gate fees in cash or with a pre-funded T-Tag. However, using NCBJ’s Point of Sale terminals, road users can simply tap their cards at the toll booth for seamless access, with the bank confirming a spike in transaction volumes.

“We have seen a significant increase in transactions—almost three times the current transaction since that launch,” said Danielle Cameron Duncan, NCBJ’s vice president of the payments and digital channels division.

On the retail and merchant side of things, the bank is keen on extending the scope of its digital payments. A subsidiary is inching toward rolling out a virtual Visa card (NASDAQ: V) for the Lynk mobile app, a digital wallet designed to process Jamaica’s central bank digital currency (CBDC) transactions.

Last year, the bank unveiled the ePOS specifically for its growing SME customer base, allowing mobile devices to operate as a retail payment processor. For NCBJ, the results of its concerted digitization effort have led to a 10% spike in revenue for the commercial bank.

The government is matching the pace of the private sector

A series of government initiatives is backing the private sector’s push toward digitization. Firstly, the Jamaican government is making a major play with CBDC, predicting that 70% of citizens will use the offering.

Jamaica has launched a digital marketplace to spike CBDC adoption levels while the Finance Ministry offers a raft of incentives for merchants and customers using the offering. SMEs are at the core of the digitization effort, with the country turning to organizations like UNESCO to trigger adoption levels.

Thailand’s citizens kick against the suspension of digital wallet scheme

In 2024, the Pheu Thai-led coalition government unveiled a plan to distribute $14 billion in digital money to citizens in the Southeast Asian country. Originally designed to be distributed in four phases, the Thai government has halted the distribution of funds after only two phases.

In September 2024, welfare cardholders and disabled citizens received 10,000 baht (US$286) each. Early in the year, the authorities launched the second phase, distributing the same amount to elderly citizens.

However, the third stage involving fund disbursements to citizens between 16-20 has hit a stumbling block. Prime Minister Paetongtarn Shinawatra disclosed that the delay in proceeding with the scheme stems from difficult economic conditions in Thailand.

However, the Prime Minister adds that the government will resume disbursing funds for the third and fourth phases of the initiative. Yet, the outrage has reached deafening levels, with 57.25% of respondents pushing for the government to maintain the original timelines for the initiative.

Only 7.63% supported postponing the third phase of digital money handouts to 2026, while 1.22% of respondents backed disbursement in 2027.

However, the fourth phase, comprising recipients between 21 and 59, received the most significant backlash over the planned delays. A staggering 62.98% of respondents are backing fund distribution in 2025, while only 8.47% support a delay till 2026.

Despite the concerted calls for the government to continue the digital money initiative, many surveyed respondents say the project should be abandoned. They hinge their reason on a rising economic crisis facing the Southeast Asian country and the need for the government’s decisive action.

Authorities turn to digitization to prop up an ailing economy 

Since Thai authorities unveiled plans to distribute digital money to its citizens, several government-backed initiatives have cropped up. Early in the year, the Ministry of Finance rolled out a digital currency pilot project in Phuket to improve tourists’ experience and trigger transaction volumes.

There are plans for a Thai government-backed stablecoin offering amid a wholesale interest in digital bonds. Thailand has its sights on a raft of regional collaborations in its quest to integrate emerging technologies into its local economies.

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