KINGSTON, Jamaica— The volume of Jamaican dollar ABM transactions in 2021 increased by 8.6 per cent to 69.2 million and valued at $1,906.3 billion, an increase of 23.6 per cent relative to 2020.

For transactions at Point of Sale (POS) terminals, the volume of those processed decreased by 3.3 per cent to 47.4 million, however the value increased by 10.3 per cent to $789.5 billion, compared with the previous year.

The electronic banking transactions are detailed in the 2021 edition of the Economic and Social Survey Jamaica (ESSJ).

According to the survey, US dollar transactions processed at ABMs amounted to 859.8 million, which was a 13.4 per cent increase relative to 2020. The value of these transactions also increased 13.1 per cent to US$389.9 million.

POS transactions increased by 62.4 per cent to 3 058.7 million, with a value of US$626.9 million.

“Growth in the use of telecommunications to conduct banking transactions was evidenced by an uptick in the volume of electronic transactions processed. These increased by 7.6 per cent to 124 455, with a value of $3 098.2 billion,” the survey found.

It also noted that a total of $230.0 million in Central Bank Digital Currency (CBDC) was minted and issued as part of a pilot project to introduce digital currency. The CBDC, also called JAM-DEX (Jamaica Digital Exchange), is the digital form of the Jamaican dollar, stored in a digital wallet called Lynk, and accessible via a mobile device.

Lynk, which was rolled out as an open market pilot, is expected to facilitate greater financial inclusion for individuals without bank accounts, improve affordability by removing transaction fees, and enhance safety and convenience for money-users.